Spain’s Top Trading Partners

Spain's Top Trading Partners

by Flagpictures.org

Spain shipped US$320.1 billion worth of products around the globe in 2017. That figure represents roughly 2% of overall global exports estimated at $15.952 trillion one year earlier in 2016.

From a continental perspective, well over two-thirds (69.4%) of Spanish exports by value were delivered to fellow European countries while 11.1% were sold to Asian importers.

Spain shipped another 6.6% worth of goods to North American clients with 6.2% going to Africa and 3.9% sent to Latin America (excluding Mexico) and the Caribbean.

Spain’s Top Trading Partners

Top 15

Below is a list showcasing 15 of Spain’s top trading partners, countries that imported the most Spanish shipments by dollar value during 2017. Also shown is each import country’s percentage of total Spanish exports.

  1. France: US$48.5 billion (15.1% of total Spanish exports)
  2. Germany: $36.1 billion (11.3%)
  3. Italy: $25.1 billion (7.8%)
  4. Portugal: $22.6 billion (7.1%)
  5. United Kingdom: $22 billion (6.9%)
  6. United States: $14.1 billion (4.4%)
  7. Netherlands: $10.8 billion (3.4%)
  8. Belgium: $9.6 billion (3%)
  9. Morocco: $9 billion (2.8%)
  10. China: $7.1 billion (2.2%)
  11. Poland: $6.5 billion (2%)
  12. Turkey: $6.5 billion (2%)
  13. Mexico: $5.2 billion (1.6%)
  14. Switzerland: $4.7 billion (1.5%)
  15. Romania: $3.2 billion (1%)

Almost three-quarters (72.1%) of Spanish exports in 2017 were delivered to the above 15 trade partners.

Among the list of top importers, Romania (up 41.8%), China (up 26.9%) and Poland (up 22.1%) increased their import purchases from Spain by the highest percentages from 2016 to 2017.

The slowest gain was 3.9% for Spain’s exports to the United Kingdom.

Deficits

Overall, Spain incurred a -$30.3 billion trade deficit during 2017. That negative trade balance represents a 45.7% increase from the -$20.8 billion in red ink that Spain sustained one year earlier.

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

Spain incurred the highest trade deficits with the following countries:

  1. China: -US$17.2 billion (country-specific trade deficit in 2017)
  2. Germany: -$13.7 billion
  3. Netherlands: -$6.9 billion
  4. Nigeria: -$4.6 billion
  5. India: -$2.7 billion
  6. Bangladesh: -$2.4 billion
  7. Czech Republic: -$2.2 billion
  8. Belgium: -$2.2 billion
  9. Algeria: -$2.1 billion
  10. Vietnam: -$2.1 billion

Spain went from a $1.2 billion surplus trading with Belgium in 2016 to -$2.2 billion in red ink during 2017. Among other Spain’s trading partners that cause the greatest negative trade balances, Spanish deficits with Netherlands (up 77.4%), Germany (up 52.7%) and Nigeria (up 40.8%) grew at the fastest pace from 2016 to 2017.

These cashflow deficiencies clearly indicate Spain’s competitive disadvantages with the above countries, but also represent key opportunities for Spain to develop country-specific strategies to strengthen its overall position in international trade.

Surpluses

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.

Spain incurred the highest trade surpluses with the following countries:

  1. Portugal: US$9.6 billion (country-specific trade surplus in 2017)
  2. United Kingdom: $7.9 billion
  3. France: $6.9 billion
  4. Morocco: $2 billion
  5. Greece: $1.9 billion
  6. United Arab Emirates: $1.6 billion
  7. Italy: $1.4 billion
  8. Gibraltar: $1.2 billion
  9. Australia: $1.2 billion
  10. Bulgaria: $1 billion

Among Spain’s trading partners that generate the greatest positive trade balances, Spanish surpluses with Bulgaria (up 125.1%), Gibraltar (up 84.4%) and Morocco (up 46.1%) grew at the fastest pace from 2016 to 2017.

These positive cashflow streams clearly indicate Spain’s competitive advantages with the above countries, but also represent key opportunities for Spain to develop country-specific strategies to optimize its overall position in international trade.

Companies

Companies Servicing Spanish Trading Partners

Twenty-seven corporations rank among Forbes Global 2000. Below is a sample of the major Spanish companies that Forbes included:

  • Abertis (other transportation)
  • Ferrovial (other transportation)
  • Grifols (biotech products)
  • Repsol YPF (oil, gas)
  • Telefónica (telecommunications services)

According to IMPORTERS.com listings for Spanish suppliers, the following are examples of companies that ship products from Spain to its trade partners around the globe. Shown within parenthesis are products that the Spanish business provides.

  • Acosta Farmacia (pharmaceutical pain medications)
  • Acremar Sl (marble, other natural stone)
  • Aranda Alcorense (ceramic tiles)
  • Ferpuig SL (lighting, decoration products)
  • Garcia Ballester SL (clementines, other citrus fruits)
  • Gascon Vermuyten SL (frozen food)
  • Precocinados Corella/Lazaro Foods (canned vegetables)
  • Under The Sun (olive oil)
  • Vins I Licors Singulars (wines, whiskies)
  • Zadarovstock (wholesale textiles)


 
See also Spain’s Top 10 Imports, Spain’s Top 10 Exports, Highest Value Spanish Import Products and Highest Value Spanish Export Products

Research Sources:
The World Factbook, Field Listing: Imports – Commodities, Central Intelligence Agency. Accessed on March 24, 2018

Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on March 24, 2018

Investopedia, Net Importer Definition. Accessed on March 24, 2018

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 24, 2018

IMPORTERS.com The Online Market for G20 Importers, Spain Import Export Directory. Accessed on November 23, 2015