Imports in Spain are on the rise again after significant reforms were put in place after the GFC have begun to take effect. Dropping from $415.5 billion in 2008 to $292.3 billion in 2009, this had risen to $351 billion by 2014, up by 11.2% in four years. Tax reform, record employment growth and increased investment in research and development are all credited with assisting with the growth.
Oil is the single biggest import, reflecting 20.9% of all imports followed by vehicles at 11.2%, machines, engines and pumps at 8.5% and electronic equipment at 6.9%. Of that total, 58.4% were purchased from Europe while 19.4% came from Asia and 6.2% from North America.
Exporting to Spain? Contact our local experts
Export finance is a revolving facility which alternative financiers offer - it enables organisations to purchase stock and can help ease cashflow issues.
Typically, an alternative financier will fund most of the cost of the product, including charges (e.g. insurance costs).
Trade finance offers added advantages over more traditional bank finance for example bridging mortgages or loans. Trade finance provides up front funding without affecting existing relationships with banks.
If you're a firm importing or exporting stock supplies from or to other countries, then a trade finance facility would help you to fund this through offering a letter of credit or some form of cash advance.
If you’re looking to export stock supplies to other international markets, you may need finance for exporting, which is an agreement between you (the exporter), and the importer from overseas. A non-bank lender would advance you the cost of producing the goods that you are exporting (as a debt product), either once you have shipped the goods, or before manufacturing them. Once the importer has received the stock and pays you for the import, you will repay the advance from the export bank over an agreed period.
Read the TFG Exporters Guide here.
Importing from Spain? Contact our local experts