Spain’s Top 5 Commodity Imports & Exports: What’s Coming In & What’s Going Out?

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Source: WikiMedia Commons

Economy of Spain – Overview

Spain exports $275 billion of goods each year and is the 17th largest export economy in the world. When you deduct annual imports totaling $299 billion, it has a negative trade balance of $23.5 billion.

Spain’s GDP is $1.23 trillion and that produces a GDP per capita figure of $36,300.

The country has been able to increase its yearly export sales over the last five years, with export numbers growing at an annualized rate of 1.72% during this time.

Spain’s Top 5 Commodity Exports

CommodityAmount (Annually)
Refined Petroleum $7.89 billion
Citrus$3.48 billion
Olive Oil$3.49 billion
Gold $1.35 billion
Tomatoes $1.06 billion

Spain’s Other Notable Exports

  1. Cars – $35.5 billion
  2. Vehicle Parts – $9.97 billion
  3. Delivery Trucks – $5.82 billion
  4. Pig Meat – $3.51 billion
  5. Leather Footwear – $1.71 billion

The top export destinations for Spain are all European countries, with the top five destinations being France ($42.6 billion), Germany ($31.8 billion), Italy ($22.5 billion), the United Kingdom ($21.2 billion) and Portugal ($20.1 billion).

Spain’s Top 5 Commodity Imports

CommodityAmount (Annually)
Soybeans $1.28 billion
Tobacco $1.32 billion
Wheat $1.27 billion
Corn $1.21 billion
Palm Oil $1.04 billion

Spain’s Other Notable Imports

  1. Cars – $18.3 billion
  2. Vehicle Parts – $16.6 billion
  3. Packaged Medicaments – $9.91 billion
  4. Aircraft Parts – $2.31 billion
  5. Medical Instruments – £2.15 billion

More Information About Spain’s Commodities

Refined Petroleum

The refined petroleum export market is valued at $412 billion per year and Spain has a 1.9% market share.

In contrast to many of their export market destinations, which are predominantly European countries, Spain exports the largest amount of its refined petroleum to the United States (17%), with the Netherlands (10%) and France (9.1%) being the next biggest destinations.

Citrus

Spain is the leading export country for citrus products and enjoys a dominant 27% market share of the annual market, with its nearest rival, China, on 9.9%, followed by South Africa and the United States.

European countries almost exclusively receive Spain’s citrus imports, with countries in other continents all importing less than 1% of Spain’s total annual citrus output.

Olive Oil

Spain is responsible for producing 49% of the world’s olive oil and their nearest rival is Italy, who has a 23% share of the annual $7.14 billion export market.

Spain has more than 300 million olive trees, and 80% of the annual crop harvested is concentrated in Andalusia.

Did you know? Italy is a net importer of olive oil and a percentage of “Italian” olive oil sold in supermarkets actually originates from Spain.

Gold

Spain has a 0.47% share of the annual $288 billion gold export market, with the majority of countries in the world being a long way behind Switzerland in percentage terms – they lead the way with a 28% share.

France and Germany are key export destinations for Spain’s gold exports. In total, European exporters account for 35.5% of all gold exports.

A Few Interesting Facts About Spain

  • Spain witnessed higher unemployment in 2013 (27.2%) than the United States saw during the Great Depression (25%).
  • The Eiffel Tower in Paris was originally going to be built in Barcelona but the idea was rejected so it became an iconic symbol of France instead.
  • Spain has more tourists than residents, with 75 million annual visitors and 46 million people living there.

All figures based on OEC/IMF 2016 projections unless otherwise stated.

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