Analysis and Studies - Country Analysis

Spain: a look at the market

 

Spain is a country located in Southwestern Europe, with parts of its territory in the Atlantic Ocean, The Mediterranean Sea and Africa. It is the largest country in Southern Europe and the fourth-most populous European Union member state.

Furthermore, in 2017 Spain was the second most visited country in the world, recording 82 million tourists which marked the 5th consecutive year of record-beating numbers. The headquarters of the World Tourism Organization are located in Madrid.

Spain's capitalist mixed economy is the 14th largest worldwide and the 4th largest in the European Union. The centre-right government of former prime minister José María Aznar worked successfully to gain admission to the group of countries launching the euro in 1999. Unemployment stood at 17.1% in June 2017, below Spain's early 1990s unemployment rate of at over 20%. The youth unemployment rate (35% in March 2018) is extremely high compared to EU standards. Perennial weak points of Spain's economy include a large informal economy, and an education system which OECD reports place among the poorest for developed countries, along with the United States.

ABOUT ECONOMY

In October 2023 Spain exported €32.3B and imported €37.5B, resulting in a negative trade balance of €5.21B. Between October 2022 and October 2023 the exports of Spain have decreased by €-1.31B (-3.9%) from €33.6B to €32.3B, while imports decreased by €-2.34B (-5.89%) from €39.8B to €37.5B.

TRADE

In October 2023, the top exports of Spain were Cars (€3.42B), Commodities not elsewhere specified (€1.48B), Refined Petroleum (€1.44B), Packaged Medicaments (€977M), and Motor vehicles; parts and accessories (8701... (€924M). In October 2023 the top imports of Spain were Crude Petroleum (€3.28B), Cars (€1.9B), Motor vehicles; parts and accessories (8701... (€1.32B), Packaged Medicaments (€1.14B), and Refined Petroleum (€1.06B).

ABOUT Exports

In October 2023 the exports of Spain were mainly from Barcelona, with a substantial export value of €6.34 billion, Madrid, which contributed significantly with exports worth €3.86 billion, Valencia whose exports amounted to €1.76 billion, Zaragoza (€1.34B), and Pontevedra who played pivotal roles in the global export market, with exports valued at €1.34B and €1.33B, respectively. On the other hand, imports destinations were mainly Madrid (€8.63B), Barcelona (€7.07B), Valencia (€2.09B), Tarragona (€1.82B), and Zaragoza (€1.51B).

 

ABOUT Imports

In October 2023, Spain exported mostly to France (€5B), Germany (€3.15B), Portugal (€2.59B), Italy (€2.58B), and United Kingdom (€1.82B), and imported mostly from Germany (€4.02B), China (€3.95B), France (€3.37B), United States (€2.34B), and Italy (€2.33B).

GROWTH

In October 2023, the decrease in Spain's year-by-year exports was explained primarily by an decrease in exports to Belgium (-50.7%), Netherlands (-12.8%), and France (-2.79%), and product exports decrease in Vaccines, blood, antisera, toxins and cultures ( -76.3%), Refined Petroleum (-14.6%), and Electricity (-51.8%). In October 2023, the decrease in Spain's year-by-year imports was explained primarily by an decrease in imports from Nigeria (€-309M or -41.4%), Equatorial Guinea (-99.2%), and Russia (-58.4%), and product imports decrease in Petroleum Gas (-62.7%), Biodiesel and mixtures thereof (-50.2%), and Gold (-90.9%).