Spain ranks 84th in exports and 67th in imports, in terms of world GDP.

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07/30/2021

Out of a total of 191 countries, Spain ranks 27th in terms of exports and 67th in terms of imports.


With an increase of 1.54% compared to 2018, throughout 2019 sales to third countries accounted for nearly 25% of Spanish GDP, with France, Germany and Italy being the main destination countries.


We find a great variety in terms of exported items:


- Vehicles: surpassed only by Germany, Spain is one of the largest automotive producers globally, not only in terms of the vehicles themselves, but also in terms of parts, accessories and various components.

- Semi-manufactures: accounting for almost a quarter of total Spanish exports, this sector mainly goes to the destination location of France, Germany and Spain, with chemical products as well as refined petroleum.

- Medicines: using 2018 as a base, in which Spain sold 9 billion dollars in this type of product, we are one of the countries with the highest exports in the sector worldwide.

- Food and beverages: fruit, vegetables and pulses are the star products exported from this sector to countries such as France, Germany and Italy.


As for imports, despite having grown by around 0.5% in 2019, the Spanish trade balance remains unbalanced as exports are still lower than imports.


The main sectors that have Spain as a destination are the following:


- Energy products: the import of oil, as well as natural gas or liquid fuel, continues to grow, coming from countries such as Nigeria, Saudi Arabia and Mexico.

- Capital goods/machinery: this sector represents the largest financial deficit for the country, second only to energy products. Imports are mainly from China, Turkey, Italy... for capital goods; and Germany, China and France for machinery.

- Raw materials: Spain is the 14th largest importer of steel in the world. This is due to the need for steel for the manufacture of both automobiles and weapons in the Iberian territory.


Thus, by recalculating products and sectors, we see that most exports go to France, Germany, Italy, Portugal and the United Kingdom, with cars, refined oil, medicines, spare parts and delivery trucks; compared to imports to Germany, France, China, Italy and the United States, which are made up of oil (crude and refined), spare parts and petroleum gas.


As we said, the trade balance continues to be negative, since despite the increase in sales, these continue to be lower than purchases.

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