Spain | Recent trends in Spanish exports of non-tourism services

Summary

Non-tourism service exports have consolidated their position as the most dynamic segment of Spain's foreign trade sector, driven by business and ICT services, with the EU and the US as the main markets. Spain is making progress but still has a structural gap with the EU that reveals potential for expansion.

Key points

• Key points:
• Between 1995 and 2019, in real terms, non-tourism service exports grew at an average annual rate of 5.4%, higher than exports of goods (4.9%) and tourism services (3.3%). In 2024, growth reached 8.1%.
• The acceleration of these exports is led by knowledge-intensive activities, especially in business services and ICT. The EU is the main destination, accounting for more than 60% of recent growth, while the United States is emerging as the main market outside the European community.
• The dynamism observed is mainly based on technological progress and gains in labor productivity, together with differential factors such as leadership in connectivity and digital infrastructure and a high degree of specialization in activities such as engineering and technical services.
• Spain is making progress but still has a structural gap with the EU that reveals opportunities for expansion. Persistent gaps in productivity and innovation, together with a sectoral structure that is even less diversified than the European average, are limiting Spain's ability to converge with the leading economies and fully capitalize on knowledge-intensive services.

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