In a global world but with tariffs where China is the factory of the world and Germany is the engine of EuropeIt is easy to fall into historical clichés when we talk about the Spanish state and the great Mediterranean classics such as olive oil, ham or wine, but the reality is that Spain exports many more products to the world. Yes, those typical ones appear on the list, but there are other less known ones that are ahead. And if we open the range to products and services, we cannot miss a sector in which it is a world power: tourism.
He Atlas of Economic Complexity from the Harvard Kennedy School is a very useful tool from the popular Harvard University, which takes the international trade data that different states report to the United Nations to display them in a single graph after cleaning them with the Bustos-Yildirim method. It includes data from 250 countries and territories, classified into 20 categories of goods and five categories of services, covering more than 6,000 products.
The result is an x-ray of what Spain sells to the world and what it reveals does not always coincide with the image we have. The last period of time collected by the Atlas of Economic Complexity is 2024, where we see that the Spanish state exported 590,000 million dollars in more than a dozen sectors. And there is a clear dominant: the service sector.
What does Spain sell to the world? 2024 Edition. Harvard Atlas of Economic Complexity
Travel and tourism takes over the top left corner, worth $107 billion. It is pure tourism: according to the World Travel & Tourism Councilthat is the spending of international tourists within the territory, 10.9% more than the previous year.
It is followed by a generic “Business” and if we take into account other pink portions such as insurance, financial services, transportation or the mixed bag of “Not specified”, we find that this pink band of services is 163,000 million dollars of the total, that is, Services account for 28% of everything that Spain exports.
There is life beyond services
The second largest rectangle on the graph corresponds to cars, with a value of $37.1 billion. It’s in the upper right corner, in purple: the car is also the first manufactured productbut in third place and well behind two categories of services.
As we saw in this map of the European automobile industrythe gold of the sector in the old continent belongs to Germany, but Spain takes the silver, with a share of 16.4% and almost two million cars assembled per year. Next to it is the rectangle of engine parts, with 10,000 million dollars. However, if we add the set of cars, parts and commercial vehicles, the set adds up to about 65 billion dollars. That is to say, that automotive is the second sector that Spain exports the most.
From this point on the difference is no longer so much and in fact it can be divided into two. On the one hand and in pink, the chemical block, with medicines as the most prominent industry (more than 12,000 million dollars). The total is around 37 billion dollars. Yellow corresponds to food, which together represents about 45 billion dollars. Here exports are scattered with pork, olive oil, wine or citrus being the most relevant.
Outside of these sectors, the most notable is petroleum and refined oil, with just under 9 billion dollars and below 3%. Minerals, machinery, metallurgy, electronics or textiles have even less influence. A global and deeper reading of the map makes it clear that Spain is, in terms of exports, a tourist and agri-food power with a notable automobile and chemical industry.
Dependence on tourism is a double-edged sword in that it allows us to take advantage of Spain’s competitive advantages, but at the same time it depends on external factors, such as COVID or emerging markets that can absorb demand with lower prices.
And although it is money that comes in without the need to manufacture anything, it does not add complexity: there are no patents or exportable technologies. Furthermore, the quality of employment is lower than other sectors. In short, it is a structural issue: no rich country sustains itself by selling good weather and that is the best invitation to reindustrialize.
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Cover | The Atlas of Economic Complexity
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