Spain
Spain was the UK’s 7th largest trading partner in the four quarters to the end of Q4 2023 accounting for 3.6% of total UK trade.
Spain is located in Southwestern Europe and borders France and Portugal. It is one of the biggest consumer markets in the EU and with a population of 46.4 million it provides a large consumer base for UK exporters to sell to. There is a demand for UK goods and services which UK businesses looking to export could benefit from.
An open market
The Spanish market is open to overseas companies and there are no specific restrictions..
The benefits for UK exporters include Spain’s familiarity with British products, efficient transport systems and access to Latin America.
£19.8 billion
total UK exports to Spain for the four quarters to the end of Q3 2023
(Source: ONS UK total trade: all countries, seasonally adjusted Last updated: April 2024)
9th
largest UK export market
(Source: ONS UK total trade: all countries, seasonally adjusted Last updated: April 2024)
2.2%
of total UK exports for the four quarters to the end of Q3 2023
(Source: ONS UK total trade: all countries, seasonally adjusted Last updated: April 2024)
France: at a glance
Economic growth
5.8%
Actual figure (IMF, 2022) The UK is 4.1% (IMF, 2022, actual figure)
GDP per capita
$29,800
Actual figure (IMF, 2022) The UK is $45,461 (IMF, 2022, projected figure)
Currency
Euro
Business language
Spanish
You may need a translator
Time zone
GMT +1
Trade in goods by commodity, in current prices (ONS)
Exhibit 1
Data on trade in goods by commodity are sourced from data by the ONS. These statistics for exports and imports present the latest data from the March 2024 ONS publication which are given on a monthly basis.
Please note, these data are presented on a non-seasonally adjusted basis and are not directly comparable to seasonally adjusted data, including the headline trade statistics presented before.
The top 5 goods exported by the UK to Spain in the four quarters to the end of Q4 2023 were:
- 9 – Unspecified goods (£961.2 million or 9.7% of all UK goods exported to Spain)
- 78M – Cars (£880.9 million or 8.9%)
- 71MI – Mechanical power generators (intermediate) (£834.3 million or 8.4%)
- 52 – Inorganic chemicals (£418.5 million or 4.2%)
- 1 – Beverages & tobacco (£404.4 million or 4.1%)
The top 5 goods imported by the UK from Spain in the four quarters to the end of Q4 2023 were:
- 78M – Cars (£2.8 billion or 14.3% of all UK goods imported from Spain)
- 05 – Vegetables & fruit (£2.4 billion or 11.9%)
- 54 – Medicinal & pharmaceutical products (£1.9 billion or 9.6%)
- 71MI – Mechanical power generators (intermediate) (£1.1 billion or 5.5%)
- 78K – Road vehicles other than cars (capital) (£691.9 million or 3.5%)
The chart below shows the top 5 products exported by the UK to Spain and the top 5 products imported by the UK from Spain, by value, in the four quarters to the end of Q4 2023. All data shown in the chart are provided in the text above.
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