Overview of best prospect sectors and business opportunities, including significant government procurement as appropriate.
Last published date: 2020-08-07
- Chemicals were the principal U.S. export to Spain in 2019, accounting for 22.5 percent of total exports, followed by oil and gas (16 percent), transportation equipment (15.6 percent), and agricultural products -fruits and nuts (10.1 percent), Primary 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 parts and supplies, and pharmaceuticals. Other sectors offering good prospects include defense, security equipment, renewable energy equipment and services, e-commerce, and industrial machinery. The service sector is playing an increasingly important role in the Spanish economy (approx. 75 percent).
- 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 and other European markets. Services provided vary from business intelligence reports to identifying opportunities and potential partners, appointment schedules, and organizing company promotional events.
- Due to the macroeconomic reforms in the financial sector and labor laws, costs have dropped, and productivity has increased in comparison to other major markets in the region. These reforms have sharply increased Spain’s competitiveness, making it a good market for entry not only into the European region but also for Latin America and Africa.
- Spanish firms are value-added partners for the Latin American and Caribbean (LAC) markets – their language and cultural skills are a key advantage for developing opportunities in the LAC region.
- CS Spain has been actively supporting SelectUSA, the federal initiative announced in May 2011 to promote foreign direct investment into the United States on a national level.
- With a reduced availability of credit in the Spanish market, ExIm Bank can now play a more active role in financing exports of U.S. products and services by financing Spanish buyers through loan guarantees. This tool could be an attractive alternative for Spanish importers.
- Spain’s food, beverage and agricultural processing sectors continue to consolidate its position and importance in the country. Spain has one of the most competitive food processing industries in Europe, which makes this sector an important target for U.S. food ingredient exporters.
- Principal agricultural exports to Spain from the U.S. in 2019 included tree nuts, soybeans, forest products, fish products, distilled spirits, and coarse grains (excluding corn) in this order.
- Principal agricultural growth sectors in 2019:
- Consumer Oriented Products: tree nuts, prepared food, dairy products, condiments and sauces
- Fish Products: cod, hake
- Forest Products: wood casks
- Bulk: coarse grains (ex.corn)
- The U.S.-E U Organic Equivalence Agreement has been in effect since June 2012. As a result, products certified as organic for one market can be sold as organic in the other market.
- Note that the Foreign Agriculture Service provides market information for Spain and Portugal. Please visit the Foreign Agricultural Service web to access all these reports.