Canary Islands | The Observatory of Economic Complexity

Canary Islands

Autonomous Community in Spain

2024
Economic
Complexity -0.2Rank 13 of 18

Dec 2024
Trade
Exports | Imports €192M | €453M16 of 19 | 11 of 19

Dec 2024
Country
Destination | Origin Rest of the world | Germany €107M | €70.2M

Image 1

Image by El Coleccionista de Instantes Fotografía & Video
Link: https://flic.kr/p/aqazvX

Latest Trends
Historical Data
Economic Complexity

About

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

Exports In 2024, Spain's Canary Islands exported €3.28B, making it the 16th largest exporter out of the 18 exporters in Spain. In 2024 the top exports of Canary Islands were Light petroleum distillates nes (€1.3B), Commodities not specified according to kind (€187M), Coal tar distillation products nes (€116M), Perfumes and toilet waters (€60.6M), and Cigarettes containing tobacco (€55.5M).

Imports In 2024, Spain's Canary Islands imported €3.94B, making it the 13th largest importer out of the 18 importers in Spain. In 2024 top imports of Canary Islands were Light petroleum distillates nes (€425M), Micro Cars (€276M), Coal tar distillation products nes (€158M), Fixed-Wing Aircraft (>15,000 kg Unladen Weight) (€144M), and Small Sized Cars (€128M).

Economic Complexity In 2024, the highest complexity exports of Canary Islands according to the product complexity index (PCI) are Spark-Ignition Engines (1.08), Excavation Machinery (0.76), Motor vehicle (8701 to 8705) chassis... (0.59), Surveying Equipment (0.45), Used Rubber Tires (0.4), Nonaqueous Paints (0.4), Coal Tar Oil (0.36), Chocolate (0.24), Jewellery (0.019), and Perfumes (0.004). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Latest Trends

December, 2024

About

Overview In December 2024 Canary Islands exported €192M and imported €453M, resulting in a negative trade balance of €260M. Between December 2023 and December 2024 the exports of Canary Islands have increased by $1.19M (0.62%) from €191M to €192M, while imports increased by €40.3M (9.77%) from €412M to €453M.

Trade In December 2024, the top exports of Canary Islands were Refined Petroleum (€76.1M), Coal Tar Oil (€30M), Gas Turbines (€14.1M), Rolled Tobacco (€8.82M), and Perfumes (€4.49M). In December 2024 the top imports of Canary Islands were Refined Petroleum (€89.6M), Cars (€63.6M), Planes, Helicopters, and/or Spacecraft (€37.3M), Delivery Trucks (€8.37M), and Potatoes (€8.19M).

Destinations In December 2024, Canary Islands exported mostly to Rest of the world (€107M), Senegal (€28.4M), United Kingdom (€9.1M), United States (€6.39M), and Mauritania (€3.71M), and imported mostly from Germany (€70.2M), Brazil (€55.5M), Italy (€47M), United States (€35M), and United Kingdom (€29.6M).

Growth In December 2024, the increase in Canary Islands's year-by-year exports was explained primarily by an increase in exports to Senegal (€27.7M or 3.8k%), United Kingdom (€7.7M or 550%), and United States (€4.1M or 179%), and product exports increase in Coal Tar Oil (€19.7M or 192%), Fishing Ships (€3.47M or 10.8k%), and Rolled Tobacco (€3.24M or 58.1%). In December 2024, the increase in Canary Islands's year-by-year imports was explained primarily by an increase in imports from Germany (€30.5M or 76.8%), United States (€26.3M or 303%), and Italy (€25.3M or 117%), and product imports increase in Refined Petroleum (€79.9M or 823%), Cars (€28.2M or 79.6%), and Delivery Trucks (€6.85M or 449%).

Latest Data

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

Product

EXPORT GROWTH (December 2023 - December 2024)€1.19M(0.62%)

IMPORT GROWTH (December 2023 - December 2024)€40.3M(9.77%)

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 (2024)Rest of the world€1.74B

Top Product (2024)Light petroleum distillates nes€1.3B

In 2024 the top export destinations of Canary Islands were Rest of the world (€1.74B), Senegal (€95M), Mauritania (€79.2M), France (€66M), and United Kingdom (€49.5M).

In 2024 the top exports of Canary Islands were Light petroleum distillates nes (€1.3B), Commodities not specified according to kind (€187M), Coal tar distillation products nes (€116M), Perfumes and toilet waters (€60.6M), and Cigarettes containing tobacco (€55.5M).

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Exports Dynamics

Starting Date

Ending Date

Fastest Growing Exports Destination (Dec 2023 - Dec 2024)

Senegal €27.7M (3.8k%)

United Kingdom €7.7M (550%)

United States €4.1M (179%)

Rapidly Declining Export Origins (Dec 2023 - Dec 2024)

Egypt -€4.48M (-98.8%)

Mauritania -€3.48M (-48.4%)

Chinese Taipei -€2.71M (-97.5%)

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Yearly Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Origin (2024)Germany€749M

Top Import (2024)Light petroleum distillates nes€425M

In 2024 the top import origins of Canary Islands were Germany (€749M), Italy (€385M), Brazil (€324M), Netherlands (€302M), and China (€268M).

In 2024 the top imports of Canary Islands were Light petroleum distillates nes (€425M), Micro Cars (€276M), Coal tar distillation products nes (€158M), Fixed-Wing Aircraft (>15,000 kg Unladen Weight) (€144M), and Small Sized Cars (€128M).

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Imports Dynamics

Starting Date

Ending Date

Fastest Growing Import Origins (Dec 2023 - Dec 2024)

Germany €30.5M (76.8%)

United States €26.3M (303%)

Italy €25.3M (117%)

Rapidly Declining Import Origins (Dec 2023 - Dec 2024)

Brazil -€95.7M (-63.3%)

France -€14.8M (-55.6%)

Romania -€4.16M (-94.7%)

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Economic Complexity

Economic Complexity of Canary Islands

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Geomap

Treemap

Economic Complexity (2024)-0.2

Canary Islands ranks 13th 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 13th 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 Dried/Salted/Smoked/Brined Fish (0.13), Fish Fillets (0.13), Cement (0.13), Other Vegetables (0.13), and Scrap Copper (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 Spark-Ignition Engines (1.08), Excavation Machinery (0.76), Motor vehicle (8701 to 8705) chassis... (0.59), Surveying Equipment (0.45), Used Rubber Tires (0.4), Nonaqueous Paints (0.4), Coal Tar Oil (0.36), Chocolate (0.24), Jewellery (0.019), and Perfumes (0.004). 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,... (67.52), Rolled Tobacco (31.74), Coal Tar Oil (30.84), Corrugated Paper (26.21), and Perfumes (23.18).

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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.