What trade agreements does Spain have?

What trade agreements does Spain have?

Spain has been a member of the EU since 1986. The EU has free trade agreements with other economic associations (e.g., the European Free Trade Association or EFTA) and countries, providing a higher level of mutual market access.

What is Spain’s balance of trade?

Spain trade balance for 2020 was $19.10B, a 54.45% decline from 2019. Spain trade balance for 2019 was $41.94B, a 8.36% increase from 2018. Spain trade balance for 2018 was $38.70B, a 18.24% decline from 2017.

What does Spain import and export?

Its top imports are Crude Petroleum ($23.2B), Cars ($20.1B), Vehicle Parts ($15.9B), Packaged Medicaments ($9.5B) and Petroleum Gas ($7.82B). The top export destinations of Spain are France ($40.5B), Germany ($33.9B), Portugal ($24.2B), Italy ($22.7B) and the United Kingdom ($20.7B).

What does Spain import the most?

Spain’s Top 10 Imports

• Vehicles: US$36.7 billion (11.3% of total imports)
• Machinery including computers: $32.8 billion (10.1%)
• Mineral fuels including oil: $31.1 billion (9.6%)
• Electrical machinery, equipment: $30 billion (9.2%)
• Pharmaceuticals: $17.5 billion (5.4%)
• Plastics, plastic articles: $12.4 billion (3.8%)

What is Spain known for exporting?

Olive oil is one of Spain’s biggest earners when it comes to export commodities. It’s the country’s leading agricultural export. Demand for Spanish olive oil is still robust and with the olive oil exportation industry earning the country over 2 billion Euros by May of 2018.

What is Spain’s major exports?

Spain main exports were: capital goods (20 percent of total exports); food, beverages and tobacco (17 percent); automotive sector (16 percent); chemicals (14 percent); consumer goods (10 percent); non-chemical semi-manufactured products (10 percent); and energy products (7 percent).

What did the 17th century trade?

In the 17th century, Native Americans and Europeans in New Amsterdam and other parts of eastern North America traded a variety of goods. These goods included metal tools and woven cloth from the Europeans, and beaver pelts and corn from the Native Americans.

Why was trade important in the 16th century?

In the 16th century, European mariner adventurers and traders explored the world in search of wealth and new shipping routes; in the 17th century these sea trade routes were firmly established. Tea, silk, and porcelain were traded for wool, tin, lead, and silver.

Does Spain have trade deficit or surplus?

The statistic shows the trade balance of goods (exports minus imports of goods) in Spain from 2010 to 2020. A positive value means a trade surplus, a negative trade balance means a trade deficit. In 2020, the trade deficit of goods in Spain amounted to about 18 billion U.S. dollars.

Why does Spain have a trade deficit?

Spain runs systemic trade deficits due to high imports of fuel and high added value goods. In 2017, Spain’s trade deficit rose 31.9 percent from the previous year to EUR 25 billion, mainly due to a surge in domestic demand and an increase in energy prices.

What is the history of trade policy in Spain?

This chapter describes the trade policies in Spain. On June 24, 1970, Spain signed a Preferential Trade Agreement with the European Economic Community (EEC) that went into effect on October 1. Among other commitments included in the agreement were two important ones affecting Spanish trade policy.

What happened to Spain’s economy?

This interventionist economic policy brought Spain to an economic dead end, with a highly overvalued exchange rate versus the dollar, a permanent currentaccount deficit, a rising inflation rate, and, above all, a highly protected and inefficient industry that proved to be uncompetitive when the trade liberalization process started.

What are the restrictions on imports in Spain?

Spanish regulations ban the import of illicit narcotics and drugs. There are also very restrictive regulations for imports of explosives, firearms, defense equipment and material, tobacco and gambling material. Furthermore, the government highly restricts the import of many types of pharmaceutical products.

Does Spain enforce import quotas on US-origin goods?

Many EU member states maintain their own list of goods subject to import licensing. While Spain does not enforce any quotas on U.S.-origin manufactured products, it still requires import documents, which are described below. None of the following documents constitutes a trade barrier for U.S.-origin goods.