Spain2020 Economic Complexity : 0.76, Rank 34 of 127
2020 Product Exports | Imports: $298B | $315B, 17 of 226 | 15 of 226
2020 Per Capita Product Exports | Imports: $6.3k | $6.66k, 44 of 219 | 36 of 219
2020 Service Exports | Imports : $74.9B | $54.6B, 17 of 65 | 18 of 65
Overview In 2020, Spain was the number 14 economy in the world in terms of GDP (current US$), the number 17 in total exports, the number 15 in total imports, the number 42 economy in terms of GDP per capita (current US$) and the number 34 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Spain are Cars ($32B), Packaged Medicaments ($11.6B), Motor vehicles; parts and accessories (8701 to 8705) ($9.14B), Refined Petroleum ($7.77B), and Pig Meat ($6.46B), exporting mostly to France ($47.6B), Germany ($34B), Portugal ($23.8B), Italy ($22.8B), and United Kingdom ($18.9B).
In 2020, Spain was the world's biggest exporter of Pig Meat ($6.46B), Citrus ($4.16B), Pure Olive Oil ($3.26B), Prepared Pigments ($979M), and Melons ($889M)
Imports The top imports of Spain are Crude Petroleum ($15.8B), Cars ($13.9B), Motor vehicles; parts and accessories (8701 to 8705) ($11B), Packaged Medicaments ($10.7B), and Petroleum Gas ($5.5B), importing mostly from Germany ($41.2B), France ($33.9B), China ($30.3B), Italy ($22B), and Netherlands ($15.5B).
In 2020, Spain was the world's biggest importer of Molluscs ($1.31B), Tar ($57.1M), Olive Oil ($49.8M), and Hemp Fibers ($6.82M)
Location Spain borders Andorra, France, Morocco, Portugal, and Gibraltar by land and Algeria and Italy by sea.
November, 2022
Overview In November 2022 Spain exported €37.7B and imported €40.5B, resulting in a negative trade balance of €2.76B. Between November 2021 and November 2022 the exports of Spain have increased by €8.45B (28.9%) from €29.3B to €37.7B, while imports increased by €6.16B (17.9%) from €34.3B to €40.5B.
Trade In November 2022, the top exports of Spain were Vaccines, blood, antisera, toxins and cultures (€3.56B), Cars (€3.53B), Refined Petroleum (€1.72B), Commodities not elsewhere specified (€1.59B), and Packaged Medicaments (€1.19B). In November 2022 the top imports of Spain were Crude Petroleum (€3.28B), Petroleum Gas (€2.21B), Cars (€1.78B), Motor vehicles; parts and accessories (8701... (€1.54B), and Packaged Medicaments (€1.38B).
Origins In November 2022 the exports of Spain were mainly from Madrid (€7.58B), Barcelona (€7.11B), Valencia (€1.84B), La Coruña (€1.2B), and Pontevedra (€1.17B), while imports destinations were mainly Madrid (€9.96B), Barcelona (€7.57B), Valencia (€1.9B), Tarragona (€1.56B), and Murcia (€1.49B).
Destinations In November 2022, Spain exported mostly to France (€5.25B), Belgium (€4.39B), Germany (€3.65B), Italy (€2.84B), and Portugal (€2.79B), and imported mostly from China (€4.06B), Germany (€3.95B), France (€3.7B), United States (€2.82B), and Italy (€2.74B).
Growth In November 2022, the increase in Spain's year-by-year exports was explained primarily by an increase in exports to China (€136M or 25.9%), Sweden (€67.7M or 33.7%), and Democratic Republic of the Congo (€54.5M or 2.47k%), and product exports increase in Electricity (€64.5M or 128%), Crude Petroleum (€58.6M or 616k%), and Electric Batteries (€55.9M or 78.5%). In November 2022, the increase in Spain's year-by-year imports was explained primarily by an increase in imports from Kazakhstan (€113M or 126%), Peru (€35.7M or 39.3%), and Sweden (€32.7M or 14.2%), and product imports increase in Computers (€125M or 44.8%), Electric Batteries (€83M or 98.6%), and Vaccines, blood, antisera, toxins and cultures (€72.5M or 23.4%).
EXPORT GROWTH (November 2021 - November 2022): €8.45B, (28.9%)
IMPORT GROWTH (November 2021 - November 2022): €6.16B, (17.9%)
MAIN EXPORTER (November 2022): Madrid, €7.58B
MAIN DESTINATION (November 2022): France, €5.25B
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.
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In 2020, Spain exported a total of $298B, making it the number 17 exporter in the world. During the last five reported years the exports of Spain have changed by $22.6B from $276B in 2015 to $298B in 2020.
The most recent exports are led by Cars ($32B), Packaged Medicaments ($11.6B), Motor vehicles; parts and accessories (8701 to 8705) ($9.14B), Refined Petroleum ($7.77B), and Pig Meat ($6.46B). The most common destination for the exports of Spain are France ($47.6B), Germany ($34B), Portugal ($23.8B), Italy ($22.8B), and United Kingdom ($18.9B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Spain Exports Services (2020): $74.9B
Spain Imports Services (2020): $54.6B
In 2020, Spain exported $74.9B worth of services. The top services exported by Spain in 2020 were Miscellaneous business, professional, and technical services ($25.8B), Personal travel ($17.3B), Transportation ($16.2B), Financial services ($3.9B), and Royalties and license fees ($2.93B).
The top services imported by Spain in 2020 were Miscellaneous business, professional, and technical services ($19.1B), Transportation ($10.4B), Travel ($8.65B), Royalties and license fees ($5.11B), and Financial services ($3.33B).
This section shows exports, imports and economic complexity data at the subnational level for Spain. Click any of the Provincie in the geomap to visit the specific subnational profile.
The top territories of Spain according to its Economic Complexity Index are Alava (0.39), Guipúzcoa (0.38), and Vizcaya (0.28).
In 2020, the principal exporters of Spain were Barcelona (€50.1B), Madrid (€28.4B), and Valencia (€16.1B).
The same year, the principal importers of Spain were Madrid (€62B), Barcelona (€61B), and Valencia (€16.7B).
Spain has a high level of specialization in Worked Slate (28.6), Pure Olive Oil (23.6), Lettuce (16.6), Cucumbers (15.2), and Citrus (14.4). Specialization is measured using RCA, an index that takes the ratio between Spain observed and expected exports in each product.
The highest complexity exports of Spain according to the product complexity index (PCI) are Self-Propelled Rail Transport (1.78), Interchangeable Tool Parts (1.69), Metal Lathes (1.68), Hot-Rolled Stainless Steel Bars (1.68), and Lubricating Products (1.66). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Spain according to the relatedness index, are Knit Men's Shirts (0.52), Wheat Flours (0.52), Raw Tobacco (0.51), Non-Knit Women's Undergarments (0.51), and Equine and Bovine Hides (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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Spain's economy has become relatively less complex, moving from the 19th to the 34th 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.
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