Economic Complexity: In 2019, the highest complexity exports of Canary Islands according to the product complexity index (PCI) are Other Heating Machinery (1.36), Iron Chains (1.18), Steam Turbines (1.13), Other Engines (1.07), and Other Hand Tools (1.06). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
In 2019 the top import origins of Canary Islands were Netherlands (β¬438M), Germany (β¬437M), France (β¬266M), Italy (β¬260M), and China (β¬207M).
This section shows forecasts for total exports and imports from Canary Islands. 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 Canary Islands already has a comparative advantage, are led by Crude Petroleum (0.12), Other Vegetables (0.11), Flavored Water (0.11), Cement (0.11), and Scrap Aluminium (0.11).
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.
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 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.