Geopolitics and Spanish foreign trade in 2022
Enrique Fanjul´s article released by the Spanish Exporters and Investors Club pointing out that Spanish exports grew significantly, by 22.9% compared to 2021 to reach 389,208.9 million euros, while imports increased by 33.4% to 457,321.2 million euros, reflecting a dynamic behaviour of the demand of the domestic economy. These are record figures in the evolution of Spain's foreign trade.
Main takeaways from the article:
- The growth of Spanish exports was clearly higher than that of countries such as Germany, France and Italy.
- The growth of exports to Europe was higher (+23.2%) than the average, representing 73.7% of the total.
- Exports to North and Latin America also grew above average: Mexico (+26.2%), Brazil (+37.6%), United States (+28.1%).
- The number of regular exporters who exported more than €1,000 in 2022 and in each of the previous three years was 43,159 exporters, 2.7% more than in 2021. These regular exporters exported €349,384.0 million, 89.8% of the total and 21.2% more than in 2021.
- Imports from China reached 49,000 million euros, with a growth of 42.5% compared to 2021. The high Spanish trade deficit with China (41,639 million) is equivalent to 60% of the total Spanish trade deficit.
- The United States is Spain's fourth largest supplier after China, Germany and France, while oil-producing countries are increasing the amount of their invoices and account for a larger share of Spain's import bill.
- Energy imports grew by a remarkable 95.1% to 90,879 million euros, due to a 58.2% increase in prices. Disruptions in the energy markets caused by the war in Ukraine are obviously behind these changes.