Analysis and Studies - Country Analysis
Andorra: a look at the market
March 21st 2023
Andorra is a tiny principality situated in the high Pyrenees mountains, in south-western Europe between France and Spain.
One of the smallest countries in the world, Andorra has begun to prosper after World War II thanks to the tourism industry, which every year brings many winter sports lovers, but also many people interested in duty-free goods.
The history of the country officially started in 805, when Charlemagne granted a chart as a reward for resistance against the Moors. From 1278 to 1993, French and Spanish leaders co-ruled the principality, but after 715 years, a modern written constitution was ratified and the country became a parliamentary democracy. Today, Andorra is not a member of the EU, but has a privileged relationship with it and uses the euro.
The economy of Andorra
The tertiary sector is the most productive in Andorra, especially tourism, which represents the largest source of income for the country. On the other hand, food and other goods are mostly imported, as the arable land of the country is only two percent.
The top imports of Andorra are Paintings ($318M), Cars ($133M), Refined Petroleum ($53.1M), Packaged Medicaments ($33M), and Broadcasting Equipment ($25.4M), mostly from Spain ($1.19B), France ($192M), Germany ($42M), Italy ($22.3M), and Netherlands ($15.4M).
Andorra, for its part, exports Integrated Circuits ($22M), Gold ($14.6M), Orthopedic Appliances ($9.79M), Cars ($9.51M), and Essential Oils ($3.48M), mostly to Spain ($38M), France ($13.9M), Hong Kong ($10.5M), Germany ($5.44M), and United States ($5.41M).
Finally, in 2020 Andorra was the number 190 economy in the world in terms of total exports and the number 164 in total imports.
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