As the economic crisis gripped Spain, enterprising business people looked overseas as the answer to keep on trading. Their forward-thinking has paid off as Spanish exports hit a record high of € 255 billion in 2016, according to Economy Ministry figures.

This record-breaking boost for 2016 to the economy marks the seventh year of expansion and has narrowed Spain’s trade deficit to its lowest for three years. Fellow EU countries are the main allies accounting for 66.4% of exports while sales to Latin America and the Middle East went down. Those countries from outside Europe importing more Spanish goods are Canada, China, Hong Kong and Morocco.

In all, the main exports are capital goods such as machinery and tools, and the automotive industry as well as food, drink and tobacco. These automotive exports and home trade have made Spain the second largest vehicle manufacturer in the EU and the eighth in the world.

As the economic crisis gripped Spain, enterprising business people looked overseas as the answer to keep on trading. Their forward-thinking has paid off as Spanish exports hit a record high of € 255 billion in 2016, according to Economy Ministry figures.

This record-breaking boost for 2016 to the economy marks the seventh year of expansion and has narrowed Spain’s trade deficit to its lowest for three years. Fellow EU countries are the main allies accounting for 66.4% of exports while sales to Latin America and the Middle East went down. Those countries from outside Europe importing more Spanish goods are Canada, China, Hong Kong and Morocco.

In all, the main exports are capital goods such as machinery and tools, and the automotive industry as well as food, drink and tobacco. These automotive exports and home trade have made Spain the second largest vehicle manufacturer in the EU and the eighth in the world.