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Spain's growing trade interest with China: Key figures behind Sánchez's Asian visit
As the doors to the United States potentially close or become increasingly expensive, countries around the world, including Spain, are seeking alternatives. Spain's Prime Minister, Pedro Sánchez, is embarking on a visit to China and Vietnam this Wednesday, aiming to diversify the nation's markets and reduce the current trade imbalance with China.
Spain has long experienced a trade deficit with China, which worsened in 2022. The Asian giant accounts for 94% of this deficit. China’s economic scale and growth far surpass Spain’s. In 2023, China’s GDP stood at $17.8 trillion, while Spain’s was only $1.62 trillion. Between 2009 and 2019, China’s economy grew by 85.9%, compared to just 18.9% in Spain.
Competitiveness of Spain against China
One key indicator of competitiveness is the coverage ratio, which compares exports to imports over a set period. A ratio above 100 indicates a trade surplus, while below 100 suggests a deficit. In 2024, Spain’s coverage ratio with China was only 16.53%, with imports from China valued at €45.17 billion and exports to China totaling just €7.47 billion, according to Spain’s Ministry of Economy.
China made up 10% of Spain's total imports, whereas Spain’s share of China’s imports was much smaller, at 2%. In 2024, China was Spain’s fourth-largest trade partner, second-largest supplier of goods, and twelfth-largest customer for Spanish exports.
China's Growing Economic Influence
China has emerged as the only global power capable of challenging the United States in terms of economic and geopolitical dominance. Despite a slower growth rate in 2024 (with a 5% increase in GDP), China remains the world’s second-largest economy, reaching a GDP of $18.94 trillion.
What Spain Buys from China
In the first half of 2024, Spain’s imports from China were primarily office equipment, machinery, textiles, and consumer goods. Over recent years, automobiles and motorcycles have also become increasingly significant imports.
What Spain Sells to China
Spanish exports to China in 2024 were led by chemicals, followed by minerals. While machinery and office equipment were the top exports to China in 1995, chemicals, meat, minerals, and automotive components have since taken their place.
Spanish Investments in China
Spanish investment in China was notable in pharmaceuticals, particularly with Grifols acquiring 26% of Shanghai Raas in 2020. In 2023, China invested €131 million in Spain, while Spain’s investment in China amounted to €91 million.
Chinese Investments in Spain
Between 1993 and 2023, Chinese investments in Spain were concentrated in Madrid, with significant investments also in Asturias and Catalonia. From 2012 to 2023, Chinese investments primarily targeted the energy, building services, and real estate sectors.
