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Spain is open to foreign trade, which represented 68% of its GDP in 2021 (up from 60% one year earlier - World Bank). The country mainly exports motor cars (8.7% - 86% of the vehicles and 60% of the auto-parts manufactured in Spain were exported worldwide in 2021), petroleum products other than crude, medicaments, and vehicle parts; importing crude oil (6.9% of total imports), cars and vehicle parts, and medicaments (Comtrade).
According to official government data, in 2021 the main destinations for Spanish exports included France (15.9%), Germany (10.2%), Italy (8.4%), Portugal (7.9%) and the UK (5.9%); while imports came chiefly from Germany (11.2%), China (10.2%), France (10%), Italy (6.6%) and the U.S. (5%). Overall, the EU-27 represented 61.8% of total exports and 49.9% 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 2021, Spanish goods exports reached USD 383 billion, up by 24.7% year-on-year, as opposed to USD 418.1 billion in imports (+28.6%). Trade in services followed a similar trend, with exports totalling USD 119 billion against USD 73 billion in imports (+32.8% and +21.2%, respectively – data WTO). In the same year, the overall trade balance of the country was positive by 1.5% of GDP (World Bank). According to the latest data available from the Spanish Institute of Statistics, in the first ten months of 2022 exports of goods grew by 23.6% year-on-year to EUR 319.7 billion, while imports increased by 38% to EUR 380 billion. In real terms, exports grew by 4.2% year-on-year, as export prices grew by 18.7%, while imports rose by 9.7% y-o-y, with import prices growing by 25.9%. Exports to the EU represented 62.4% of total exports and 44.2% of total imports in the reference period.
Foreign Trade Values | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 390,562 | 372,750 | 326,192 | 419,700 | 493,354 |
Exports of Goods (million USD) | 346,754 | 334,018 | 308,317 | 379,969 | 418,364 |
Imports of Services (million USD) | 82,533 | 86,025 | 61,652 | 74,747 | 87,137 |
Exports of Services (million USD) | 155,756 | 156,822 | 90,108 | 119,250 | 168,267 |
Source: World Trade Organisation (WTO), Latest data available.
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 data available.
Foreign Trade Forecasts | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 3.1 | 2.5 | 4.1 | 3.1 | 3.1 |
Volume of imports of goods and services (Annual % change) | 1.9 | 2.9 | 3.5 | 2.8 | 3.1 |
Source: IMF, World Economic Outlook, Latest data available.
Note: (e) Estimated Data
Main Customers (% of Exports) |
2022 |
---|---|
France | 14.9% |
Germany | 9.3% |
Portugal | 8.0% |
Italy | 7.8% |
Belgium | 5.9% |
See More Countries | 54.1% |
Main Suppliers (% of Imports) |
2022 |
---|---|
China | 10.5% |
Germany | 9.1% |
France | 8.6% |
United States | 7.1% |
Italy | 5.9% |
See More Countries | 58.8% |
Source: UN Comtrade Database, Latest data available.
Source: UN Comtrade Database, Latest data available.
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83.4 bn USD of services exported in 2020 | |
---|---|
33.34% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 30.93% |
Other business servicesOther business services | 12.51% |
Legal, accounting, management...Legal, accounting, management consulting, and public relations | 6.44% |
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% |
22.20% | |
Personal travelPersonal travel | 20.81% |
Business travelBusiness travel | 1.39% |
19.94% | |
11.47% | |
Information servicesInformation services | 0.78% |
4.68% | |
3.52% | |
2.41% | |
Telecommunications servicesTelecommunications services | 2.41% |
1.32% | |
ReinsuranceReinsurance | 0.42% |
1.13% |
59.0 bn USD of services imported in 2020 | |
---|---|
34.08% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 32.29% |
Other business servicesOther business services | 12.49% |
Advertising, market research,...Advertising, market research, and public opinion polling | 5.42% |
Legal, accounting, management...Legal, accounting, management consulting, and public relations | 4.85% |
Research and developmentResearch and development | 1.79% |
Merchanting and other trade-related...Merchanting and other trade-related services | 5.10% |
Other trade-related servicesOther trade-related services | 5.10% |
Operational leasing servicesOperational leasing services | 1.63% |
18.35% | |
14.65% | |
11.84% | |
Information servicesInformation services | 1.45% |
8.66% | |
5.53% | |
3.62% | |
ReinsuranceReinsurance | 2.33% |
3.04% | |
Telecommunications servicesTelecommunications services | 3.04% |
0.23% |
Source: United Nations Statistics Division, Latest data available.
Monetary Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
Euro (EUR) - Average Annual Exchange Rate For 1 MAD | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 |
Source: World Bank, Latest data available.
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Latest Update: November 2023