Spanish exports reach their second best year in history in 2024, driven by diversification and growth in new markets

 

The year 2024 has witnessed a new milestone for the Spanish foreign trade. Exports of goods have exceeded 384.465 million euros, only surpassed by the figures for the year 2022. This result reflects the resilience and adaptability of the Spanish companies in a global scenario marked by uncertainty and volatility.

 

Export growth has been based on two fundamental pillars: market diversification and the increasing the export baseSpanish companies have opted to explore new destinations for their products, achieving record figures in markets as diverse as Italy, Portugal, Poland, United Kingdom, Morocco, Türkiye or Mexico.

 

La European Union Spain remains the main destination for Spanish exports, representing 61,8% of the total. However, the dynamism of exports to non-EU destinations, which grew by 2,4% in 2024, demonstrates the international vocation of Spanish companies and their commitment to conquering new markets.

 

The food, beverage and tobacco sector has emerged as the main driver of export growth, reaching an all-time high in 2024. Other sectors that have also contributed significantly to this positive result are the automotive sector and non-chemical semi-manufactured goods.

 

 

By destination markets, exports to the European Union-27 accounted for 61,8% of the total

 

 

 

A solid export base that continues to grow

 

The number of regular exporters (those who have exported more than 1.000 euros in the reference year and in each of the three immediately preceding years) increased by 4,8% in 2024 to 45.931 exporters. They exported goods worth 368.651,3 million euros, 95,9% of the total and 3% more than the previous year.

 

The export base has grown steadily in recent years in Spain. This indicator reflects a cultural change in Spanish companies that increasingly perceive the foreign markets as a natural target to expand and consolidate their businesses.

 

December data

 

Exports in December 2024 continued to rise, with a growth of 2,7% and reaching 29.738,4 million, the second highest value in the series for the month of December. Imports, meanwhile, registered 33.859,8 million euros and increased by 4,7% year-on-year.

 

As for the international comparison, also French exports grew (5,5% year-on-year), while those of Germany, (-0,2%). Out of the European Union, the exports of the United States decreased by 1,1% year-on-year, while those of the United Kingdom increased by 24,7% year-on-year, those of China 10,9% year-on-year and those of Japan 2,8% year-on-year.

 

The trade deficit reached 4.121,5 million in December, with energy imports falling (-9,1% year-on-year). The coverage rate (quotient between exports and imports in percentage) stood at 87,8%. The trade surplus with the European Union reached 888,5 million euros, with trade surpluses being maintained uninterruptedly since January 2017 (provisional series). Meanwhile, the trade deficit with non-EU destinations was reduced to 5.010,0 million euros.