Costa News Spain Breaking News | English News in Spain.
Tuesday, 11 February 20, 15:49
Spain is not immune from the protectionist policies of US President Donald Trump. Faced with an uncertain scenario that threatens to turn world trade market upside down, Andalucía, the Basque Country and Valencia are among the Spanish regions most susceptible to new tariffs, according to data compiled in a report by the CC OO workers union.
The impact of a rate increase on Spanish exports would be minimal compared to other European countries. However, there are other factors that place certain regions in a vulnerable position. Exports will only represent 1.3% of Spanish GDP by 2023, which is almost two points lower than the EU average. However, some parts of Spain are likely to be affected by the trade deficit due to fossil fuel imports, which will amount to -0.6% GDP. This has been increasing in recent years because of the conflict in Ukraine.
These uncertainties could affect products such as electrical transformers, olive oil and other agricultural products. Not only do these products top the list of Spain’s largest exports, they also make up a significant percentage of Spain’s total exports.
Valencia, the Basque Country and Andalucía are the regions where the US has the highest share of total exports, above 8%, followed at a greater distance by La Rioja, the region of Madrid and the region of Murcia.
In addition, the main products exported to the US are also several of the products that are most dependent on trade with the country: olive oil and cement products in the case of Andalucía – a sector in which 45% of Spanish exports are destined for the US – and electrical transformers in the case of the region of Valencia.
In Catalonia the top exports were perfumes refined petroleum products and medicine. In Madrid, the exports of turbojets are notable, linked with the activities of Airbus, as well as other companies within the aerospace sector. And in the Basque Country the exports of petroleum oils take the lead.
