Spain: International

Spain has operated under international trade, and it has proven to be very important for their economy, accounting for over half of its GDP. Currently, Spain operates under a trade deficit, but that continues to shrink as their economy struggles to recover. Spain’s biggest trade partners come from within the European Union, with France being the most common destination for Spanish exports, with Germany, Portugal, and Italy close behind. As far as where Spain’s imports come from, Germany accounts for close to 15% of their imports, while France and Italy also contribute. China is the lone non-European country that imports in the top 4 to Spain.

            According to the CIA World Factbook, among Spain’s major exports include machinery, motor vehicles, foodstuffs, pharmaceuticals, medicines, and other consumer goods. If you were to break it down further, the two most specific exports are fish and olive oil, which both fall under that foodstuffs category. As far as imports go, Spain imports machinery, foodstuffs, pharmaceuticals, fuels, chemicals, and other “semifinished” goods.

            Spain uses the Euro, along with several other countries within the European Union. Currently, one United States dollar will fetch you about 72 cents in Euros. Conversely, one Euro dollar will get you about $1.38 in the United States. What this tells us, is that the Euro is strong comparatively to the United States dollar, and it is at its strongest point since the end of 2012 it seems. The Euro has been significantly stronger since its introduction and integration.

            Emigration from Spain was never greatly relevant until the recent economic crisis, where a 41% increase in emigration among young Spaniards has been noted. The four most popular destinations for the Spanish emigrates were Ecuador, Britain, France, and Germany, with other countries sprinkled behind. As far as immigration goes, Spain has always been a popular destination for immigrants. Because of its location, which connects it through the Strait of Gibraltar to Morocco, Spain, as of 2010, was home to over 6 million foreign-born residents, which accounted for 14% of the total population. The two largest immigrant groups in Spain are Romanians, and Moroccans. There are also close to 2 million immigrants from various South American countries.

            Spain’s membership in the European Union gives it a warmer reception to its European counterparts. Spain generally has had good relations with many countries, including Portugal, despite a small scale land dispute along the Portugal-Spain border. One issue for Spain, that hasn’t proved to be a major problem, is Spain’s good relationship with Venezuela, which has a very Anti-United States agenda. The United States disagrees with the relationship, yet their relations with Spain also continue to be very good.