How About Spain Export Market in 2023?

tendata blogTrade Data

ten data blog16-04-2024

In 2023, Spain imported $470.4 billion worth of goods from the world. Compared to $499.1 billion in the same period in 2022, Spain's imports declined by -5.7%.

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Spain's Best Import Partners

The latest country-specific data show that more than two-thirds (67.4%) of Spain's imports are supplied by exporters from Germany (12.6% of Spain's total), France (10.4%), Mainland China (8.4%), Italy (7.4%), the Netherlands (6.7%), the United States of America (5.7%), Portugal (4.2%), Belgium (3.5%), and the United Kingdom (3.5%), the United Kingdom (2.4%), Poland (2.2%), Morocco (2.03%) and Turkey (1.96%).

Spain's Top 10 Imports

Spain's top 10 imports accounted for 62.7% of the total value of products purchased by Spain from other countries:

1. Fossil fuels including oil: $68.8 billion (14.6%)

2. Vehicles: $52 billion (11.1%)

3. Electrical machinery and equipment: $43.3 billion (9.2%)

4. Machinery including computers: $43.1 billion (9.2%)

5. Pharmaceuticals: $22.9 billion (4.9%)

6. Plastics, plastic products: $16.4 billion (3.5%)

7. Organic chemicals: $12.8 billion (2.7%)

8. Iron and steel: $12.8 billion (2.7%)

9. Optical, technical, medical equipment: $11.9 billion (2.5%)

10. Clothing, accessories (not knitted or crocheted): $11.1 billion (2.3%)

Among the top 10 import categories, purchases of automobiles grew the fastest, by 24.7% from 2022 to 2023. The second highest growth in import sales was in the optical, technical and medical devices product category, which grew by 16.5%. Spanish machinery imports, including computers, ranked third, with a 13.1% increase.

The worst declines among Spain's top 10 imports were in mineral fuels, including oil (down -28% from 2022), organic chemicals (down -12.2%), and then steel and metal (down -10.9%).

At the more detailed 4-digit Harmonised Tariff System (HTS) code level, the largest products imported by Spain are crude oil (7.9%), automobiles (5%), automotive parts or accessories (3.5%), liquefied petroleum gas (3.2%), medicinal mixed doses (3.1%), processed petroleum (2.5%), telephone equipment (including smartphones) (1.6%), blood components (including antisera) (1.4%), computers (including optical readers) (1%), and then insulated wire or cable (0.9%).

All in all, this most valuable group of Spanish imports represents almost one third (30.2%) of total Spanish imports in 2023.

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