Spain imports/ exports

This week I am going to spend some time on Spain's imports and exports. Spain's trade is very significant to it's economy because it accounts for more then half of the countries total GDP. Spain has gone though times of high trade deficit over the past years. In 2009 Spain's trade deficit reached 77.5 billion. There are a few factors that contribute to this deficit. leading factors to this deficit are predominantly the nation’s increasing reliance on imported petrol and decreased market competitiveness. In addition, the strength of the Euro has also had an impact on the trade deficit. Since Spain has adopted the Euro, exports have steadily declined due to increased prices of exports.

Spain's major exports include motor vehicles, machinery, pharmaceuticals, foodstuffs,and medicines. The net exports for 2009 were $215.7 billion. This number was decreased by 70.2 billion from the previous year. Some major imports in Spain include mechanical and electric machinery, and iron and steel. A lack of resources in the nation, particularly oil, has created a wide spread gap between Spain's imports and exports. Spain’s imports were valued at $293.2 billion in 2009, which was a considerable decline from the 2008 level of $415.5 billion. Spain's major partners in trade for both exports and imports are from the EU region.