Spain is a good market for entry not only to the broader European region, but to Latin American and Africa as well. Market reforms, financial reforms, and dropping operating costs has increased productivity relative to other major markets in the EU region.
Industrial supplies and materials comprise the largest share of U.S. exports to Spain in 2022, accounting for 42% of total exports, followed by consumer goods (non-food or automotive) at 16%; capital goods (non-automotive) at 7%; travel services (6%); and financial services (5%).
U.S. exports to Spain have consistently included aircraft and associated parts and equipment, pollution control and water resources equipment, medical products and equipment, outbound travel and tourism, electric power systems, telecommunications equipment, automotive and mobility products, as well as pharmaceuticals.
Other sectors offering good prospects include defense, security equipment, renewable energy equipment and services, and industrial machinery. The service sector is playing an increasingly important role in the Spanish economy, comprising approximately 70% of Spain’s GDP.
Another significant opportunity exists in the tourism sector. With the removal of COVID-19 restrictions, Spain is surpassing all prior records for passenger arrivals to the country with a concomitant increase in revenues. This singular development is already positively affecting Spain’s GDP.
Spain is leading a digital revolution and energy transition. The strategic distribution of EU Funds has led to emerging opportunities for agricultural products and information and communication technology.
Spain’s food, beverage, and agricultural processing sectors continue to consolidate their position and importance in the country. Spain has one of the most competitive food processing industries in Europe, increasingly focusing on export markets, which makes this sector an important target for U.S. food ingredient exporters.
Principal agricultural exports to Spain from the United States in 2022 included tree nuts, soybeans, corn, distilled spirits, seafood products, forest products, distillers’ grains, vegetables oils (excluding soybean) and pulses (organized in order of value).
Principal agricultural growth products in 2022:
- Consumer oriented products: tree nuts (e.g., almonds), distilled spirits (e.g., Bourbon, gin, whiskey), food preparations, dairy products (e.g., milk albumin), beef and beef products, condiments, and sauces (e.g., mustard), and fresh vegetables (e.g., asparagus).
- Fish products: lobster, surimi, cod, and scallops.
- Forest products: white oak, wood casks, and new tight staves.
- Bulk: soybeans and corn.
The U.S.-EU Organic Equivalence Agreement came into effect in June 2012. As a result, products certified as organic for one market can be sold as organic in the other market.
The U.S. Commercial Service in Spain offers a range of programs tailored to the needs of U.S. companies interested in exporting their products and services to Spain. Programs and services provided include due diligence reports on Spanish firms, partnership searches (e.g., agent, representative, distributor), meeting scheduling, government advocacy, and organizing company promotional events. Commercial Service Spain actively supports SelectUSA, the federal initiative announced in May 2011 to promote foreign direct investment into the United States on a national level.
The Foreign Agriculture Service provides market information for Spain. Please visit the Foreign Agricultural Service website to access their reports.