Catalan exports stagnate in 2024

BarcelonaCatalonia has an open economy clearly focused on foreign markets. But in 2024, Catalan exports slowed down and, despite reaching the second best historical figure with 100,132 million euros of sales abroad, the fact is that there was a decrease of 0.5% compared to 2023, when the historical record of 100,683 was reached. In fact, it is the first decrease in exports to Catalonia since 2020, when the Covid-19 pandemic slowed down international trade.

According to data published this Monday by the Ministry of Economy, Catalonia's sales abroad account for 26% of total Spanish exports. In fact, Catalonia remains clearly the largest exporting community – the second is Madrid with a weight of 12.7% of the total – but the Principality loses some weight (two tenths, in 2023 it contributed 26.2% of the State's exports).

The reason is that while Catalan exports slowed down in 2024, exports from the State as a whole continued to rise, albeit quite slightly. Spain sold almost €384.465 billion to foreign markets, 0.2% more than the previous year. Not only that, but in the case of Spain, imports grew by 0.1% in 2024, to €424.74 billion. With imports increasing less than exports, Spain managed to reduce its trade deficit somewhat, which went from €40.56 billion in 2023 to almost €40.276 billion in 2024.

Catalonia, on the other hand, failed to reduce its trade deficit. On the contrary, it continued to increase because Catalan imports in 2024 increased by 0.7% and exceeded 110 billion euros (110,752.5 million), with the trade deficit increasing by more than 1,300 million: from 9,312.3 million to €9.20. LT_LNA~ New markets

For the Minister of Business, Miquel Sàmper, the figures show "the strength of the Catalan export sector, which has been able to overcome a 2024 with uncertainties and difficulties at a global level." Sámper has highlighted the adaptability of Catalan exporters to seek new markets in the face of the complexity and weakening of the European economy.

In fact, exports have grown significantly in markets outside the EU, such as North America (+17.5%), Africa (+9.1%) and Asia (3.7%). Sales have also performed positively in Oceania (+3.7%) and Latin America (+2.5%). However, the European Union remains Catalonia's main trading partner (60.5% of all exports), although sales to European partners have fallen by 2.3%.

On the eve of the trade war with the United States, sales in this country increased by 19.3%. Other countries that gained a lot of weight as destinations for Catalan exports were Mexico (+15.5%), Brazil (+8.6%), India (+7%), Singapore (+44%), Malaysia (+15.7%) and Indonesia (+6.8%). Also noteworthy is the significant increase in sales in the nearest African country, Morocco, with an increase of 9.5%.

Chemistry at the forefront

The chemical sector continued to be Catalonia's leading exporter, accounting for almost a third of sales abroad, reaching sales of 30,574.3 million in foreign markets, which represents 30.5% of total exports and 3.3% growth compared to the previous year. The second largest export sector was capital goods with 15,250.2 million euros. This sector contributed 15.2% of all Catalan sales abroad, but registered a significant decline of 2.9% compared to 2023. The podium is completed by the food, beverage and tobacco sector, with foreign sales of 15,141.7 million in the previous year.

In addition, both the chemical and food sectors improved their balance because chemical sector imports fell by 2%, which means that it presents a trade surplus of 5,329.5 million. For its part, imports in the food sector increased by 2.2% (below the 2.7% growth in exports) and closed the year with a trade surplus of 722.5 million euros. On the other hand, the capital goods sector generated a deficit of 5,766.4 million because imports increased by 19%.

Pedro Sánchez's government makes a positive reading of the foreign trade data for 2024. "These data show the robustness of the Spanish foreign sector in a complex international context and the opening of the Spanish economy as key levers to continue growing and generating employment," the Ministry of Economy indicates in a note. The Exporters Club does not see it the same way. "The stagnation is more worrying if we take into account that we use the figures in the value of exports. If we deducted the accumulated inflation in recent years, we would see that our exports in volume or units have fallen by a significantly higher percentage, although we do not know this because the ministry has stopped providing this data," said President Antonio.

Although Catalan exports to the United States increased, exports from Spain as a whole to this country fell. With the United States, 2024 closed with a trade deficit of 10,013 million, compared to 9,364 million the previous year, reflecting a 3.8% drop in exports to 18,179 million, while imports slowed by 0.3% to 28,19 million. The United States remains the second country outside the European Union to which Spain exports the most behind the United Kingdom, with 23,852 million.