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Province in Community of Madrid, Autonomous Community in Spain

2023
Economic
Complexity 0.089Rank 6 of 49
Sep 2024
Trade
Exports | Imports €4.06B | €7.91B2 of 53 | 1 of 53
Sep 2024
Country
Destination | Origin France | Germany €454M  | €1.01B

About

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

Exports In 2023, Spain's Madrid exported €59.1B, making it the 2nd largest exporter out of the 52 exporters in Spain. In 2023 the top exports of Madrid were Human vaccines and similar products (€4.43B), Medicaments in Dosage (n.e.s.) (€4.41B), Electrical energy (€2.93B), Light petroleum distillates nes (€2.35B), and Diesel road tractors for semi-trailers (€2.07B).

Imports In 2023, Spain's Madrid imported €111B, making it the 1st largest importer out of the 52 importers in Spain. In 2023 top imports of Madrid were Medicaments in Dosage (n.e.s.) (€8.48B), Liquefied Natural Gas (€7.45B), Smartphones (€2.61B), Immunological Products Packings for Retail Sale (€2.21B), and Electrical energy (€1.8B).

Economic Complexity In 2023, the highest complexity exports of Madrid according to the product complexity index (PCI) are Hot-Rolled Stainless Steel Bars (1.8), Wrenches (1.61), Other Stainless Steel Bars (1.51), Vaccines, blood, antisera, toxins and cultures (1.45), Micro-Organism Culture Preparations (1.28), Boiler Plants (1.26), Telephones (1.24), Self-Propelled Rail Transport (1.19), Vacuum Cleaners (1.11), and Other Stone Articles (1.1). 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 Madrid exported €4.06B and imported €7.91B, resulting in a negative trade balance of €3.85B. Between September 2023 and September 2024 the exports of Madrid have increased by $12.8M (0.32%) from €4.05B to €4.06B, while imports decreased by €-682M (-7.94%) from €8.6B to €7.91B.

Trade In September 2024, the top exports of Madrid were Packaged Medicaments (€695M), Gold (€262M), Vaccines, blood, antisera, toxins and cultures (€214M), Electricity (€194M), and Commodities not elsewhere specified (€172M). In September 2024 the top imports of Madrid were Packaged Medicaments (€812M), Cars (€498M), Vaccines, blood, antisera, toxins and cultures (€439M), Telephones (€397M), and Petroleum Gas (€339M).

Destinations In September 2024, Madrid exported mostly to France (€454M), Portugal (€452M), United Kingdom (€449M), Italy (€415M), and China (€314M), and imported mostly from Germany (€1.01B), China (€1.01B), United States (€978M), France (€652M), and Italy (€592M).

Growth In September 2024, the increase in Madrid's year-by-year exports was explained primarily by an increase in exports to China (€189M or 152%), United Kingdom (€63.6M or 16.5%), and Ireland (€31.1M or 332%), and product exports increase in Packaged Medicaments (€262M or 60.5%), Aircraft parts including unmanned craft (€40.8M or 45.3%), and Gold (€39.1M or 17.6%). In September 2024, the decrease in Madrid's year-by-year imports was explained primarily by an decrease in imports from France (€-202M or -23.7%), United States (€-153M or -13.5%), and Rest of the world (€-143M or -70.6%), and product imports decrease in Packaged Medicaments (€-281M or -25.7%), Petroleum Gas (€-233M or -40.7%), and Planes, Helicopters, and/or Spacecraft (€-150M or -89.7%).

Latest Data

Time Scale
Flow
Color
Depth
EXPORT GROWTH (September 2023 - September 2024)€12.8M(0.32%)
IMPORT GROWTH (September 2023 - September 2024)€-682M(-7.94%)

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 (2023)France€6.83B
Top Product (2023)Human vaccines and similar products€4.43B

In 2023 the top export destinations of Madrid were France (€6.83B), Portugal (€5.38B), Belgium (€5.07B), Italy (€4.57B), and United Kingdom (€4.44B).

In 2023 the top exports of Madrid were Human vaccines and similar products (€4.43B), Medicaments in Dosage (n.e.s.) (€4.41B), Electrical energy (€2.93B), Light petroleum distillates nes (€2.35B), and Diesel road tractors for semi-trailers (€2.07B).

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Exports Dynamics

Fastest Growing Exports Destination (Sep 2023 - Sep 2024)
China €189M (152%)
United Kingdom €63.6M (16.5%)
Ireland €31.1M (332%)
Rapidly Declining Export Origins (Sep 2023 - Sep 2024)
France -€153M (-25.2%)
Germany -€49.6M (-14%)
Portugal -€33.4M (-6.88%)

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Yearly Imports

Color
Depth
Top Origin (2023)Germany€12.1B
Top Import (2023)Medicaments in Dosage (n.e.s.)€8.48B

In 2023 the top import origins of Madrid were Germany (€12.1B), United States (€11.9B), China (€10.4B), France (€9.11B), and Italy (€6.76B).

In 2023 the top imports of Madrid were Medicaments in Dosage (n.e.s.) (€8.48B), Liquefied Natural Gas (€7.45B), Smartphones (€2.61B), Immunological Products Packings for Retail Sale (€2.21B), and Electrical energy (€1.8B).

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Imports Dynamics

Fastest Growing Import Origins (Sep 2023 - Sep 2024)
China €124M (14%)
Belgium €118M (65.4%)
Italy €41.6M (7.57%)
Rapidly Declining Import Origins (Sep 2023 - Sep 2024)
France -€202M (-23.7%)
United States -€153M (-13.5%)
Nigeria -€136M (-86.7%)

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Economic Complexity

Economic Complexity of Madrid

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Economic Complexity (2023)0.089

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 Prints (0.21), Surveying Equipment (0.21), Dental Products (0.21), Vegetable or Animal Dyes (0.2), and Natural Cork Articles (0.2).

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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 (1.8), Wrenches (1.61), Other Stainless Steel Bars (1.51), Vaccines, blood, antisera, toxins and cultures (1.45), Micro-Organism Culture Preparations (1.28), Boiler Plants (1.26), Telephones (1.24), Self-Propelled Rail Transport (1.19), Vacuum Cleaners (1.11), and Other Stone Articles (1.1). 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 Aircraft Launch Gear (16.36), Electricity (15.13), Electric Locomotives (15.12), Tractors (14.64), and Wood Barrels (12.98).

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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
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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