Exporting to Spain

Spain Export Guide | Trade Finance Global

Exporting to Spain

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.

Spain Country Profile

Official Name (Local Language) Reino de Espana
Capital Madrid
Population 48,563,476
Currency Euro
GDP $1,252 billion
Languages Spanish
Telephone Dial In 34

Spain Imports Profile

Imports ($m USD)

350,922

Number of Import Products

4,537

Number of Import Partners

231

Top 5 import partners

Country

Trade

% Partner Share

Germany

43,896

12.51

France

37,616

10.72

China

28,96

8.25

Italy

22,778

6.49

United States

15,601

4.45

Top 5 Import Products at HS 6 digit level

Export Product

Number

Petroleum oils and oils obtained from bituminou

7.3%

Motor vehicle parts nes

5.7%

Other medicaments of mixed or unmixed products,

4.9%

Automobiles with diesel engine displacing more

2.8%

Petroleum oils, etc, (excl. crude); preparation

2.3%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Spain

Agriculture

%

Products List

2.5%

Grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish

Industry

%

Products List

22.4%

Textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism, clay and refractory products, footwear, pharmaceuticals, medical equipment

Services

%

Service List

75.1%

Exporting to Spain: What is trade finance?

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.

How does it work?
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.

I’m looking to export to Spain, how can Trade Finance Global help, and how does it work?
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.

Information

Exporting to Spain? Contact our local experts

Spain Economic Statistics

Government Website

https://www.lamoncloa. gob.es/

Sovereign Ratings

https://countryeconomy .com/ratings/spain

Central Bank

Banco de España

Currency USD Exchange Rate

9214

Unemployment Rate

19.7%

Population below poverty line

21.1%

Inflation Rate

-0.3%

Prime Lending Rate

0.05%

GDP

$1,252 billion

GDP Pro Capita (PPP)

$36,500

Currency Name

Euro

Currency Code

EUR

World Bank Classification

High Income

Competitive Industrial Performance

32/138

Corruption Perceptions Index

42/180

Ease of Doing Business

30/190

Enabling Trade Index

15/136

Currency in Spain

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