Spain | Imports after COVID-19 crisis

Summary

COVID-19 has reduced the weight of imports on GDP less than at the beginning of the 2008 crisis. This for various reasons. On the one hand, the crisis is perceived as temporary. On the other hand, it largely affects non-tradable sectors of activity, particularly tourism, with low dependence on imports.

Key points

• Key points:
• The adjustment is limited in purchases of intermediate goods, given the sharp drop in activity in industry and, in particular, in the automotive sector.
• The Eurozone concentrates a large part of the fall in our imports, while in 2008 the decline was generalized.
• Sharp contraction in imports of consumer goods, particularly durable consumer goods

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