The automotive sector in Spain had a commercial surplus of 15,991 million euros in 2024. Although this figure is 15.1% lower than that of the previous year, the automobile sector is maintained as the main taxpayer to the Spanish trade balance.
This setback in the commercial balance of vehicles is led by the contraction of the production of vehicles manufactured in Spain that descended 3%, due both to the readjustments in the factories due to the incorporation of new electrical models into the lines, as well as to the worst evolution of the main European markets.
This has led to the 4% reduction in exports during 2024, a situation that has been aggravated by the increase in vehicle imports during the year, according to the figures provided by the manufacturers association, ANFAC.
The main keys of this commercial balance are that the fall of the Spanish production of vehicles next to the increase of the import of foreign vehicles has led to the reduction of the balance in 2024. France, Germany and the United Kingdom were the main export destinations of Spanish vehicles in 2024, while the ranking of the countries that exported more vehicles to Spain leads it Germany, followed by China and Japan.
José López-Tafall, general director of ANFAC has affirmed that «year after year, we have in the commercial balance the perfect example that automotive remains one of the most important sectors for the Spanish economy. Once again, vehicles are positioned as the product “Made in Spain” with greater positive contribution to our commercial balance. However, 2024 has turned on the alarm signal, since we are faced with a paradigm in which production has descended and the demand for electrified vehicles has slowed down. Therefore, from ANFAC, we insist the need to recover the internal market and volume of all types of technologies, also naturally to accelerate sales of vehicles with plug, the vehicles of the future. At a time when geopolitical uncertainties loom about Europe and Spain, we must mobilize our domestic market and our factories, and have a joint road map as a country to not only maintain what we have but to grow. Our market must be powerful and our competitive industry ».
42,387 million euros in exports
During 2024, the value of vehicle exports was 42,387 million euros, 4.9% lower than the previous year. While imports increased 2.6%, to 26,397 million euros.
For its part, the automotive sector as a whole (including the component sector) has generated for 2024 a total positive balance of the commercial balance of 10,348 million euros, with a decrease of 16.9% compared to 2023.
During 2024, the export value as a whole fell compared to the previous year 4.1%, to 55,118 million euros. Similarly, the value accumulated by the importation of vehicles and components retreated 0.5%, with 44,769 million euros in 2024.
Where do we send vehicles come from
Europe remains the main destination of exported vehicles from Spain in 2024, occupying 93.7% of the export quota. Among the countries that have demanded most vehicles produced in Spain, by economic value, France was the first with 8,341 million euros, a quota on the total of 19.7%. For its part, Germany registered a value of 7,827 million euros, which has meant 11.3% less than in 2023, with a quota of 18.5%. They are followed by the United Kingdom, with a fee of 11.7% and a value of 4,948 million euros, and Italy, with 11.4% share and a value of 4,845 million euros.
It should be noted that from the Spanish factories, no vehicle finished in 2024 was not exported to the US.
As for imports, Europe is also positioned first, with 72.9% of the total economic value, which represents an increase of 1.3 percentage points compared to 2023. The countries from which more vehicles imported to Spain were Germany, occupying a 25.5% share with a volume of 6,735 million euros, and which increased 19.5% compared to the previous year.
It is followed in the Top-3, China with a quota of 8.7% and a volume of 2,285 million euros, having reduced 19.8% during the last year; and Japan, which positioned itself very close to China with a quota of 8.5% and a value of 2,234 million euros, increasing the value of its imports by 25.7% in 2024.
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