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Overview This page contains the latest international trade data for Madrid. In March 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.

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 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

Fastest Growing Exports Destination (Mar 2023 - Mar 2024)
Turkey €35M (55.8%)
Saudi Arabia €12.6M (61.1%)
Nigeria €9.78M (143%)
Rapidly Declining Export Origins (Mar 2023 - Mar 2024)
Belgium -€1.35B (-94.9%)
Portugal -€165M (-31.9%)
Italy -€158M (-36%)

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Yearly Imports

Color
Depth
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

Fastest Growing Import Origins (Mar 2023 - Mar 2024)
Sweden €117M (93.1%)
Ireland €93.1M (135%)
Libya €45.6M (1.55k%)
Rapidly Declining Import Origins (Mar 2023 - Mar 2024)
United States -€616M (-49.1%)
France -€274M (-33%)
Netherlands -€205M (-36.1%)

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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
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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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