If you missed our first post about Spain’s priority sectors, you can check it out here.
It may surprise you to learn that Spain, land of sun and sangría, has the fastest growing of the major eurozone economies. Then again, it may not surprise you – Spanish products can increasingly be found all over the world, with Spanish exports totaling $345.2 billion in 2018. Exports of goods and services represented 34% of Spain’s GDP in 2017.
What is behind Spain’s strength in exporting?
Automotive manufacturing, as mentioned in our previous post, accounts for 10% of Spain’s GDP, and 83% of the automobiles manufactured are exported. In 2017, vehicle exports totaled $36.4 billion.
From 2008 to 2017, Spanish agricultural exports grew by 60%, reaching a record value of 50 billion euros. Most of Spain’s food exports stay within the European Union – 73% – but exports to countries outside the EU have grown, as well, notably to the United States, China, and Japan.
Spain’s textile exports have been supported by the multi-brand conglomerate Inditex and by El Corte Inglés, the fourth-largest department store in the world. Just last year, the department store signed a cooperation agreement with Alibaba to begin digital sales in China. In 2018, Spain’s clothing exports totaled $9.1 billion.
Iron & Steel
In 2018, Spain exported $8.7 billion worth of iron and steel to over 150 countries and territories. Spain’s metals exports have been supported by a growth in Spanish infrastructure companies, six of which are world leaders in infrastructure investment.
Spain’s national demand for perfumes is growing – Spaniards spent 1.3 billion euros on perfume in 2018, up 4.6% from 2017. The country’s perfume exports also rose considerably in 2018, reaching $2.2 billion and thereby unseating Germany from 2nd place in global perfume exports.
Looking to export from Spain? Gedeth can help! With over 20 years of experience in internationalization, our team is highly-qualified to help you and your company broaden your reach.