Madrid | The Observatory of Economic Complexity

Madrid

Province in Community of Madrid, Autonomous Community in Spain

2023
Economic
Complexity 0.089Rank 6 of 49

Aug 2024
Trade
Exports | Imports €3.98B | €7.21B2 of 53 | 1 of 53

Aug 2024
Country
Destination | Origin Ireland | United States €628M | €1.1B

Image 1

Image by Jose A.
Link: https://flic.kr/p/2hXstvJ

Latest Trends
Historical Data
Economic Complexity

About

Overview This page contains the latest international trade data for Madrid. In August 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 nes, in dosage (€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 nes, in dosage (€8.48B), Natural gas, liquefied (€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

August, 2024

About

Overview In August 2024 Madrid exported €3.98B and imported €7.21B, resulting in a negative trade balance of €3.24B. Between August 2023 and August 2024 the exports of Madrid have increased by $513M (14.8%) from €3.46B to €3.98B, while imports increased by €120M (1.69%) from €7.09B to €7.21B.

Trade In August 2024, the top exports of Madrid were Nucleic Acids (€621M), Packaged Medicaments (€529M), Electricity (€231M), Gold (€203M), and Commodities not elsewhere specified (€185M). In August 2024 the top imports of Madrid were Packaged Medicaments (€1.01B), Cars (€420M), Vaccines, blood, antisera, toxins and cultures (€378M), Telephones (€304M), and Petroleum Gas (€270M).

Destinations In August 2024, Madrid exported mostly to Ireland (€628M), Portugal (€467M), France (€383M), Germany (€361M), and United Kingdom (€302M), and imported mostly from United States (€1.1B), China (€948M), Germany (€900M), France (€600M), and Italy (€433M).

Growth In August 2024, the increase in Madrid's year-by-year exports was explained primarily by an increase in exports to Ireland (€621M or 9.14k%), Ukraine (€56.1M or 2.06k%), and Portugal (€36.6M or 8.5%), and product exports increase in Nucleic Acids (€621M or 149k%), Packaged Medicaments (€122M or 29.9%), and Tanks and Armored vehicles (€55.1M or 7.06k%). In August 2024, the increase in Madrid's year-by-year imports was explained primarily by an increase in imports from China (€160M or 20.3%), Germany (€56.2M or 6.66%), and United States (€52.3M or 4.98%), and product imports increase in Packaged Medicaments (€242M or 31.5%), Cars (€167M or 65.6%), and Planes, Helicopters, and/or Spacecraft (€154M or 3.73k%).

Latest Data

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

Product

EXPORT GROWTH (August 2023 - August 2024)€513M(14.8%)

IMPORT GROWTH (August 2023 - August 2024)€120M(1.69%)

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

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

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 nes, in dosage (€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

Starting Date

Ending Date

Fastest Growing Exports Destination (Aug 2023 - Aug 2024)

Ireland €621M (9.14k%)

Ukraine €56.1M (2.06k%)

Portugal €36.6M (8.5%)

Rapidly Declining Export Origins (Aug 2023 - Aug 2024)

Italy -€117M (-41.3%)

United States -€38.4M (-22.9%)

France -€31M (-7.5%)

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Yearly Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Origin (2023)Germany€12.1B

Top Import (2023)Medicaments nes, in dosage€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 nes, in dosage (€8.48B), Natural gas, liquefied (€7.45B), Smartphones (€2.61B), Immunological products packings for retail sale (€2.21B), and Electrical energy (€1.8B).

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Imports Dynamics

Starting Date

Ending Date

Fastest Growing Import Origins (Aug 2023 - Aug 2024)

China €160M (20.3%)

Germany €56.2M (6.66%)

United States €52.3M (4.98%)

Rapidly Declining Import Origins (Aug 2023 - Aug 2024)

Netherlands -€200M (-37.4%)

Libya -€105M (-67.9%)

Nigeria -€85.5M (-56.8%)

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Economic Complexity

Economic Complexity of Madrid

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Geomap

Treemap

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

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

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 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

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.