The growth of exports to these markets has acted as a buffer amid the weakness of Spain’s European partners. The export sector has shown a valuable ability to diversify its destination markets in a context of weak demand from its main trading partners.
If we compare the distribution of Spanish exports by destination over time, we see significant changes in 2024. The proportion of exports destined for the EU has fallen by 0.6 pps from 61.1% to 60.5%, and those for the US by –0.2 pps, going from 4.9% to 4.7%. Exports to China have remained relatively stable, while the relative weight of Africa, non-EU European countries, Asia, Latin America and the Caribbean islands has increased.
Another aspect that reflects the expansion of the export base is the increase in the number of companies that export regularly (those that have exported more than 1,000 euros in the year in question and in each of the three immediately preceding years), which in 2024 grew by 4.8%, to 45,931 exporters. These firms were responsible for exports valued at 368.65 billion euros, which is 95.9% of the total and 3% more than the previous year.
It remains to be seen whether these latest changes in trade relations will be accentuated in the coming years, in an attempt to diversify destinations given the recently unleashed trade tensions, or whether Spanish exports will seek shelter in their main trading partner. Exports to the US could continue to see their relative weight decline, while exports to the EU – if the bloc’s recently improved outlook can be consolidated – could make up for some of the lost ground. Should European demand remain sluggish, then the search for new markets could be consolidated as a structural adjustment. However, proximity, historical ties and regulatory and logistical barriers make a rapid shift in orientation a difficult task, which is why we are more likely to see a gradual process conditioned by the evolution of the continent’s economic fortunes.