Spain’s Economy: What Else Is the #1 Citrus Exporter Trading With the World?

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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.

Commodity Exports

If you’re interested in trading some of these commodities, you can jump to our list of recommended regulated brokers in at the end of the page.

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.

Commodity 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

Refined Petroleum

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.

Citrus

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.

Olive Oil

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.

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 0.43% 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.

Interested in Trading Commodities?

Interested in trading petroleum, lean hogs, copper, and other important Spanish commodities? Start your research with reviews of these regulated brokers available in .

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. <b>Between 53.00%-83.00% of retail investor accounts lose money when trading CFDs.</b> You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Sources and Further Reading

Also see our guides on stock, CFD, and commodity brokers to find out which online trading platforms are available in .

All currency is reported in US dollars.

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