Spanish Trade (Spain Trade): Spanish Exports (Spain Exports), Spanish Imports (Spain Imports)

Spain Foreign Trade
Spain foreign trade and global economic policies

Spain enjoys robust trade among other EU countries and indeed the world. The Spanish economy has seen three economic periods, and one more can be expected:

Growth (1960-1974) Crisis (1975-1985) EU growth (1985-2007) Possible crisis (2007-future) By 1990, Spain’s GDP reached more than $491 billion with per-capita income at $11,200 dollars. It emerged from its agrarian structure, which made up 37% of the labor force and 22% of GDP, to becoming much more focused on manufacturing, services, and construction. In 1990 its agricultural labor force only comprised 12% and agriculture only made up 5% of GDP. In the same period, the industrial sector rose from 30% to 33% (labor force) and 33% to 39% (share of GDP). In the services sector, the labor share went from 33% to 55% and GDP increased from 45% to 5%. Spain Exports Spain exports a multitude of goods. Although a relatively small nation, it is positioned in a climate which is fertile for many valuable crops, such as grapes, olives and oranges. It has coastlines on the Atlantic and Mediterranean which provide it with fish and other resources. In 2007, Spain’s exports amounted to US $248.3 billion, a figure which has risen by double-digit percentage points since 2003. In 2006, Spain’s export partners were: France 18.8% Germany 11% Portugal 9% Italy 8.6% UK 8% US 4.4% Some of Spain’s major exports include: Petroleum products Medicinal items Automotive parts & accessories Generators, transformers & accessories Collectibles (e.g. artwork, antiques, stamps) Non-textile floor & wall tiles Stone, sand, cement & lime Vegetables Wine Industrial machines Spain Imports Spain is a first-world EU nation of 44 million and thus consumes a fair amount, however current economic conditions have put a damper on these Iberian imports.Its imports include: Foodstuffs Medicinal equipment Industrial engines Fuel oil Pharmaceutical productions Civilian aircraft Vehicle parts & accessories Civilian aircraft parts Telecommunications equipment Organic chemicals In December 2008, Spain’s trade deficit dropped 29.5% to US $8.38 billion, as imports fell in what some economists predict to be the nation’s biggest recession in half a century. Much of the reduced imports comes from a slackening demand for cars and imported goods in general. This is in line with the global recession following the credit and subprime crises, and a multitude of bank collapses worldwide.Moreover, Spain is enduring its own housing crisis, which exacerbates the problem.