Canary Islands | The Observatory of Economic Complexity

Canary Islands

Autonomous Community in Spain

2023
Economic
Complexity -0.2Rank 12 of 18

Sep 2024
Trade
Exports | Imports €158M | €367M18 of 19 | 14 of 19

Sep 2024
Country
Destination | Origin Rest of the world | Germany €87.1M | €66.9M

Image 1

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Latest Trends
Historical Data
Economic Complexity

About

Overview This page contains the latest international trade data for Canary Islands. In September 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 (>15,000 kg 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

September, 2024

About

Overview In September 2024 Canary Islands exported €158M and imported €367M, resulting in a negative trade balance of €209M. Between September 2023 and September 2024 the exports of Canary Islands have decreased by $-34.7M (-18%) from €192M to €158M, while imports increased by €12.6M (3.56%) from €354M to €367M.

Trade In September 2024, the top exports of Canary Islands were Refined Petroleum (€45.8M), Passenger and Cargo Ships (€19.7M), Commodities not elsewhere specified (€12.9M), Coal Tar Oil (€8.01M), and Rolled Tobacco (€7.89M). In September 2024 the top imports of Canary Islands were Cars (€59.9M), Refined Petroleum (€41M), Coal Tar Oil (€14.5M), Delivery Trucks (€10.1M), and Poultry Meat (€9.42M).

Destinations In September 2024, Canary Islands exported mostly to Rest of the world (€87.1M), Greece (€20.2M), France (€3.97M), Netherlands (€3.96M), and United Kingdom (€3.16M), and imported mostly from Germany (€66.9M), Italy (€30.9M), Nigeria (€25.7M), China (€24.9M), and Netherlands (€22.3M).

Growth In September 2024, the decrease in Canary Islands's year-by-year exports was explained primarily by an decrease in exports to Rest of the world (€-25.2M or -22.5%), Senegal (€-21.2M or -99.3%), and Mauritania (€-5.96M or -70.4%), and product exports decrease in Refined Petroleum (€-58.9M or -56.2%), Spark-Ignition Engines (€-2.43M or -70.8%), and Excavation Machinery (€-2.39M or -44.7%). In September 2024, the increase in Canary Islands's year-by-year imports was explained primarily by an increase in imports from Germany (€22.5M or 50.7%), Italy (€14.9M or 93.2%), and Sweden (€7.61M or 179%), and product imports increase in Cars (€29.3M or 96.1%), Delivery Trucks (€8.72M or 630%), and Petroleum Gas (€3.74M or 9.5k%).

Latest Data

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

Product

EXPORT GROWTH (September 2023 - September 2024)€-34.7M(-18%)

IMPORT GROWTH (September 2023 - September 2024)€12.6M(3.56%)

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

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

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

Starting Date

Ending Date

Fastest Growing Exports Destination (Sep 2023 - Sep 2024)

Greece €19.9M (7.26k%)

Chinese Taipei €2.92M (2.29k%)

Sierra Leone €2.9M (3.7k%)

Rapidly Declining Export Origins (Sep 2023 - Sep 2024)

Senegal -€21.2M (-99.3%)

Mauritania -€5.96M (-70.4%)

Portugal -€3.13M (-64.5%)

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Yearly Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

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 (>15,000 kg Unladen Weight) (€140M), and Coal tar distillation products nes (€127M).

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Imports Dynamics

Starting Date

Ending Date

Fastest Growing Import Origins (Sep 2023 - Sep 2024)

Germany €22.5M (50.7%)

Italy €14.9M (93.2%)

Sweden €7.61M (179%)

Rapidly Declining Import Origins (Sep 2023 - Sep 2024)

Saudi Arabia -€37.1M (-99%)

Netherlands -€14.6M (-39.5%)

Poland -€14.2M (-70.2%)

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Economic Complexity

Economic Complexity of Canary Islands

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Geomap

Treemap

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

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

RCA Filter

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

Section

HS2

HS4

Filter

All

RCA≤1

RCA>1

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.