Since the beginning of the year, the euro currency has depreciated more than 7% against the US dollar and sterling. Of the ten major destinations for Spanish exports outside the eurozone, only two currencies (the Turkish lira and the Algerian dinar) have lost value against the euro.
Although the fall of the eurozone currency has been widespread, the greatest drop occurred against the Anglo-Saxon currencies. The United States is the largest buyer of Spanish products outside Europe, although according to the ICEX (Exports and Commerce Institute in Spain), there are other very promising markets for our exports such as Australia, China, India, South Korea, Indonesia, Mexico and Morocco.
The Government insists that Spanish exports are rocking for various reasons and the euro is only one of them. The Secretary of State for Trade, Jaime Garcia-Legaz, has especially flagged Spanish companies’ competitive gains in the last 18 months.
Exports currently represent 32% of Spanish GDP. Should the country’s economy maintain its momentum, it could end the year growing by 3.5%. Some analysts argue that the Q1 figures will not be maintained throughout the rest of the year, particularly if oil prices continue to escalate and the euro starts appreciating against the dollar.