Catalonia, the Valencian Community and Madrid top the list of Spanish regions with the most exports

Both the Chambers of Commerce and institutional bodies are optimistic and predict that Spanish exports will grow by 3,9% during 2003 and an estimated 6,4% growth during 2004.

On the other hand, regarding growth by autonomous communities, Extremadura, Navarra, Melilla and Ceuta have registered the largest increases in activity.

According to the Foreign Trade Database of the Chambers of Commerce, companies in Catalonia, the Valencian Community, and Madrid led Spanish exports during the first five months of the year. In addition to these autonomous communities, which are traditionally among the top exporters in the country, other regions also stood out this year. Extremadura exported 48,8% more than in the same period of 2002, and Navarre saw a 26,2% increase. Melilla and Ceuta registered significant improvements in their exports, with increases of 880% and 32%, respectively.

According to Chamber of Commerce data, the value of Spanish exports rose by 7,05% during the first five months of the year, while export prices experienced a slight decline. Given this scenario, forecasts point to export growth of 3,9% in 2003 and 6,4% in 2004.

Regarding the most exported goods, exports of intermediate energy goods have been particularly dynamic, followed to a lesser extent by capital goods and food products. In any case, growth has been common to all groups.

In line with the moderation of sales to third countries, stagnation or decline has been the common feature of Spanish export flows to Latin America, Southeast Asia, Russia, Africa (except the Maghreb), the United States, Japan, and OPEC member countries, among others. Conversely, the strongest growth has been seen in sales to our EU partners, the Maghreb, and China.

Product concentration

The concentration of Spanish exports in certain products continued its upward trend between January and May 2003, behaving similarly to previous months. Thus, two-thirds of Spanish exports were concentrated in around 15 categories, among which the motor vehicle sector stands out due to its weight in total exports, representing almost 25% of the total.

Improvement of world trade

Overall, a gradual global economic recovery is expected for 2003, supported by the anticipated stabilization of oil prices, improved growth capacity and job creation, and the favorable performance of some financial markets.

The Foreign Trade Bulletin from the Chambers of Commerce for the first quarter of the year shows the gradual economic recovery during 2003-2004. Developing and transition economies will show the most evident improvement, which will offset the more moderate recovery in advanced economies. In this context, the forecasts of international organizations and the Chambers of Commerce are optimistic regarding trade during 2003 and 2004, with estimated growth rates of around 6,4% in 2004.

However, the slight recovery in activity is accompanied by certain imbalances that introduce elements of uncertainty, such as high private debt and the deterioration of public finances in the US, or the slow pace of structural reforms in the European Union. Furthermore, certain risks can also be seen that could influence the future evolution of the international economy: the threat of terrorist attacks, the stability of oil prices, a new stock market downturn, a change in trends in real estate markets, or the onset of deflation.