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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
|Refined Petroleum||$7.89 billion|
|Olive Oil||$3.49 billion|
Spain’s Other Notable Exports
- Cars – $35.5 billion
- Vehicle Parts – $9.97 billion
- Delivery Trucks – $5.82 billion
- Pig Meat – $3.51 billion
- 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
|Palm Oil||$1.04 billion|
Spain's Other Notable Imports
- Cars – $18.3 billion
- Vehicle Parts – $16.6 billion
- Packaged Medicaments – $9.91 billion
- Aircraft Parts – $2.31 billion
- Medical Instruments – £2.15 billion
More Information About Spain’s Commodities
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.
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.
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.
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.