An Analysis of the Trade Exposure of Spanish Firms to the United Kingdom

8 Pages Posted: 26 Jul 2018

Date Written: May 17, 2018

Abstract

The trade exposure of Spanish firms to the United Kingdom is significant, albeit lower than that to the main euro area countries. In 2017 the growth in Spanish firms’ goods exports to the UK market that dated back to 2012 came to an end, against a background of sterling depreciation against the euro. The potential vulnerability of Spanish firms with a presence in the UK market to Brexit is somewhat limited by their distinctive characteristics; these companies are on average larger, more productive and more geographically diversified than those that export to the main euro area countries. In any event, the ultimate impact of this process on Spanish firms with a presence in the United Kingdom or with the potential to gain access to this market will largely depend on the terms eventually established for trade relations between the United Kingdom and the European Union.

Suggested Citation

Gutiérrez Chacón, Eduardo and Machuca, César Martín, An Analysis of the Trade Exposure of Spanish Firms to the United Kingdom (May 17, 2018). Banco de Espana Article 8/18. Available at SSRN: https://ssrn.com/abstract=3220297

Eduardo Gutiérrez Chacón (Contact Author)

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

César Martín Machuca

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

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