Espanya: Visió econòmica i política
Spain is open to foreign trade, which represented 60% of its GDP in 2020 (down from 67% one year earlier - World Bank). The country mainly exports motor cars (10.1%), medicaments, petroleum products other than crude, and vehicle parts; importing crude oil (5.5% of total imports), cars and vehicle parts, medicaments, telephones and petroleum gas.
According to data by Comtrade, in 2020 the main destinations for Spanish exports included France (15.4%), Germany (10.8%), Italy (7.5%), Portugal (7.3%) and the UK (6%); while imports came chiefly from Germany (11.8%), China (10.2%), France (9.9%), Italy (6.2%) and the U.S. (4.9%).
The country's trade balance for merchandise is structurally negative due to high imports of fuel and high added-value goods; although the trade in services is generally positive. In 2020, Spanish exports and imports were severely affected by the global crisis prompted by the COVID-19 pandemic: figures from WTO show that exports of goods decreased by 8% y-o-y (at USD 307 billion), as imports lost 12.8% (USD 325 billion). Trade in services followed a similar trend, with exports almost halved (-42.7% y-o-y) at USD 89.6 billion and imports totalling USD 60.2 billion (-29.5% y-o-y). In the same year, the overall trade balance of the country was positive (at almost 1.5% of GDP, down from 2.9% the previous year - World Bank). According to the latest data available from the Spanish Institute of Statistics, in the first ten months of 2021 exports of goods grew by 21.1% year-on-year to EUR 258,6 billion, while imports increased by 22.1% year-on-year to EUR 275,3 billion. In volume terms, exports rose by 13.3% y-o-y, and imports increased by 12.7%.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 351,981 | 390,562 | 372,750 | 324,994 | 418,176 |
Exports of Goods (million USD) | 319,531 | 346,754 | 334,018 | 307,015 | 382,993 |
Imports of Services (million USD) | 75,465 | 81,826 | 85,324 | 60,252 | 73,053 |
Exports of Services (million USD) | 138,326 | 155,355 | 156,666 | 89,641 | 119,046 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 66.7 | 67.6 | 66.9 | 60.1 | 68.4 |
Trade Balance (million USD) | -25,022 | -34,517 | -29,801 | -9,750 | -22,925 |
Trade Balance (Including Service) (million USD) | 47,695 | 38,485 | 40,911 | 18,687 | 21,190 |
Imports of Goods and Services (Annual % Change) | 6.8 | 3.9 | 1.3 | -14.9 | 13.9 |
Exports of Goods and Services (Annual % Change) | 5.5 | 1.7 | 2.2 | -19.9 | 14.4 |
Imports of Goods and Services (in % of GDP) | 31.5 | 32.4 | 32.0 | 29.3 | 33.4 |
Exports of Goods and Services (in % of GDP) | 35.1 | 35.1 | 34.9 | 30.8 | 34.9 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 12.1 | 2.4 | 4.0 | 4.9 | 4.3 |
Volume of imports of goods and services (Annual % change) | 8.6 | 3.2 | 4.1 | 3.2 | 3.2 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
France | 15.2% |
Germany | 9.8% |
Italy | 8.0% |
Portugal | 7.5% |
United Kingdom | 5.5% |
United States | 4.5% |
Belgium | 4.4% |
Netherlands | 3.5% |
Morocco | 2.9% |
China | 2.6% |
Poland | 2.3% |
Switzerland | 1.7% |
Türkiye | 1.7% |
Mexico | 1.2% |
Czech Republic | 0.9% |
Japan | 0.9% |
Sweden | 0.9% |
Greece | 0.8% |
Brazil | 0.8% |
Austria | 0.7% |
See More Countries | 53.9% |
Main Suppliers (% of Imports) |
2021 |
Germany | 10.6% |
China | 9.7% |
France | 9.5% |
Italy | 6.3% |
United States | 4.7% |
Netherlands | 4.6% |
Portugal | 3.8% |
Belgium | 2.6% |
United Kingdom | 2.4% |
Switzerland | 2.4% |
Türkiye | 2.3% |
Morocco | 2.0% |
Poland | 1.8% |
Russia | 1.7% |
Nigeria | 1.6% |
Algeria | 1.3% |
Mexico | 1.3% |
Brazil | 1.3% |
India | 1.2% |
Czech Republic | 1.2% |
See More Countries | 59.2% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
83.5 bn USD of services exported in 2020 | |
33.29% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 30.88% |
Other business servicesOther business services | 12.49% |
Legal, accounting, management...Legal, accounting, management consulting, and public relations | 6.43% |
Advertising, market research,...Advertising, market research, and public opinion polling | 3.37% |
Research and developmentResearch and development | 2.41% |
Merchanting and other trade-related...Merchanting and other trade-related services | 2.18% |
Other trade-related servicesOther trade-related services | 2.18% |
Operational leasing servicesOperational leasing services | 0.82% |
22.17% | |
Personal travelPersonal travel | 20.78% |
Business travelBusiness travel | 1.39% |
19.35% | |
11.45% | |
Information servicesInformation services | 0.78% |
4.67% | |
3.51% | |
2.41% | |
Telecommunications servicesTelecommunications services | 2.41% |
2.02% | |
ReinsuranceReinsurance | 1.12% |
1.13% |
58.4 bn USD of services imported in 2020 | |
34.49% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 32.67% |
Other business servicesOther business services | 12.64% |
Advertising, market research,...Advertising, market research, and public opinion polling | 5.49% |
Legal, accounting, management...Legal, accounting, management consulting, and public relations | 4.91% |
Research and developmentResearch and development | 1.81% |
Merchanting and other trade-related...Merchanting and other trade-related services | 5.16% |
Other trade-related servicesOther trade-related services | 5.16% |
Operational leasing servicesOperational leasing services | 1.65% |
17.76% | |
14.83% | |
11.99% | |
Information servicesInformation services | 1.46% |
8.76% | |
5.70% | |
3.17% | |
ReinsuranceReinsurance | 1.86% |
3.08% | |
Telecommunications servicesTelecommunications services | 3.08% |
0.23% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: February 2023
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