Despite the slowdown in Spain’s exports, the number of national companies starting to export and of regular exporters which have been exporting for four years in a row are rising. How strong these exporters are is the question that CaixaBank Research answer analysing the geographical diversity of the destinations to which they export.
Enrique Fanjul (Real Instituto Elcano) | There has been a lot written lately about the role of the foreign sector as the driver of the Spanish economy’s recovery. There have also been some very interesting academic papers published, which provide us with more details of the new configuration of Spanish exports. The exports map is changing, with non-tourism services an increasingly more important segment.
Spanish exports have seen solid growth over the past few years. Moreover the range of destinations has broadened and the products exported diversified. However, CaixaBank Research points that there is still one important issue to resolve: the complexity of exports.
The latest figures have again confirmed what we have been seeing in the last few quarters: Spain is not only not losing industry at the moment, but in fact this is recovering very fast. In January, for example, Spanish industry’s revenues rose 13.1% from a year earlier, the biggest increase since April 2008.
Spain’s trade deficit declined 22.4% to 18.754 billion euros in 2016, the second smallest figure since 1997, thanks to record exports.
Spanish exports managed to dodge the slowdown in world trade in the first half of the year. According to the latest data from the World Trade Organisation, exports from the 70 biggest economies (which account for 90% of global GDP) fell 5.6% to 6.4 trillion euros in the first half of 2016 from a year earlier, the lowest level since 2011. In this context, the growth rate of Spanish exports (2.4% year-on-year in the first half) has been the largest of the economies.
In the seven months to July, Spain’s trade balance registered a new record high since registers began in 1971.
Spain’s exports continue to rise and over the last five months have produced a welcome shift in the country’s trade balance.
Spain’s economy has registered a gain in external competitiveness compared to the EU, the OECD and BRICS countries, based on the Consumer Prices Index (CPI).
MADRID | May 22, 2015 | By Francisco López | The Spanish economy is beating new records mainly thanks to external factors. According to the latest data, exports of goods totalled €23.2 billion in March, the best monthly figure since 1971. The euro price fall has been crucial.