Image monde - Attijari Trade

flag Spain Spain: Trade Profile

In this page: Foreign Trade in Figures | Trade Compliance | Standards

 

Foreign Trade in Figures

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 20182019202020212022
Imports of Goods (million USD) 390,562372,750326,192419,700493,354
Exports of Goods (million USD) 346,754334,018308,317379,969418,364
Imports of Services (million USD) 82,53386,02561,65274,74787,137
Exports of Services (million USD) 155,756156,82290,108119,250168,267

Source: World Trade Organisation (WTO), Latest data available.

 
Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 67.666.960.168.481.7
Trade Balance (million USD) -34,517-29,801-9,750-22,925-61,248
Trade Balance (Including Service) (million USD) 38,48540,91118,68721,19018,805
Imports of Goods and Services (Annual % Change) 3.91.3-14.913.97.9
Exports of Goods and Services (Annual % Change) 1.72.2-19.914.414.4
Imports of Goods and Services (in % of GDP) 32.432.029.333.440.1
Exports of Goods and Services (in % of GDP) 35.134.930.834.941.6

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) 3.12.54.13.13.1
Volume of imports of goods and services (Annual % change) 1.92.93.52.83.1

Source: IMF, World Economic Outlook, Latest data available.

Note: (e) Estimated Data

 

Main Partner Countries

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.

 

Main Products

424.3 bn USD of products exported in 2022
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 7.8%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 5.6%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 3.7%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.6%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 2.4%
See More Products 77.9%
499.1 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 9.6%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 5.5%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.5%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 3.2%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.7%
See More Products 75.5%

Source: UN Comtrade Database, Latest data available.

 
 

To go further, check out our service Import/Export Flows.

 

Main Services

83.4 bn USD of services exported in 2020
33.34%
22.20%
19.94%
11.47%
4.68%
3.52%
2.41%
1.32%
1.13%
59.0 bn USD of services imported in 2020
34.08%
18.35%
14.65%
11.84%
8.66%
5.53%
3.62%
3.04%
0.23%

Source: United Nations Statistics Division, Latest data available.

 

Exchange Rate System

Local Currency
Euro (EUR)
Exchange Rate Regime
Floating exchange regime.
Level of Currency Instability
Very limited exchange risk since the euro is a major currency.
Exchange Rate on :

 
 
Monetary Indicators 20162017201820192020
Euro (EUR) - Average Annual Exchange Rate For 1 MAD 0.100.090.090.090.09

Source: World Bank, Latest data available.

 
 

Find out all the exchange rates daily on our service Currency Converter.

Return to top

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
Member of the Organisation for Economic Co-operation and Development (OECD)
Party to the Kyoto Protocol
Party to the Washington Convention on International Trade in Endangered Species of Wild Fauna and Flora
Party to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal
Party to the International Coffee Agreement
International Economic Cooperation
Spain is a member of the following international economic organisations: IMF, European Union, ICC, Central American Integration System (SICA) (observer), WTO, Latin American Integration Association (LAIA) (observer), OECD, European Economic Area, among others. For the full list of economic and other international organisations in which participates Spain click here. International organisation membership of Spain is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Spain can be consulted here.
Party of the ATA Convention on Temporary Admissions and Use of the Carnets
Yes

As a Reminder, the ATA is a System Allowing the Free Movement of Goods Across Frontiers and Their Temporary Admission Into a Customs Territory With Relief From Duties and Taxes. The Goods Are Covered By a Single Document Known as the ATA Carnet That is Secured By an International Guarantee System.
Party of the TIR Convention
Yes

As a Reminder, the TIR Convention and its Transit Regime Contribute to the Facilitation of International Transport, Especially International Road Transport, Not Only in Europe and the Middle East, But Also in Other Parts of the World, Such as Africa and Latin America.
Accompanying Documents For Imports
The goods movement within the community area is exempted from customs duty and customs formalities.

Documents required for an intercommunity delivery:
- Sales invoice (two copies)
- Delivery note (optional document)
- Sanitary and phytosanitary certificate (for living animals)
- Unique Data Folder, UDF (for exchanges with the Overseas Departments, Channel Islands and Canary Islands).

Additional documents for an extra-community transaction:
- Import licenses
- Approvals
- Single Administrative Document (SAD)
- Health certificate

To go further, check out our service Shipping Documents.

Free-trade zones
Spain counts seven free-zone ports, located in Vigo, Cadiz, Barcelona, Santander, Seville, Tenerife, and Las Palmas de Gran Canaria – all of which fall under the EU Customs Union, permitting the free circulation of goods within the EU. The entire province of the Canary Islands is a Special Economic Zone (SEZ), offering fiscal benefits that include a reduced corporate tax rate, a reduced VAT rate, and exemptions for transfer taxes and stamp duties.
For Further Information
Agencia Tributaria (Customs agency)
Ministry of Industry, Tourism and Commerce
Non Tariff Barriers
Spain applies the community regulations valid in the entire European Union.
There are a certain number of restrictions for agricultural products ensuing from the application of CAP (Common Agricultural Policy).
Besides, for health reasons, the presence of GMO must be systematically specified on the packages.
It is forbidden to import hormone-fed beef.
The BSE crisis (the "mad cow's" disease) prompted the authorities to strengthen phytosanitary measures to ensure the quality of meat entering and moving on the territory of the Union. The principle of precaution is henceforth preferred to a greater extent: in case of doubt, the import is forbidden until proof of harmlessness of the products is established.
Sectors or Products For Which Commercial Disagreements Have Been Registered With the WTO
Assessment of Commercial Policy
The pages of WTO dedicated to Spain
Barriers to exchanges, inventoried by the United States

Return to top

 

Standards

Integration in the International Standards Network
At European level:
- European Committee for Standardization (CEN)
- European Committee for Electrotechnical Standardization (CENELEC)
- European Telecommunications Standardization Institute (ETSI)

At the international level:
- International Standard Organization (ISO)
- International Electrotechnical Commission (IEC)
- International Telecommunications Union (ITU)
Obligation to Use Standards
Obligatory. Products are subject to the European Union's legislation (General product safety Directive, technical legislation) as well as to the national Spanish legislation.
Classification of Standards
UNE, national certification mark.
CE, European certification mark.
Assessment of the System of Standardization
Spanish consumers are particularly standard-conscious since standards grants the quality and safety of products and give them information about their features.
Online Consultation of Standards
The catalog of Spanish standards
The catalog of European standards
The ISO catalog
The IEC catalog
Certification Organisations
Accredited certification companies

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: November 2023