What are Spanish Exports?

Spain natural resources imports and exports?

• Answer:

  Spain’s trade plays a significant role in the nation’s economy, accounting for more than half of its GDP. The nation has, however, had a trade deficit persistently over the past few years, which stood at $77.5 billion in 2009, according to CIA reports. Spain’s weak trade scenario is attributable to several factors, predominantly the nation’s increasing reliance on imported petrol and decreased market competitiveness. Additionally, the steady decline of Spain exports is also attributed to the strength of the euro, since it was adopted by Spain for international trade, which has made Spanish exports more expensive. Spain’s top export and import partners are from the EU region. Key export commodities of the nation include motor vehicles, foodstuffs, medicines, machinery and pharmaceuticals. During 2009, Spain had net earnings of $215.7 billion from its exports. This represented a decline of $70.2 billion from the export earnings of 2008. Spain’s imports were valued at $293.2 billion in 2009, which was a considerable decline from the 2008 level of $415.5 billion. The reason for such a wide gap between Spain’s exports and imports is the lack of resources in the nation, particularly oil. The nation imports a sizeable 1.813 million barrels of oil per day. Other vital import commodities of Spain are mechanical and electric machinery, and iron and steel. In an effort to lessen the country's dependence on imported oil, an attempt has been made to increase coal production and expand nuclear-power capability. This program has met with some success: nuclear power provided nearly 40 percent of Spain's electrical power in 1991, as compared with about 30 percent in the mid-1980s. However, Spain still relies on petroleum for most of its energy needs. Trade (2011): Exports--$293.8 billion (€211.1 billion): automobiles, fruits, minerals, metals, clothing, footwear, textiles. Major markets--EU 66.7%, U.S. 4.4%. Imports--$361.2 billion (€259.5 billion): petroleum, oilseeds, aircraft, grains, chemicals, machinery, transportation equipment, fish, consumer goods. Major sources--EU 52.8%, U.S. 4%. Natural resources: coal, lignite, iron ore, copper, lead, zinc, uranium, tungsten, mercury, pyrites, magnesite, fluorspar, gypsum, sepiolite, kaolin, potash, hydropower, arable land Area: total: 504,782 sq km land: 499,542 sq km water: 5,240 sq km Land use: arable land: 26.07% permanent crops: 9.87% other: 64.06% (2001)