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Foreign trade figures of Spain

Foreign Trade in Figures

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 20192020202120222023
Imports of Goods (million USD) 372,750326,192419,700494,259470,328
Exports of Goods (million USD) 334,018308,317379,969415,462423,221
Imports of Services (million USD) 86,02561,76176,86886,44297,414
Exports of Services (million USD) 156,82290,049118,546165,241198,126

Source: World Trade Organisation (WTO) ; Latest available data

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 available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 2.33.03.93.13.2
Volume of imports of goods and services (Annual % change) 0.33.34.43.73.7

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
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.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
France 15.0%
Germany 10.1%
Portugal 8.0%
United Kingdom 5.8%
United States 4.7%
See More Countries 56.5%
Main Suppliers
(% of Imports)
2023
Germany 10.6%
China 10.1%
France 8.8%
United States 6.5%
Netherlands 4.5%
See More Countries 59.5%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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Latest Update: April 2024