Spanish exports hit record high again

  • Economy

Spanish exports hit record high again

First shipment of citrus fruit to Russia from Valencia-based firm Torres & Schuback: 2880 tons of oranges. Photo: EFE/Rubén Francés. (EFE)
First shipment of citrus fruit to Russia from Valencia-based firm Torres & Schuback: 2880 tons of oranges. Photo: EFE/Rubén Francés. (EFE)

From January to September 2017, Spanish exports totalled 205,560 million euro. This means they were 9.1% higher than in the first nine months of 2016.

These data, released by the Spanish Ministry of Economy, Industry and Competitiveness, confirm the upward trend in exports, which have been growing for the past eight years (+3.9% y-o-y) according to ICEX España Exportación e Inversiones. The trend is similar to, or even better than, the evolution of exports in the Eurozone and the European Union (EU).

From January to September 2017, Spanish exports were 9.1% higher than in the first nine months of 2016. The growth rates for the Eurozone and the EU were 7.4% and 7.7%, respectively.

Moreover, the Spanish export market had a higher growth rate than in Italy (+7.3%), Germany (+6.3%), France (+3.8%), and non-EU markets like USA (+6.2%) or China (5.5%). Only the UK and Japan had higher growth rates (+17.6% and +11.3%, respectively).

Growth outside the EU

Although EU countries continue to be the largest markets to Spanish exports (65.9% of total exports and 8.1% y-o-y growth from January to September, or 9% if considering the Eurozone), the highest growth rates correspond to non-EU markets.

Exports to markets outside the EU, accounting for 34.1%, rose by 11% in the first nine months of 2017, with the sharpest rise seen in Oceania (+28.2%), Latin America (+13.5%), Africa (+11.5%), Asia without the Middle East (+11%) and North America (10.4%).

Broken down by country, those with the highest growth rates were China (23.8%), Morocco (18.9%), Mexico (14.7%), USA (10.6%) and Canada (9.9%).

Capital goods set the pace

In the first nine months of 2017, exports increased in most sectors in the Spanish economy, with peaks in capital goods (+10.5%), foods, beverages and tobacco (+7.3), and partially manufactured non-chemical products (+9%).

The only exception was the automotive industry, whose exports went down by 0.8%, driven by lower sales in the UK and Turkey. Despite the downward trend in exports, Spain continues to be a global leader in the sale of auto parts and the Spanish car sector continues to find its way into new markets like Iran, with high demand and huge potential for growth.