Spain2021 Economic Complexity Trade : 0.78, Rank 35 of 131
2021 Economic Complexity Technology : 1.23, Rank 9 of 96
2021 Economic Complexity Research : 1.68, Rank 13 of 140
2021 Product Exports | Imports: $372B | $409B, 16 of 226 | 15 of 226
2021 Per Capita Product Exports | Imports: $7.87k | $8.65k, 53 of 219 | 36 of 219
Overview In 2021, Spain was the number 14 economy in the world in terms of GDP (current US$), the number 16 in total exports, the number 15 in total imports, the number 32 economy in terms of GDP per capita (current US$) and the number 35 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Spain are Cars ($34.4B), Refined Petroleum ($12.4B), Packaged Medicaments ($12.2B), Motor vehicles; parts and accessories (8701 to 8705) ($10.8B), and Vaccines, blood, antisera, toxins and cultures ($8.93B), exporting mostly to France ($59B), Germany ($38.3B), Italy ($30.6B), Portugal ($30.5B), and United Kingdom ($21.6B).
In 2021, Spain was the world's biggest exporter of Pig Meat ($6.47B), Citrus ($4.12B), Pure Olive Oil ($3.93B), Iron Blocks ($2.07B), and Prepared Pigments ($1.2B)
Imports The top imports of Spain are Crude Petroleum ($26.7B), Cars ($15.9B), Packaged Medicaments ($11.8B), Motor vehicles; parts and accessories (8701 to 8705) ($11.6B), and Vaccines, blood, antisera, toxins and cultures ($11.2B), importing mostly from Germany ($49.6B), France ($41.6B), China ($38.5B), Italy ($29.7B), and Netherlands ($20.7B).
In 2021, Spain was the world's biggest importer of Olive Oil ($80.2M), Unvulcanised Rubber Products ($40.9M), and Fat and Oil Residues ($25.8M)
Location Spain borders Andorra, France, Morocco, Portugal, and Gibraltar by land and Algeria and Italy by sea.
July, 2023
Overview In July 2023 Spain exported €29.8B and imported €35B, resulting in a negative trade balance of €5.11B. Between July 2022 and July 2023 the exports of Spain have decreased by €-3.58B (-10.7%) from €33.4B to €29.8B, while imports decreased by €-4.57B (-11.6%) from €39.5B to €35B.
Trade In July 2023, the top exports of Spain were Cars (€2.92B), Commodities not elsewhere specified (€1.25B), Refined Petroleum (€1.24B), Packaged Medicaments (€1.1B), and Motor vehicles; parts and accessories (8701... (€812M). In July 2023 the top imports of Spain were Crude Petroleum (€2.9B), Cars (€1.93B), Motor vehicles; parts and accessories (8701... (€1.18B), Packaged Medicaments (€1.17B), and Petroleum Gas (€878M).
Origins In July 2023 the exports of Spain were mainly from Barcelona (€6.35B), Madrid (€3.68B), Valencia (€1.63B), Pontevedra (€1.18B), and Zaragoza (€1.17B), while imports destinations were mainly Madrid (€8.05B), Barcelona (€7.24B), Valencia (€2.01B), Vizcaya (€1.38B), and Tarragona (€1.38B).
Destinations In July 2023, Spain exported mostly to France (€4.42B), Germany (€2.93B), Italy (€2.66B), Portugal (€2.6B), and United Kingdom (€1.77B), and imported mostly from China (€3.95B), Germany (€3.82B), France (€3.14B), United States (€2.33B), and Italy (€2.3B).
Growth In July 2023, the decrease in Spain's year-by-year exports was explained primarily by an decrease in exports to Netherlands (€-898M or -50.5%), France (€-893M or -16.8%), and World (€-617M or -27.8%), and product exports decrease in Refined Petroleum (€-1.31B or -51.5%), Planes, Helicopters, and/or Spacecraft (€-904M or -99.2%), and Commodities not elsewhere specified (€-642M or -33.9%). In July 2023, the decrease in Spain's year-by-year imports was explained primarily by an decrease in imports from Brazil (€-1.01B or -71.1%), United States (€-787M or -25.2%), and Russia (€-473M or -60.4%), and product imports decrease in Crude Petroleum (€-2.08B or -41.7%), Petroleum Gas (€-1.13B or -56.2%), and Refined Petroleum (€-473M or -36.1%).
EXPORT GROWTH (July 2022 - July 2023): €-3.58B, (-10.7%)
IMPORT GROWTH (July 2022 - July 2023): €-4.57B, (-11.6%)
MAIN EXPORTER (July 2023): Barcelona, €6.35B
MAIN DESTINATION (July 2023): France, €4.42B
This section shows exports and imports data at subnational level for Spain. 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 Spain over time.
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In 2021, Spain exported a total of $372B, making it the number 16 exporter in the world. During the last five reported years the exports of Spain have changed by $88.3B from $284B in 2016 to $372B in 2021.
The most recent exports are led by Cars ($34.4B), Refined Petroleum ($12.4B), Packaged Medicaments ($12.2B), Motor vehicles; parts and accessories (8701 to 8705) ($10.8B), and Vaccines, blood, antisera, toxins and cultures ($8.93B). The most common destination for the exports of Spain are France ($59B), Germany ($38.3B), Italy ($30.6B), Portugal ($30.5B), and United Kingdom ($21.6B).
Spain Exports Services (2020): $74.9B
Spain Imports Services (2020): $54.6B
In 2020, Spain exported $74.9B worth of services. The top services exported by Spain in 2020 were Miscellaneous business, professional, and technical services ($25.8B), Personal travel ($17.3B), Transportation ($16.2B), Financial services ($3.9B), and Royalties and license fees ($2.93B).
The top services imported by Spain in 2020 were Miscellaneous business, professional, and technical services ($19.1B), Transportation ($10.4B), Travel ($8.65B), Royalties and license fees ($5.11B), and Financial services ($3.33B).
This section shows exports, imports and economic complexity data at the subnational level for Spain. Click any of the Provincie in the geomap to visit the specific subnational profile.
The top territories of Spain according to its Economic Complexity Index are Guipúzcua (0.33), Álava (0.32), and Vizcaya (0.27).
The principal exporters of Spain were Barcelona (€73.8B), Madrid (€59.1B), and Valencia (€21.6B).
The same year, the principal importers of Spain were Madrid (€111B), Barcelona (€88.1B), and Valencia (€24.5B).
Spain has a high level of specialization in Worked Slate (29.6), Olive Oil (25.5), Pure Olive Oil (24.1), Lettuce (17.8), and Cucumbers (15.6). Specialization is measured using RCA, an index that takes the ratio between Spain observed and expected exports in each product.
The highest complexity exports of Spain according to the product complexity index (PCI) are Lathes for removing metal (1.66), Stainless steel bars and rods, hot-rolled, in irregularly wound coils (1.65), Phenols; monophenols, polyphenols, and phenol-alcohols (1.62), Parts & accessories suited for use only/mainly with machines of headings 8456-8465,... (1.61), and Lubricating preparations and those used in oil or grease treatment of textile... (1.56). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Spain according to the relatedness index, were Knit Men's Shirts (0.52), Wheat Flours (0.52), Recreational Boats (0.52), Frozen Fruits and Nuts (0.52), and Raw Sugar (0.52). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Spain is not specialized in.
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 countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Spain's economy has become relatively less complex, moving from the 19th to the 35th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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