Espanya: Visió econòmica i política
Spain is open to foreign trade, which represented 81% of its GDP in 2022 (up from 67% one year earlier - World Bank). In the same year, Spain’s main exporting sectors were chemical products (representing 18.6% of total exports, surging by 34.6% year-on-year), capital goods (17.5%, increasing by 15.7%), food, beverages and tobacco (16.5%, rising by 12.8%) and vehicles (11.5%, +10.6%). Spain's import sectors with the highest shares included energy (comprising 19.9% of the total, a y-o-y increase of 95.1%), capital goods (19.7% of total imports, expanding by 26.7%), chemical products (16.5% of total imports, with an 18.6% rise), and food, beverages, and tobacco (11.4% of total imports, showing a growth of 31.2% - official government data).
In 2022 the main destinations for Spanish exports included France (15.4%), Germany (9.6%), Portugal (8.2%), Italy (8.1%) and the UK (5.5%); while imports came chiefly from China (10.9%), Germany (9.4%), France (9%), the U.S. (7.4%), and Italy (6.6%). Overall, the EU-27 represented 62.8% of total exports and 44.7% of imports.
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 2022, Spain recorded a 22.9% expansion in exports, totalling EUR 389,208.9 million compared to the corresponding period one year earlier. Imports also saw a year-on-year increase of 33.4%, reaching EUR 457,321.2 million. In real terms, exports grew by 3.9% year-on-year, driven by an 18.3% rise in export prices, while imports registered a 7.4% year-on-year increase, on the back of a 24.2% surge in import prices. Conversely, there was a 26.4% surge in Spanish service exports in 2022, totalling EUR 94.915 billion. Service imports also rose to EUR 64.017 billion, marking an 18.8% increase compared to the preceding year. According to preliminary governmental figures, from January to October 2023, Spain's exports held steady compared to the same period in 2022, at EUR 319,862.4 million. In contrast, imports saw a 6.7% year-on-year decrease, totalling EUR 354,594.7 million. In real terms, exports experienced a 4.8% year-on-year decline, influenced by a 5% increase in export prices, while imports recorded a 5.9% year-on-year decrease, driven by a 0.8% decline in import prices.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 372,750 | 326,192 | 419,700 | 494,259 | 470,328 |
Exports of Goods (million USD) | 334,018 | 308,317 | 379,969 | 415,462 | 423,221 |
Imports of Services (million USD) | 86,025 | 61,761 | 76,868 | 86,442 | 97,414 |
Exports of Services (million USD) | 156,822 | 90,049 | 118,546 | 165,241 | 198,126 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 67.6 | 66.9 | 60.1 | 68.4 | 81.7 |
Trade Balance (million USD) | -34,517 | -29,801 | -9,750 | -22,925 | -61,248 |
Trade Balance (Including Service) (million USD) | 38,485 | 40,911 | 18,687 | 21,190 | 18,805 |
Imports of Goods and Services (Annual % Change) | 3.9 | 1.3 | -14.9 | 13.9 | 7.9 |
Exports of Goods and Services (Annual % Change) | 1.7 | 2.2 | -19.9 | 14.4 | 14.4 |
Imports of Goods and Services (in % of GDP) | 32.4 | 32.0 | 29.3 | 33.4 | 40.1 |
Exports of Goods and Services (in % of GDP) | 35.1 | 34.9 | 30.8 | 34.9 | 41.6 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 2.3 | 3.0 | 3.9 | 3.1 | 3.2 |
Volume of imports of goods and services (Annual % change) | 0.3 | 3.3 | 4.4 | 3.7 | 3.7 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
France | 15.0% |
Germany | 10.1% |
Italy | 8.3% |
Portugal | 8.0% |
United Kingdom | 5.8% |
United States | 4.7% |
Belgium | 3.8% |
Netherlands | 3.1% |
Morocco | 3.1% |
Poland | 2.3% |
Türkiye | 2.2% |
China | 1.9% |
Switzerland | 1.7% |
Mexico | 1.4% |
Czech Republic | 0.9% |
Sweden | 0.9% |
Ireland | 0.9% |
Greece | 0.8% |
Brazil | 0.8% |
Romania | 0.7% |
See More Countries | 52.8% |
Main Suppliers (% of Imports) |
2023 |
Germany | 10.6% |
China | 10.1% |
France | 8.8% |
United States | 6.5% |
Italy | 6.3% |
Netherlands | 4.5% |
Portugal | 3.7% |
United Kingdom | 2.5% |
Belgium | 2.3% |
Türkiye | 2.1% |
Morocco | 2.1% |
Poland | 2.0% |
Brazil | 1.7% |
Algeria | 1.4% |
India | 1.3% |
Nigeria | 1.3% |
Mexico | 1.3% |
Czech Republic | 1.3% |
Switzerland | 1.1% |
Japan | 1.1% |
See More Countries | 57.7% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: July 2024
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