Andalucía achieves new export record in first quarter of 2024 totalling 10.48 billion euros

Aeronautics and olive oil are the main contributors to this growth in overseas sales in the region for January to March.

Andalucía registered a new all-time record for exports in the first quarter of 2024, reaching 10.48 billion euros thanks to a 1% year-on-year increase in overseas sales , making it the region that “contributes the most” to Spain’s export industry.

This increase in exports from Andalucía contrasts sharply with the 9% average drop in exports across Spain (93.43 billion euros). Andalucía has a surplus of 465 million euros giving a coverage rate of 105%, compared with a deficit of 8.105 billion euros for Spain as a whole, with a coverage rate of 92%, 13 points below the Andalusian rate. Imports to Andalucía totalled 10.02 billion euros, a decrease of 6.7% that is in line with the national average, which fell by 7.1% to 101.5 billion.

According to the regional Junta, “the main cause of Andalucía’s leadership in the export trade in Spain is the diversification of sectors that we export from, symbolised particularly by the aerospace sector and the olive oil industry that together account for almost one in five euros of Andalucía’s total global sales.”

Within the aeronautics sector sales of aircraft and aerospace vehicles registered between January and March 2024 were more than double (+127%) the exports achieved in the first quarter of 2023. Moreover, it is the fastest growing category among the top ten for exports (+126%), up to 818 million euros or 7.8% of total exports.

Together with the aeronautical sector, the olive oil industry is another key player in this boost in exports, achieving its best-ever record at 1.151 billion euros. This is due to a growth of 71%, which reinforces it as the product most exported from Andalucía, that is 11% of total exports according to the latest export statistics.

In the heavy industry sector, the growth in industrial machinery and boilers for manufacturing stands out with a 13% increase to 217 million euros. Similarly section 85 of this sector’s sub-categories, which includes all gas and electric equipment and materials, now at 409 million euros, 3.9% of total exports and an increase of 5.6%, moving it up from sixth place.

In the agri-food sector sales of animal and vegetable fats and oils rose by 1.31 billion euros, 12.6% of total exports and a 64% increase keeping them in third place, mostly due to olive oil accounting for 10.9% of the total. In fourth place all fruits registered 871 million euros in exports (8.3% of the total) with a growth of 5.5%.

Even so, the leading category for sales in this sector continues to be vegetables, with 1.55 billion euros (14.9%) despite a drop of 9.5% in the last quarter. The energy and industrial raw materials categories saw their export tally fall, influenced by the international situation for price fluctuations in these areas.

Fuels and mineral oils, while remaining in second place in the sales rankings with 1.54 billion euros (14.7% of the total), turnover fell by 4.4%. Similarly, copper and its alloy products, with 369 million euros (3.5% of the total), has gone down 18.8% from seventh place. Next are all metallic minerals and waste (8% of the sector) at 244 million (2.3% total exports) but 32% down. Finally, in tenth place, are the miscellaneous products from the chemical industries with 199 million euros (1.9%) – a fall of 48%.

Source: SUR in English, May 2024