Importing from Spain - Trade Finance Global

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Importing from Spain

Last updated on 05 Aug 2024
27 Feb 2019 . 2 min read

Spain Country Profile

Official Name (Local Language) Reino de Espana

Capital Madrid

Population 48,563,476

Currency Euro

GDP $1,252 billion

Languages Spanish

Telephone Dial In 34

Spain Exports Profile

Exports ($m USD) 319,622

Number of Export Products 4,491

Number of Export Partners 228

 

Spain Economic Statistics




Government Website
https://www.lamoncloa.gob.es/
Sovereign Ratingshttps://countryeconomy.com/ratings/spain
Central BankBanco de España
Currency USD Exchange Rate0.9214
Unemployment Rate19.7%
Population below poverty line21.1%
Inflation Rate-0.3%
Prime Lending Rate0.05%
GDP$1,252 billion
GDP Pro Capita (PPP)$36,500
Currency NameEuro
Currency CodeEUR
World Bank ClassificationHigh Income
Competitive Industrial Performance32/138
Corruption Perceptions Index42/180
Ease of Doing Business30/190
Enabling Trade Index15/136

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Importing from Spain

Spain is a highly agriculturally focused country and produces large crops of barley, wheat, tomatoes, olives, lemons and many other fruits and vegetables. These helped push exports to $318.6 billion in 2014, up 29.4% from 2010.

Spain achieved a trade surplus for the first time in three decades in 2013 following a policy of reducing imports and increasing exports, while in 2015 the GDP grew by 3.2%, a rate not seen since the crisis struck in 2008. Top Spanish exports are vehicles (16.2%), machines (7.6%) and oil (7.2%).

Importing from Spain: What is trade finance?

Trade finance is a revolving facility which alternative lenders offer – it enables firms to buy inventory and can help ease working capital problems.

Often, a trade financier will fund most of the cost of the stock, including charges (e.g. delivery costs).

Trade finance offers benefits over more traditional bank funding, for example, bridging mortgages or loans. Trade finance provides up front funding without affecting existing relationships with banks.

How does it work?
If you’re a firm importing or exporting products outside of your own country, then a trade finance facility would assist your company to fund this through offering a letter of credit or some form of cash advance.

I’m looking to import from Spain, how can Trade Finance Global help, and how does it work?
If you are looking to import products from other countries, you may require import finance, which is an agreement between yourself (the importer) and the foreign exporter. A alternative financier will act as the intermediary, paying the exporter on your behalf until you receive the stock and have then sold them to your buyer. Repaying the financier then occurs over an agreed period.

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Spain

Agriculture

2.5%

Grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish

Industry

22.4%

Textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism, clay and refractory products, footwear, pharmaceuticals, medical equipment

Services

75.1%

Map

Top 5 Exports Partners

CountryTrade% Partner Share
France46,95514.69
Germany34,89910.92
Italy25,0847.85
Portugal22,3797.00
United Kingdom
21,3716.69

Top 5 Exports Products

Export ProductNumber
Petroleum oils, etc, (excl. crude); preparation
11.2%
Automobiles with diesel engine displacing more
4.0%
Automobiles with reciprocating piston engine di
3.4%
Other medicaments of mixed or unmixed products,
2.4%
Automobiles with diesel engine displacing not m
1.9%

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