Technical Note on the Spanish Export Sector
A report by the Spanish Exporters and Investors Club, prepared by BBVA Research, reveals a profound restructuring of the foreign trade sector. Non-tourism services are taking over from goods exports, marking a new phase of growth driven by high value-added sectors such as engineering.
From industry to services: the great restructuring of the export model
Non-tourism services have become the driving force behind a new phase for the Spanish export sector, while industry faces a profound restructuring stemming from technological, energy, and geopolitical changes. This is the main conclusion of the Technical Note. "The restructuring of the Spanish export sector", made for Miguel Cardoso Lecourtois y Angie Carolina Suárez Salazar, BBVA Research, for him Club de Exportadores e Inversores Españoles.
How to summarize Miguel CardosoChief economist for España de BBVA Research"The Spanish export sector is not entering a phase of simple decline, but rather a phase of restructuring." This transformation is evident in the remarkable growth of non-tourism services, whose exports grew at an average annual rate of 5,4% in real terms between 1995 and 2024, surpassing goods and tourism to reach 7,5% of GDP in 2024.
A prime example of this competitiveness is Spanish engineering. According to the report, nearly 70% of these companies' revenue comes from projects abroad , a percentage that more than triples the European average of around 20%.
A European phenomenon with challenges and opportunities
Although the total weight of goods and services exports remains around 35% of GDP, the report emphasizes that the dynamism no longer lies in goods. Between 2020 and 2025, the weight of goods exports fell to 21,5% of GDP, a decline offset by the growth of services.
This loss of export vigor in the industrial sector is not a phenomenon exclusive to Spain. The authors point out that the decline affects the entire sector. Europa, with Alemania concentrating the greatest weakness. The integration of the Spanish manufacturing industry into European value chains makes it dependent on the eurozone economic cycle. The causes of this trend are a succession of disruptions, from the pandemic and the energy crisis stemming from the war of Ucrania...to the growing trade tensions and competition from China.
| Indicator | Price | Period / Reference |
|---|---|---|
| International invoicing of Spanish engineering | Up to 70% | Current data |
| International engineering revenue (European average) | Up to 20% | Current data |
| Average annual growth in exports of non-tourism services | 5,4 % | 1995-2024 |
| Weight of non-tourism services in GDP | 7,5 % | 2024 |
| Weight of goods exports in GDP | 21,5 % | 2020-2025 |
Despite the progress, the document warns that España It maintains a gap of almost six percentage points of GDP compared to the European average in exports of high value-added services, such as those linked to technology, R&D and intellectual property.
New niches of competitiveness in the face of the automotive adjustment
This restructuring is creating new opportunities in sectors such as healthcare, pharmaceuticals, chemicals, food, and the energy transition , strengthening their impact on the trade balance. At the opposite end of the spectrum is the automotive industry, which is undergoing a structural adjustment due to new mobility habits, the transition to electric vehicles, and intense international competition, forcing the sector to redefine its role in European industry.
An agenda to consolidate the new export model
To consolidate this new phase, the report proposes a strategy based on four pillars. It is essential to strengthen investment in energy and grid infrastructure and to capitalize on the industrial boost resulting from defense spending. Likewise, the availability and skills of the workforce must be improved, and productivity must be increased through greater innovation and digitalization.
The document of Club de Exportadores The study concludes that the challenge is not choosing between industry and services, but rather building a mixed strategy. The goal is for services to increase in complexity while industry regains competitiveness in strategic niches such as chemical-pharmaceutical, agri-food, renewables, and advanced engineering. In the authors' words, "the issue is not returning to the export-oriented past, but building a new phase of export growth that is more complex, resilient, and productive."
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