This guide provides an overview of Spain’s economy, including the country’s primary imports and exports.
Spain Economy Overview
Spain exports $330 billion worth of goods annually, making it the 15th largest export economy in the world. However, if you deduct annual imports totaling $377 billion, the country has a negative trade balance of -$47.3 billion.
Spain’s GDP is $1.4 trillion and that results in a GDP per capita of $30,370.
Spain’s Top Exports
Here is a breakdown of the most important products exported by Spain, both commodities and other notable exports.
- Refined petroleum – $13.3 billion
- Pig meat – $4.05 billion
- Pure olive oil – $3.68 billion
- Citrus – $3.67 billion
- Copper ore – $2.23 billion
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Other Notable Exports
- Cars – $39.9 billion
- Vehicle parts – $11.7 billion
- Packaged medicaments – $8.82 billion
- Delivery trucks – $6.65 billion
- Wine – $3.51 billion
The top export destinations for Spain are other European countries, with the top five being France ($48.6 billion), Germany ($36.3 billion), Portugal ($27.2 billion), Italy ($25.4 billion), and the United Kingdom ($22.6 billion).
Spain’s Top Imports
Here is a breakdown of the most important products imported by Spain, both commodities and other notable imports.
- Crude petroleum – $28.2 billion
- Petroleum gas – $9.17 billion
- Refined petroleum – $8.56 billion
- Copper ore – $2.48 billion
- Corn – $1.74 billion
Other Notable Imports
- Cars – $22.6 billion
- Vehicle parts – $14 billion
- Packaged medicaments – $10.1 billion
- Broadcasting equipment – $6.04 billion
- Blood, antisera, vaccines, toxins, and cultures – $3.95 billion
Details on Spain’s Exports/Imports
The refined petroleum export market is valued at $753 billion per year and Spain has a 1.77% 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 (13.1%), with France (11.7%) and Gibraltar (11.7%) being the next biggest destinations.
Spain is the leading export country for citrus products and enjoys a dominant 24.2% market share of the annual market, with its nearest rival, South Africa, on 10.9%, followed by China and the United States.
European countries almost exclusively receive Spain’s citrus imports, with countries in other continents together importing less than 1% of Spain’s total annual citrus output.
Spain is responsible for exporting 46.9% of the world’s olive oil. Their nearest rival is Italy, who has a 16.7% share of the annual $604 million export market.
Spain has more than 300 million olive trees, and 80% of the annual crop harvested is concentrated in Andalusia.
Spain has a 0.43% share of the annual $305 billion gold export market, with the majority of countries in the world being a long way behind Switzerland who leads the way with a 20.9% share.
The United Kingdom (39.2%) and France (28.5%) are key export destinations for Spain’s gold.
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.
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Sources and Further Reading
- All figures are based on OEC 2018 calculations and projections unless otherwise stated.
- Learn more about the state of world government debt from our country debt clock pages.
- See our global economic indicator guide to more than 45 other countries.
- Get our full guide to trading commodities.
All currency is reported in US dollars.