Spanish exports hit new record high

  • Economy

Spanish exports hit new record high

Workers loading pallets of citrus fruit for first shipment to Russia from Valencia-based Torres & Schuback. Photo: EFE/Rubén Francés. (EFE)
Workers loading pallets of citrus fruit for first shipment to Russia from Valencia-based Torres & Schuback. Photo: EFE/Rubén Francés. (EFE)

Spanish exports keep breaking records. From January to June, 10% more goods were exported than in the first half of 2016. According to data published by the Spanish Ministry of Economy, Industry and Competitiveness, our country’s exports totalled 140,876 million euro in the first six months of 2017, hitting a new record high for a first semester.

The growth in exports filled the gap from the decline of the construction industry. Thus, in less than ten years, Spain climbed to the 16th place in the country ranking of the World Trade Organisation (WTO), ahead of Russia or Taiwan.

At present, exports account for over 33% of Spain’s GDP. According to the Ministry’s estimates, they will rise to 35% by 2019.

Thanks to exports, Spain tops the global list of developed economies with the highest GDP growth and trade volume. Moreover, our country is ahead of both the Eurozone and the European Union, where exports grew by 7.7% and 7.9%, respectively.

Only the United Kingdom was a faster-growing export market, posting growth by 18.3%. Other European countries with positive exports performances – although nowhere as good as the evolution of Spanish exports – are Italy (+8%), Germany (+6.1%) and France (+3.5%). As to non-European countries, American, Chinese and Japanese exports are remarkable, with growth rates of 6.7%, 5.3% and 9.5%, respectively.

More about growing exports

The growing exports in Spain are mostly the result of improved competitiveness in Spanish companies since 2012. In the past 12 months, Spanish exports amounted to 267,364 million euro, 5.6% more than in 2016. If the upward trend continues, we could hit a new record high in the final months of 2017.

Divided by sector, capital goods, which account for 20% of total exports, increased by 8.8%, theirs being highest growth rate. They were followed by food, beverages and tobacco (+9.7%). In the automotive industry, representing 17.2% of total exports, its growth rate was 0.1%.