Spain's Top Imports & Exports 2008
Spanish Imports of US Coal and Soybeans Soar Last Year
Sep 23, 2009
Attaining a Gross Domestic Product (GDP) valued at US$1.612 trillion, Spain was the world’s 9th richest country in 2008.
With a population of 40.5 million Spaniards who enjoyed an average GDP of $34,600 per person last year, Spain was also the 35th wealthiest nation in terms of GDP per capita.
As the world’s 17th biggest exporter, Spain shipped $285.4 billion worth of exports in 2008. Principal Spanish exports include foodstuffs, machinery, motor vehicles, pharmaceuticals and other consumer goods including wine. Based on 2008 statistics, Spain’s largest export clients were France (18.4%), Germany (10.6%), Portugal (8.7%), Italy (8%), the United Kingdom (6.7%) and the United States (4.2%).
According to the CIA World Factbook, Spain also imported $414.5 billion worth of foreign goods last year including chemicals, fuels, semifinished goods, as well as measuring and medical control instruments. Leading suppliers to the Spanish market were Germany (14.5%), France (11.1%), Italy (7.4%), China (6.3%), the United Kingdom (4.6%) and the Netherlands (4.4%).
In total, Spain’s international trade amounted to $699.9 billion or 43.4% of its overall GDP. This compares with 25% for the U.S. and 59.5% for Canada.
Spanish Trade with the U.S.
Last year, Spanish exports to America rose 5.7% to $11.1 billion. Over that same period, Spaniards consumed $12.2 billion worth of U.S. imports – an increase of 24.8%.
Therefore, Spain’s trade deficit with the U.S. came to $1.1 billion in 2008.
The lists below present the top 10 exports and imports that American and Spanish enterprises exchanged in 2008. The fastest-growing trade product categories are also shown.
Spain’s Top Exports to America
Among the top 10 most popular exports from Spain to the U.S. last year, iron and steel products experienced the highest percentage increase in sales coming in with a 56.3% gain.
- Other petroleum products … US$1.6 billion, up 4.4% from 2007 (14% of US imports from Spain)
- Pharmaceutical preparations … $1.1 billion, up 7.8% (9.8%)
- Generators … $873.7 million, up 14.9% (7.9%)
- Other industrial machinery … $395.2 million, up 37.4% (3.6%)
- Fuel oil … $314.5 million, up 72.7% (2.8%)
- Industrial organic chemicals … $306.5 million, up 15% (2.8%)
- Vegetables and related preparations … $302.4 million, up 3.1% (2.7%)
- Wine and related products … $286.9 million, up 4% (2.6%)
- Collectibles (antiques, artwork, stamps) … $271.4 million, down 10.3% (2.4%)
- Iron and steel products … $248.9 million, up 56.3% (2.2%).
Fastest-Growing Spanish Exports to the U.S.
Eight of the following fastest-growing export categories showed triple-digit percentage increases in 2008 over last year.
- Non-military spacecraft, engines and parts … US$5.2 million, up 22,557% from 2007
- Oilfield and drilling equipment … $96.7 million, up 489.6%
- Liquified petroleum gases … $15.5 million, up 227.5%
- Fertilizers and pesticides … $22.3 million, up 171%
- Industrial engines … $210.8 million, up 210.8%
- Computers … $11 million, up 133%
- Unmanufactured steelmaking materials … $22.8 million, up 127.3%
- Synthetics (rubber, wood, cork, resins) … $38.4 million, up 122.6%
- Fuel oil … $314.5 million, up 72.7%
- Semiconductors … $13.3 million, up 65.1%.
Spain’s Top Imports from America
Below are the top 10 goods that Spain imported from the U.S. during 2008.
- Pharmaceutical preparations … US$2.1 billion, up 108.4% from 2007 (17.8% of US exports to Spain)
- Fuel oil … $990.2 million, up 559.5% (8.1%)
- Civilian aircraft … $799.5 million, up 2.2% (6.6%)
- Organic chemicals … $487.7 million, up 68.2% (4%)
- Medicinal equipment … $408.8 million, up 0.2% (3.4%)
- Nuts … $407.6 million, up 10.5% (3.3%)
- Barley, oats and sorghum … $279.1 million, up 2% (2.3%)
- Soybeans … $269.2 million, up 222.1% (2.2%)
- Telecommunications equipment … $248.6 million, up 0.1% (2%)
- Other petroleum products … $217.1 million, up 6.3% (1.8%).
Fastest-Growing Spanish Imports from the U.S.
Highly diversified both in terms of product type and total sales, all 10 of the following American exports to Spain in 2008 had triple-digit percentage sales increases from 2007.
- Coal … US$74.7 million, up 5,459% from 2007
- Fuel oil … $990.2 million, up 559.5%
- Oilseeds … $26 million, up 421.8%
- Complete military aircraft … $4.3 million, up 270.5%
- Bakery products … $10 million, up 236.1%
- Soybeans … $269.2 million, up 222.1%
- Wine and related products … $2.9 million, up 197.9%
- Other foods … $30.1 million, up 156.2%
- Rice … $5.6 million, up 136.3%
- Pharmaceutical preparations … $2.2 billion, up 108.4%.
New World wines imported from America into Spain accelerated at an impressive 197.9% last year.
However, only $2.9 million worth of U.S. wine was delivered into Spain. In contrast, Spain shipped $286.9 million of Old World wines and related products to America in 2008.
Even considering America’s larger base of consumers, it seems that Americans like imported Spanish wine much more than Spaniards have acquired a taste for imported U.S. wine products including California vintages.
Sources
This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
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