Overview: In 2018 Spain was the number 14 economy in the world in terms of GDP (current US$), the number 15 in total exports, the number 14 in total imports, and the number 33 most complex economy according to the Economic Complexity Index (ECI). In 2018, Spain exported $330B and imported $377B, resulting in a negative trade balance of -$47.3B. In 2018, Spain's exports per capita were $7.06k and its imports per capita were $8.07k.
Overview: In March 2020 Spain exported €22.9B and imported €25.3B, resulting in a negative trade balance of €2.47B. Between March 2019 and March 2020 the exports of Spain have decreased by €-4.67B (-17%) from €27.5B to €22.9B, while imports decreased by €-5.16B (-16.9%) from €30.5B to €25.3B.
Trade: In March 2020 the top exports of Spain were Commodities not elsewhere specified (€1.91B), Cars (€1.83B), Packaged Medicaments (€796M), Refined Petroleum (€596M), and Vehicle Parts (€568M). In March 2020 the top imports of Spain were Commodities not elsewhere specified (€1.87B), Crude Petroleum (€1.77B), Cars (€1.25B), Vehicle Parts (€1.03B), and Packaged Medicaments (€898M).
Growth: In March 2020, the decrease in Spain's year-by-year exports was explained primarily by a decrease in exports to France (€-885M or -23%), Italy (€-611M or -28.1%), and Germany (€-607M or -20.6%), and product exports decrease in Cars (€-1.05B or -36.6%), Refined Petroleum (€-709M or -54.3%), and Planes, Helicopters, and/or Spacecraft (€-317M or -99.9%). In March 2020, the decrease in Spain's year-by-year imports was explained primarily by a decrease in imports from Germany (€-669M or -18.4%), World (€-582M or -21.4%), and France (€-502M or -16.5%), and product imports decrease in Cars (€-616M or -33%), Crude Petroleum (€-608M or -25.6%), and Refined Petroleum (€-452M or -58.8%).
This section shows exports and imports data at subnational level for Spain. Click any date in the line plot, any subnational region in the geomap, or any product, destination or origin country to explore the exports or imports behavior of Spain over time.
This section shows the differences between Spain's total subnational aggregate trade throughout time. To explore different subnational trade comparisons in time, visit Spain's subnational profiles.
In 2018 Spain exported a total of $330B, making it the number 15 exporter in the world. During the last five reported years the exports of Spain have changed by $34.9B from $295B in 2013 to $330B in 2018.
In 2018 Spain imported $377B, making it the number 14 trade destination in the world. During the last five reported years the imports of Spain changed by $50.5B from $327B in 2013 to $377B in 2018.
In 2017, Spain exported $131B worth of services. The top services exported by Spain in 2017 were Travel ($67.9B), Miscellaneous business, professional, and technical services ($22.6B), Transportation ($17.8B), Computer and information services ($12.6B), and Financial services ($3.67B).
The top services imported by Spain in 2017 were Travel ($22.3B), Miscellaneous business, professional, and technical services ($16.5B), Transportation ($14.7B), Computer and information services ($6.81B), and Royalties and license fees ($5.06B).
This section shows forecasts for total product exports and imports for Spain. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Spain are:109: Caribbean Forum (CARIFORUM) - European Union Economic Partnership Agreements (EPA)119: Customs Union between EU and Turkey121: Economic Partnership Agreement (EPA) between the EU and the Southern African Development Community (SADC) EPA Group122: EU preferential tariff for sugar producing countries123: European Union Generalized System of Preference124: European Union GSP for Least Developed Countries136: Most Favoured Nation duty rate treatement160: Preferential tariff for Albania161: Preferential tariff for Algeria162: Preferential tariff for Andorra172: Preferential tariff for Bosnia and Herzegovina177: Preferential tariff for Cameroon181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado Común Centroamericano MCCA) Central American Integration System SICA182: Preferential tariff for Chile189: Preferential tariff for Colombia205: Preferential tariff for Ecuador206: Preferential tariff for Egypt209: Preferential tariff for EPA countries218: Preferential tariff for European Union countries222: Preferential tariff for Faroe Islands223: Preferential tariff for Fiji224: Preferential tariff for for occupied Palestinian territory226: Preferential tariff for Georgia227: Preferential tariff for Ghana238: Preferential tariff for Iceland239: Preferential tariff for India244: Preferential tariff for Israel247: Preferential tariff for Jordan249: Preferential tariff for Korea, Republic of255: Preferential tariff for Lebanon258: Preferential tariff for Liechtenstein262: Preferential tariff for Macedonia270: Preferential tariff for Mexico272: Preferential tariff for Montenegro273: Preferential tariff for Morocco281: Preferential tariff for Norway283: Preferential tariff for Overseas Countries and Territories284: Preferential tariff for Pakistan287: Preferential tariff for Papua New Guinea289: Preferential tariff for Peru293: Preferential tariff for San Marino295: Preferential tariff for Selected Eastern and Southern African countries(Madagascar, Mauritius, Seychelles and Zimbabwe)299: Preferential tariff for Singapore302: Preferential tariff for South Africa306: Preferential tariff for Switzerland308: Preferential tariff for Syria318: Preferential tariff for the republic of Moldova321: Preferential tariff for Tunisia325: Preferential tariff for Ukraine341: Preferential tariffs for countries benefiting from the special incentive arrangement for sustainable development and good governance
During the last 20 years Spain's economy has become relatively less complex, moving from the 19th to the 33rd position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
This section shows exports, imports and economic complexity data at subnational level for Spain. Click any of the Province in the geomap to visit the specific subnational profile.
Spain has a high level of specialization in Slate (28.1), Olive Oil (26.1), Pure Olive Oil (24.1), Lettuce (16.9), and Cucumbers (14.9). Specialization is measured using RCA, an index that takes the ratio between Spain observed and expected exports in each product.
The top export opportunities for Spain according to the relatedness index, are Wheat Flours (0.51), Non-Knit Men's Undergarments (0.51), Knit Men's Undergarments (0.51), Insect Resins (0.51), and Raw Sugar (0.51). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Spain is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities.
Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
Spain
