Guide to business in Spain Guía de negocios en España

INVEST IN SPAIN

7. Foreign trade and investment


7. FOREIGN TRADE AND INVESTMENT

Rapid growth in international trade and foreign investments in recent years has made Spain one of the most internationally-oriented countries in the world.

With regard to the trading of goods, Spain is ranked 18th in the world as an exporter and 17th as an importer; while in the trading of services it occupies 9th place as an exporter and 16th place as an importer[14].

Spanish exports and imports of goods account for 1.7% and 1.8%, respectively, of the worldwide total, while Spanish, exports and imports of services represent 3.1% and 2.1% respectively.

The breakdown by industry of foreign trade is relatively diversified, as can be seen in the following table:

Table 7

DISTRIBUTION OF EXPORTS AND IMPORTS 2014 (As a % of total)

Exports

Imports

Capital goods

20.1%

Energy products

21.2%

Food

15.3%

Capital goods

17.6%

Automobile industry

14.9%

Chemical products

15.0%

Chemical products

14.2%

Automobile industry

11.6%

Semi-manufactured non-chemical products

10.7%

Consumer goods

10.9%

Consumer goods

9.3%

Food

10.7%

Energy products

7.3%

Semi-manufactured non chemical products

6.8%

Other goods

4.4%

Raw materials

3.6%

Raw materials

2.4%

Durable consumer goods

2.3%

Durable consumer goods

1.4%

Other goods

0.3%

Source: Ministry of Economy and Competitiveness. January – November 2014 data.

As would be expected, the countries of the EU are Spain's main trading partners. Accordingly, during 2014[15], Spanish exports to the European Union accounted for 63.7% of total exports and sales to the Eurozone represented 49.9% of the total. Imports from the European Union accounted for 53.2% of the total and those from the Eurozone represented 42.7%.

[14]WTO "International Trade Statistics 2014" report.

[15]Annual data published by the Spanish Ministry of Economy and Competitiveness. January — November 2014 data.

Guide to business in Spain

Spain: an attractive profile

17

ICEX - Gobierno de España - Ministerio de Economía y competitividad
Elaborado por Garrigues - Abogados y Asesores Tributarios
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