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Province in Community of Madrid, Autonomous Community in Spain

2024
Economic
Complexity 0.11Rank 6 of 49
Dec 2024
Trade
Exports | Imports €3.53B | €7.44B2 of 53 | 1 of 53
Dec 2024
Country
Destination | Origin Portugal | China €533M  | €895M

About

Overview This page contains the latest international trade data for Madrid. In December 2024 Madrid was the number 2 in total exports and the number 1 in total imports in Spain.

Exports In 2024, Spain's Madrid exported €59.1B, making it the 2nd largest exporter out of the 52 exporters in Spain. In 2024 the top exports of Madrid were Medicaments in Dosage (n.e.s.) (€4.72B), Electrical energy (€2.15B), Commodities not specified according to kind (€1.83B), Light petroleum distillates nes (€1.74B), and Unwrought Non-Monetary Gold (€1.71B).

Imports In 2024, Spain's Madrid imported €111B, making it the 1st largest importer out of the 52 importers in Spain. In 2024 top imports of Madrid were Medicaments in Dosage (n.e.s.) (€8.61B), Liquefied Natural Gas (€3.41B), Smartphones (€2.93B), Immunological Products Packings for Retail Sale (€2.29B), and Electrical energy (€1.56B).

Economic Complexity In 2024, the highest complexity exports of Madrid according to the product complexity index (PCI) are Hot-Rolled Stainless Steel Bars (1.81), Other Stainless Steel Bars (1.6), X-Ray Equipment (1.57), Nucleic Acids (1.55), Transmissions (1.44), Motor-working Tools (1.37), Self-Propelled Rail Transport (1.36), Vaccines, blood, antisera, toxins and cultures (1.34), Telephones (1.28), and Vacuum Cleaners (1.17). 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 Madrid exported €3.53B and imported €7.44B, resulting in a negative trade balance of €3.91B. Between December 2023 and December 2024 the exports of Madrid have decreased by $-258M (-6.83%) from €3.78B to €3.53B, while imports decreased by €-401M (-5.11%) from €7.84B to €7.44B.

Trade In December 2024, the top exports of Madrid were Packaged Medicaments (€449M), Electricity (€319M), Gold (€247M), Tractors (€159M), and Gas Turbines (€152M). In December 2024 the top imports of Madrid were Packaged Medicaments (€885M), Telephones (€575M), Cars (€291M), Petroleum Gas (€287M), and Electricity (€233M).

Destinations In December 2024, Madrid exported mostly to Portugal (€533M), France (€457M), Italy (€347M), United Kingdom (€327M), and Germany (€265M), and imported mostly from China (€895M), United States (€845M), Germany (€826M), France (€748M), and Italy (€705M).

Growth In December 2024, the decrease in Madrid's year-by-year exports was explained primarily by an decrease in exports to China (€-162M or -60.3%), Rest of the world (€-157M or -60.4%), and France (€-128M or -21.8%), and product exports decrease in Packaged Medicaments (€-68.4M or -13.2%), Other Edible Preparations (€-47.1M or -73%), and Self-Propelled Rail Transport (€-27.4M or -88.8%). In December 2024, the decrease in Madrid's year-by-year imports was explained primarily by an decrease in imports from United States (€-177M or -17.3%), Netherlands (€-94.8M or -18.1%), and Morocco (€-70.3M or -56.3%), and product imports decrease in Petroleum Gas (€-226M or -44%), Precious Metal Scraps (€-98.6M or -51.8%), and Gas Turbines (€-79.4M or -40.9%).

Latest Data

Time Scale
Flow
Color
Depth
EXPORT GROWTH (December 2023 - December 2024)€-258M(-6.83%)
IMPORT GROWTH (December 2023 - December 2024)€-401M(-5.11%)

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

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Historical Data

Yearly Exports

Color
Depth
Top Destination (2024)France€5.98B
Top Product (2024)Medicaments in Dosage (n.e.s.)€4.72B

In 2024 the top export destinations of Madrid were France (€5.98B), Portugal (€5.42B), United Kingdom (€4.85B), Germany (€4.23B), and Italy (€4.16B).

In 2024 the top exports of Madrid were Medicaments in Dosage (n.e.s.) (€4.72B), Electrical energy (€2.15B), Commodities not specified according to kind (€1.83B), Light petroleum distillates nes (€1.74B), and Unwrought Non-Monetary Gold (€1.71B).

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Exports Dynamics

Fastest Growing Exports Destination (Dec 2023 - Dec 2024)
Portugal €112M (26.6%)
Georgia €49.1M (5.96k%)
Turkey €32.5M (53.1%)
Rapidly Declining Export Origins (Dec 2023 - Dec 2024)
China -€162M (-60.3%)
France -€128M (-21.8%)
Germany -€96.9M (-26.8%)

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Yearly Imports

Color
Depth
Top Origin (2024)Germany€12.4B
Top Import (2024)Medicaments in Dosage (n.e.s.)€8.61B

In 2024 the top import origins of Madrid were Germany (€12.4B), China (€11.2B), United States (€11.1B), France (€8.27B), and Italy (€7.24B).

In 2024 the top imports of Madrid were Medicaments in Dosage (n.e.s.) (€8.61B), Liquefied Natural Gas (€3.41B), Smartphones (€2.93B), Immunological Products Packings for Retail Sale (€2.29B), and Electrical energy (€1.56B).

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Imports Dynamics

Fastest Growing Import Origins (Dec 2023 - Dec 2024)
Italy €133M (23.4%)
Saudi Arabia €69.3M (2.48k%)
Nigeria €56.4M (63.2%)
Rapidly Declining Import Origins (Dec 2023 - Dec 2024)
United States -€177M (-17.3%)
Netherlands -€94.8M (-18.1%)
Morocco -€70.3M (-56.3%)

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Economic Complexity

Economic Complexity of Madrid

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Economic Complexity (2024)0.11

Madrid ranks 6th out of the 52 provinces 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. Madrid it is in position 6th 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 Madrid already has a comparative advantage, are led by Wine (0.24), Natural Cork Articles (0.24), Collector's Items (0.24), Dairy Machinery (0.23), and Recreational Boats (0.23).

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Most Complex Products by PCI

The highest complexity exports of Madrid according to the product complexity index (PCI) are Hot-Rolled Stainless Steel Bars (1.81), Other Stainless Steel Bars (1.6), X-Ray Equipment (1.57), Nucleic Acids (1.55), Transmissions (1.44), Motor-working Tools (1.37), Self-Propelled Rail Transport (1.36), Vaccines, blood, antisera, toxins and cultures (1.34), Telephones (1.28), and Vacuum Cleaners (1.17). 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 Traffic Signals (19.21), Nucleic Acids (17.65), Wood Barrels (16.31), Other Locomotives (13.74), and Clays (12.03).

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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 Madrid 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  Madrid. These are products that tend to be co-exported with the products that Madrid 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
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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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