That dollar amount results from a 25.5% gain from $337.2 billion five years earlier during 2019.
Year over year, the overall value of Spanish exports flatlined via a -0.2% slowdown compared to $424.3 billion in 2022.
Based on the average exchange rate for 2023, Spain uses the euro which depreciated by -3.5% against the US dollar since 2019 but strengthened by 2.6% from 2022 to 2023. The weaker European Union currency in 2023 versus 2019 made Spain’s exports paid for in stronger US dollars relatively less expensive for international buyers.
Spain is located on western Europe’s Iberian Peninsula and bordered by Portugal to its northwest, France and Andorra to its northeast and whose southern region features Europe’s only shared border with an African nation namely Morocco.
Spain’s 5 most valuable exported products are cars, processed petroleum oils, medication mixes in dosage, automobile parts or accessories, then trucks. Collectively, that leading quintet of Spanish exports accounted for over a fifth (22.2%) of the overall value of exports from Spain in 2023.
Spain’s Best International Trade Customers
The latest available country-specific data shows that 70.9% of products exported from Spain was bought by importers in: France (15.7% of the Spanish total), Germany (10.5%), Italy (8.7%), Portugal (8.5%), United Kingdom (5.8%), United States of America (4.8%), Belgium (3.9%), Netherlands (3.3%), Morocco (3.1%), Poland (2.4%), Türkiye (2.2%) and mainland China (1.9%).
From a continental perspective, 73.3% of Spain’s exports by value was delivered to fellow European countries while 10% was sold to importers located in Asia. Spain shipped another 7% worth of goods to North America.
Smaller percentages went to buyers in Africa (5.2%), Latin America (3.9%) excluding Mexico but including the Caribbean, then Oceania (0.6%) led by Australia and New Zealand.
Note that 70.5% of Spanish exports were bought by fellow members of the European Union.
Given Spain’s population of 47.8 million people, its total $423.3 billion in 2023 exports translates to roughly $8,850 for every resident in the west European nation. That per-capita dollar amount exceeds the average $8,800 for 2022.
Spain’s Top 10 Exports
The following export product groups represent the highest dollar value in Spanish global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Spain.
- Vehicles: US$67.1 billion (15.8% of total exports)
- Mineral fuels including oil: $34.1 billion (8.1%)
- Machinery including computers: $30.4 billion (7.2%)
- Electrical machinery, equipment: $23.1 billion (5.5%)
- Pharmaceuticals: $22.1 billion (5.2%)
- Plastics, plastic articles: $14.6 billion (3.5%)
- Meat: $11.3 billion (2.7%)
- Articles of iron or steel: $11.2 billion (2.6%)
- Fruits, nuts: $11.2 billion (2.6%)
- Vegetables: $9.9 billion (2.3%)
Spain’s top 10 exports generated well over half (55.5%) of the overall value of Spanish shipments.
Vehicles was the fastest grower among the top 10 export categories, up by 28.3% from 2022 to 2023.
In second place for improving export sales was vegetables which was up by 21.3%.
Spain’s shipments of machinery including computers posted the third-fastest advance in value, up by 16.2%.
The leading decliner among Spain’s top 10 export categories was pharmaceuticals, dragged down by a -21.4% retreat.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Spain’s Most Valuable Export Products further down below.
Spain’s Major Trade Surpluses by Product Category
The following types of Spanish product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Vehicles: US$15 billion (Up by 42.4% since 2022)
- Meat: $9 billion (Up by 12.8%)
- Vegetables: $7.3 billion (Up by 14%)
- Fruits, nuts: $6.6 billion (Up by 4.2%)
- Articles of iron or steel: $4.5 billion (Up by 16.4%)
- Ceramic products: $4.1 billion (Down by -12.8%)
- Beverages, spirits, vinegar: $3.2 billion (Down by -3.8%)
- Perfumes, cosmetics: $2.7 billion (Up by 41.2%)
- Vegetable/fruit/nut preparations: $2.5 billion (Down by -0.6%)
- Animal/vegetable fats, oils, waxes: $1.9 billion (Up by 61.1%)
Spain has highly positive net exports particularly for cars and trucks. In turn, these cashflows indicate Spain’s strong competitive advantages under the vehicles product category.
Spain’s Major Trade Deficits by Product Category
Spain incurred an overall -US$47.1 billion trade deficit during 2023. That negative trade balance represents a -37% reduction from the -$74.8 billion in red ink one year earlier for 2022.
Below are exports from Spain that result in negative net exports or product trade balance deficits during 2023. These negative net exports reveal product categories where foreign spending on home country Spain’s goods trail Spanish importer spending on foreign products.
- Mineral fuels including oil: -US$34.7 billion (Down by -41.4% since 2022)
- Electrical machinery, equipment: -$20.2 billion (Up by 3.2%)
- Machinery including computers: -$12.7 billion (Up by 6.3%)
- Optical, technical, medical apparatus: -$7.5 billion (Up by 18.3%)
- Cereals: -$6.4 billion (Up by 8.6%)
- Iron, steel: -$3.6 billion (Up by 13.7%)
- Knit or crochet clothing, accessories: -$3.5 billion (Down by -6.3%)
- Fish: -$3.3 billion (Down by -0.4%)
- Organic chemicals: -$3.2 billion (Down by -59.1%)
- Ores, slag, ash: -$3 billion (Up by 0.03%)
Spain has highly negative net exports and therefore deep international trade deficits for crude oil, petroleum gases and coal under the mineral fuels including oil category.
These cashflow deficiencies clearly indicate Spain’s competitive disadvantages in the international market for mineral fuels-related products, but also represent key opportunities for Spain to improve its position in the global economy through focused innovations in cleaner alternative energy sources.
Spain’s Top Companies Involved in International Trade
Twenty-seven corporations rank among Forbes Global 2000. Below is a sample of the major Spanish companies that Forbes included.
- Abertis (other transportation)
- Ferrovial (other transportation)
- Grifols (biotech products)
- Repsol YPF (oil, gas)
- Telefónica (telecommunications services)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of Spanish export companies.
- Mahou Sa (malt beer, wine, vodka)
- Nemak Spain (internal combustion engines, vehicle parts and accessories)
- Repsol (oil)
- Telefónica (telecommunications equipment)
Searchable List of Spain’s Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from Spain during 2023.
Shown beside each product label is its total export value then the percentage increase or decrease since 2022. An entry of 0% means 2022 data was unavailable.
| Rank | Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Cars | $41,463,681,000 | +26% |
| 2 | Processed petroleum oils | $19,846,609,000 | -17.1% |
| 3 | Medication mixes in dosage | $12,877,494,000 | +18% |
| 4 | Automobile parts/accessories | $12,216,164,000 | +19.9% |
| 5 | Trucks | $7,540,102,000 | +54% |
| 6 | Blood fractions (including antisera) | $7,397,791,000 | -52.7% |
| 7 | Swine meat | $6,810,040,000 | +15% |
| 8 | Olive oil | $4,491,644,000 | +6% |
| 9 | Heterocyclics, nucleic acids | $4,072,297,000 | +149.8% |
| 10 | Unglazed ceramic paying, tiles, cubes | $3,858,984,000 | -18.3% |
| 11 | Fresh or dried citrus fruit | $3,844,715,000 | +4.3% |
| 12 | Women's clothing (not knit or crochet) | $3,655,045,000 | -10.4% |
| 13 | Rubber tires (new) | $3,617,889,000 | +30.3% |
| 14 | Perfumes, toilet waters | $3,339,376,000 | +30.5% |
| 15 | Wine | $3,209,149,000 | +0.9% |
| 16 | Electrical energy | $3,167,106,000 | -54.3% |
| 17 | Miscellaneous iron and steel structures | $3,124,225,000 | +14.3% |
| 18 | Miscellaneous fresh/chilled vegetables | $3,119,544,000 | +17.2% |
| 19 | Biodiesel | $3,077,883,000 | -18.6% |
| 20 | Insulated wire/cable | $3,006,697,000 | +14.3% |
| 21 | Gold (unwrought) | $2,979,395,000 | +16% |
| 22 | Turbo-jets | $2,615,629,000 | +44.8% |
| 23 | Electrical converters/power units | $2,524,628,000 | +55.9% |
| 24 | Aircraft, spacecraft | $2,507,000,000 | -26% |
| 25 | Tractors | $2,411,634,000 | +24.1% |
| 26 | Aircraft or spacecraft parts | $2,242,635,000 | +14.4% |
| 27 | Miscellaneous fruits (fresh) | $2,221,760,000 | +8.1% |
| 28 | Bread, biscuits, cakes, pastries | $2,045,866,000 | +24.5% |
| 29 | Miscellaneous furniture | $1,959,408,000 | +7.1% |
| 30 | Petroleum gases | $1,933,427,000 | -13.6% |
| 31 | Ethylene polymers | $1,903,339,000 | -14.6% |
| 32 | Iron or non-alloy steel angles, shapes, sections | $1,885,301,000 | -17.8% |
| 33 | Beauty/makeup/skin care preparations | $1,880,763,000 | +27.9% |
| 34 | Polyacetal/ether/carbonates | $1,856,294,000 | -23.1% |
| 35 | Piston engines | $1,846,185,000 | +24.2% |
| 36 | Jerseys, pullovers (knit or crochet) | $1,807,510,000 | -7.2% |
| 37 | Lower-voltage switches, fuses | $1,792,896,000 | +25.5% |
| 38 | Plastic packing goods, lids, caps | $1,763,994,000 | +3.1% |
| 39 | Packaged insecticides/fungicides/herbicides | $1,752,157,000 | +6.1% |
| 40 | Taps, valves, similar appliances | $1,701,716,000 | +7.8% |
| 41 | Cases, handbags, wallets | $1,699,885,000 | +20.7% |
| 42 | Footwear (leather) | $1,696,817,000 | +9% |
| 43 | Phone devices including smartphones | $1,672,058,000 | +6.3% |
| 44 | Miscellaneous iron or steel items | $1,616,062,000 | +6% |
| 45 | Aluminum bars/rods | $1,601,391,000 | -25.1% |
| 46 | Other food preparations | $1,553,313,000 | +41.2% |
| 47 | Crude oil | $1,500,595,000 | +162.9% |
| 48 | Other organic cleaning preparations | $1,464,295,000 | +9% |
| 49 | Apricots, cherries, peaches, nectarines, plums | $1,452,716,000 | +14.5% |
| 50 | Copper wire | $1,447,611,000 | +7.9% |
| 51 | Electric storage batteries | $1,436,008,000 | +14.1% |
| 52 | Other prepared/preserved vegetables (non-frozen) | $1,433,321,000 | +9.8% |
| 53 | Transmission shafts, gears, clutches | $1,343,879,000 | +7% |
| 54 | Miscellaneous animal feed preparations | $1,317,708,000 | +12.6% |
| 55 | Plastic plates, sheets, film, tape, strips | $1,300,363,000 | -14.1% |
| 56 | Miscellaneous plastic items | $1,285,243,000 | +12.5% |
| 57 | Moluscs | $1,279,209,000 | -2.7% |
| 58 | Tomatoes | $1,268,537,000 | +12.6% |
| 59 | T-shirts, vests (knit or crochet) | $1,247,500,000 | -5.4% |
| 60 | Coal tar oils (high temperature distillation) | $1,244,271,000 | +123.4% |
| 61 | Zinc (unwrought) | $1,222,450,000 | +6.6% |
| 62 | Electric water heaters, hair dryers | $1,204,435,000 | -11% |
| 63 | Lifting/loading machinery | $1,190,758,000 | +14.4% |
| 64 | Machinery parts | $1,184,993,000 | +10.5% |
| 65 | Fish, caviar (preserved/prepared) | $1,169,436,000 | +15% |
| 66 | Temperature-change machines | $1,132,622,000 | +30.5% |
| 67 | Fruit and vegetable juices | $1,112,521,000 | +8.2% |
| 68 | Women's clothing (knit or crochet) | $1,108,910,000 | -5% |
| 69 | Fresh or chilled beef | $1,102,871,000 | +9.3% |
| 70 | Alcohol (including spirits, liqueurs) | $1,100,537,000 | -1.9% |
| 71 | Lettuce | $1,090,514,000 | +17.6% |
| 72 | Flat-rolled stainless steel items | $1,088,990,000 | -10.4% |
| 73 | Cucumbers | $1,078,467,000 | +12.5% |
| 74 | Refined copper, unwrought alloys | $1,046,194,000 | +11.8% |
| 75 | Electrical/optical circuit boards, panels | $1,038,278,000 | +19.2% |
| 76 | Iron or steel tubes, pipes | $1,030,256,000 | +7% |
| 77 | Dishwashing, clean/dry/fill machines | $1,008,814,000 | +14.3% |
| 78 | Sugar confectionery (no cocoa) | $1,003,682,000 | +22.9% |
| 79 | Red meat offal | $1,002,851,000 | +12% |
| 80 | Miscellaneous machinery | $1,002,264,000 | +5.1% |
| 81 | Petroleum oil residues | $996,928,000 | -25.3% |
| 82 | Plastic tubes, pipes, fittings | $996,070,000 | +3.3% |
| 83 | Air conditioners | $989,148,000 | +7.2% |
| 84 | Seats (excluding barber/dentist chairs) | $966,159,000 | +9.7% |
| 85 | Pigments, enamels, glazes | $964,653,000 | -19.3% |
| 86 | Centrifuges, filters and purifiers | $962,250,000 | +4.7% |
| 87 | Men's suits, trousers (not knit or crochet) | $960,266,000 | -9.1% |
| 88 | Propylene/olefin polymers | $951,289,000 | -23.3% |
| 89 | Flat-rolled iron or non-alloy steel products (plated/coated) | $947,598,000 | -25% |
| 90 | Footwear (textile) | $943,801,000 | +19.8% |
| 91 | Whole fish (frozen) | $941,597,000 | +7.1% |
| 92 | Table games, bowling equipment | $939,314,000 | +12.5% |
| 93 | Cellulose fiber paper | $935,742,000 | -11.6% |
| 94 | Women's coats, jackets (not knit or crochet) | $924,352,000 | +0.3% |
| 95 | Computers, optical readers | $921,248,000 | +7.6% |
| 96 | Copper ores, concentrates | $920,719,000 | -28% |
| 97 | Lamps, lighting, illuminated signs | $907,612,000 | +10.8% |
| 98 | Electrical lighting/signaling equpment, defrosters | $895,109,000 | +9.1% |
| 99 | Cheese, curd | $884,475,000 | +21.7% |
| 100 | Melons, watermelons, papayas | $884,081,000 | +0.9% |
These 100 exported goods were worth a subtotal of US$261.5 billion or over three-fifths (61.8%) by value for all products exported from Spain during 2023.
In macroeconomic terms, Spain’s total exported goods represent 17.5% of its overall Gross Domestic Product for 2023 ($2.413 trillion valued in Purchasing Power Parity US dollars). That 17.5% for exports to overall GDP in PPP for 2023 compares to 18.9% one year earlier. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Spain’s total economic performance, albeit based on a very short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Spain’s unemployment rate averaged 11.842% for 2023, down from an average 12.918% for 2022 according to International Monetary Fund statistics.
Spain’s capital city is Madrid.
See also Spain’s Top 10 Imports, Spain’s Top Trading Partners and Top Persimmons Exports & Imports by Country Plus Average Prices
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on April 6, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 6, 2024
IMPORTERS.com The Online Market for G20 Importers, Spain Import Export Directory. Accessed on April 6, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 6, 2024
International Trade Centre, Trade Map. Accessed on April 6, 2024
Investopedia, Net Exports Definition. Accessed on April 6, 2024
Wikipedia, Gross domestic product. Accessed on April 6, 2024
Wikipedia, List of Companies of Spain. Accessed on April 6, 2024
Wikipedia, Purchasing power parity. Accessed on April 6, 2024
Zepol’s company summary highlights by country. Accessed on April 6, 2024