New record high for Spanish exports in 2017
According to a press release of Marca España, once again, Spain has hit a new record high in exports. In 2017, they increased by 8%, totalling 282,300 million euro, in a dynamic global environment. The figures, disclosed by the Spanish Ministry of Economy, Industry and Competitiveness, show a seven-year rise, placing our country among those with the fastest growing exports in the Eurozone.
The year 2016 had been great for Spanish exports. However, from January to November 2017, they had reached the total amount of the previous year, namely, 255,155 million euro.A driving force of the Spanish economyThese figures show the relevance of foreign trade to the Spanish economy, which grew by a little over 3% for the third straight year.
Trade leaders in the Eurozone
In fact, Spain is one of the foreign trade leaders in the Eurozone, coming behind Portugal only, whose exports increased by 10%, totalling 55,100 million, and ahead of Italy (+7%, 448,100 million euro), the UK (+7%, 394,200 million), Germany (+6%, 1,282,2 billion) and France (+4%, 473,500 million).EU, our main foreign market.
Apart from that, is remarkable that in year 2017, 66.1% of Spanish exports (186,662 million euro) were shipped to European Union markets. This was 6.9% more than in 2016. Within the EU, France and Germany were the top buyers, with 39,413 million euro (14%) and 29,450 million euro (10.4%), respectively.
Like most EU countries, both of them increased their purchases of Spanish goods (+7% in both cases), although not as much as Greece, whose imports from Spain rose by 28% (2123 million euro).Outside the EU, our country’s top trade partners were the US, with 12,449 million euro (+10%), Morocco, with 7971 million (+12%), China, with 6253 million (+28%) and Turkey, with 5727 million (+11%). Argentina increased its Spanish imports by a spectacular 51%, totalling 1286 million euro.