Economic Complexity: In 2019, the highest complexity exports of Albacete according to the product complexity index (PCI) are Iron Fasteners (1.66), Metalworking Machine Parts (1.53), Blank Audio Media (1.48), Forging Machines (1.46), and Gaskets (1.38). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
In 2019 the top export destinations of Albacete were France (β¬219M), Germany (β¬162M), Italy (β¬141M), Portugal (β¬67.7M), and United States (β¬64.1M).
This section shows forecasts for total exports and imports from Albacete. The forecast is based in a Long Short-Term Memory Model constructed using monthly trade data.
The top export opportunities according to the relatedness level, without considering those products were Albacete already has a comparative advantage, are led by Tropical Fruits (0.16), Cement (0.15), Other Fruits (0.15), Other Processed Vegetables (0.15), and Jams (0.15).
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 Albacete is 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.
This network shows the products most related to the production structure of Albacete. These are products that tend to be co-exported with the products that Albacete exports. Higher relatedness values ββindicate greater knowledge, which predicts a greater probability of exporting that product in the future.
The Complexity-Relatedness diagram compares the risk and the strategic value of a territory'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.