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Autonomous Community in Spain

2023
Economic
Complexity -0.2Rank 12 of 18
Aug 2024
Trade
Exports | Imports €192M | €318M17 of 19 | 14 of 19
Aug 2024
Country
Destination | Origin Rest of the world | Germany €139M  | €43.6M

About

Overview This page contains the latest international trade data for Canary Islands. In August 2024 Canary Islands was the number 16 in total exports and the number 13 in total imports in Spain.

Exports In 2023, Spain's Canary Islands exported €3.28B, making it the 16th largest exporter out of the 18 exporters in Spain. In 2023 the top exports of Canary Islands were Light petroleum distillates nes (€1.17B), Commodities not specified according to kind (€199M), Perfumes and toilet waters (€53.2M), Cigarettes containing tobacco (€49.3M), and Aircraft parts (excl. propellers/rotors, undercarriages) (€39.3M).

Imports In 2023, Spain's Canary Islands imported €3.94B, making it the 13th largest importer out of the 18 importers in Spain. In 2023 top imports of Canary Islands were Light petroleum distillates nes (€466M), Small Sized Cars (€238M), Micro Cars (€221M), Fixed wing aircraft, unladen weight >... (€140M), and Coal tar distillation products nes (€127M).

Economic Complexity In 2023, the highest complexity exports of Canary Islands according to the product complexity index (PCI) are Twine, cordage or rope; knotted netting,... (-0.69), Corrugated Paper (N/A), Gaskets (1.38), Spark-Ignition Engines (1.06), Excavation Machinery (0.82), Nonaqueous Paints (0.49), Motor vehicle (8701 to 8705) chassis... (0.39), Used Rubber Tires (0.39), Surveying Equipment (0.31), and Chocolate (0.26). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Latest Trends

August, 2024

About

Overview In August 2024 Canary Islands exported €192M and imported €318M, resulting in a negative trade balance of €126M. Between August 2023 and August 2024 the exports of Canary Islands have increased by $13.1M (7.3%) from €179M to €192M, while imports decreased by €-24.3M (-7.1%) from €343M to €318M.

Trade In August 2024, the top exports of Canary Islands were Refined Petroleum (€87.4M), Coal Tar Oil (€18.4M), Commodities not elsewhere specified (€15.6M), Rolled Tobacco (€7.04M), and Gas Turbines (€4.16M). In August 2024 the top imports of Canary Islands were Coal Tar Oil (€41.9M), Cars (€32.2M), Refined Petroleum (€31.3M), Poultry Meat (€8.42M), and Cheese (€7.04M).

Destinations In August 2024, Canary Islands exported mostly to Rest of the world (€139M), Poland (€4.46M), Netherlands (€4.34M), France (€3.74M), and Sierra Leone (€3.32M), and imported mostly from Germany (€43.6M), India (€33M), Rest of the world (€29.8M), United Kingdom (€25.3M), and China (€24.3M).

Growth In August 2024, the increase in Canary Islands's year-by-year exports was explained primarily by an increase in exports to Rest of the world (€31.7M or 29.4%), Poland (€4.33M or 3.4k%), and Sierra Leone (€3.3M or 19.7k%), and product exports increase in Coal Tar Oil (€17.7M or 2.57k%), Commodities not elsewhere specified (€5.39M or 52.6%), and Rolled Tobacco (€1.4M or 24.8%). In August 2024, the decrease in Canary Islands's year-by-year imports was explained primarily by an decrease in imports from France (€-36.8M or -73.9%), Netherlands (€-19.6M or -53.3%), and Germany (€-16.8M or -27.8%), and product imports decrease in Cars (€-27.7M or -46.3%), Electric Generating Sets (€-4.99M or -95.9%), and Corn (€-4.82M or -81.5%).

Latest Data

Time Scale
Flow
Color
Depth
EXPORT GROWTH (August 2023 - August 2024)€13.1M(7.3%)
IMPORT GROWTH (August 2023 - August 2024)€-24.3M(-7.1%)

This section shows exports and imports data at subnational level for Canary Islands. 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 Canary Islands over time.

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Historical Data

Yearly Exports

Color
Depth
Top Destination (2023)Rest of the world€1.49B
Top Product (2023)Light petroleum distillates nes€1.17B

In 2023 the top export destinations of Canary Islands were Rest of the world (€1.49B), Mauritania (€122M), Senegal (€92.8M), France (€91.3M), and Portugal (€68.8M).

In 2023 the top exports of Canary Islands were Light petroleum distillates nes (€1.17B), Commodities not specified according to kind (€199M), Perfumes and toilet waters (€53.2M), Cigarettes containing tobacco (€49.3M), and Aircraft parts (excl. propellers/rotors, undercarriages) (€39.3M).

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Exports Dynamics

Fastest Growing Exports Destination (Aug 2023 - Aug 2024)
Poland €4.33M (3.4k%)
Sierra Leone €3.3M (19.7k%)
Ukraine €2.2M (271%)
Rapidly Declining Export Origins (Aug 2023 - Aug 2024)
Mauritania -€11.7M (-79.5%)
United States -€5.02M (-80.3%)
United Kingdom -€3.14M (-53.8%)

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Yearly Imports

Color
Depth
Top Origin (2023)Germany€736M
Top Import (2023)Light petroleum distillates nes€466M

In 2023 the top import origins of Canary Islands were Germany (€736M), Netherlands (€315M), Brazil (€297M), France (€287M), and China (€270M).

In 2023 the top imports of Canary Islands were Light petroleum distillates nes (€466M), Small Sized Cars (€238M), Micro Cars (€221M), Fixed wing aircraft, unladen weight >... (€140M), and Coal tar distillation products nes (€127M).

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Imports Dynamics

Fastest Growing Import Origins (Aug 2023 - Aug 2024)
India €30.6M (1.29k%)
United Kingdom €20.6M (441%)
United States €2.9M (39.8%)
Rapidly Declining Import Origins (Aug 2023 - Aug 2024)
France -€36.8M (-73.9%)
Netherlands -€19.6M (-53.3%)
Germany -€16.8M (-27.8%)

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Economic Complexity

Economic Complexity of Canary Islands

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Economic Complexity (2023)-0.2

Canary Islands ranks 12th out of the 18 autonomous communities in Spain according to ECI.

The Economic Complexity Index, or ECI, is a measure of an economy’s capacity which can be inferred from data connecting locations to the activities that are present in them. For more info about Economic Complexity, visit the Economic Complexity page.

Estimated using exports data.

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Economic Complexity Ranking

Value

The economic complexity of a territory can change year to year. Canary Islands it is in position 12th considering its ECI in the last year.

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Export Opportunities by Relatedness

The top export opportunities according to the relatedness level, without considering those products were Canary Islands already has a comparative advantage, are led by Fish Fillets (0.13), Other Vegetables (0.13), Other Processed Vegetables (0.13), Scrap Copper (0.13), and Prepared Cereals (0.13).

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Most Complex Products by PCI

The highest complexity exports of Canary Islands according to the product complexity index (PCI) are Twine, cordage or rope; knotted netting,... (-0.69), Corrugated Paper (N/A), Gaskets (1.38), Spark-Ignition Engines (1.06), Excavation Machinery (0.82), Nonaqueous Paints (0.49), Motor vehicle (8701 to 8705) chassis... (0.39), Used Rubber Tires (0.39), Surveying Equipment (0.31), and Chocolate (0.26). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

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Most Specialized Products by RCA Index

The most specialized products according to the RCA index are led by Twine, cordage or rope; knotted netting,... (42.23), Corrugated Paper (32.66), Motor vehicle (8701 to 8705) chassis... (28.50), Rolled Tobacco (27.07), and Perfumes (24.72).

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Product Space

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 Canary Islands 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.

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Relatedness Space

This network shows the products most related to the production structure of  Canary Islands. These are products that tend to be co-exported with the products that Canary Islands exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

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Diversification Frontier

Depth
Filter

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. Bubble size corresponds to exports value by year 2020.

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