Recent developments in goods imports in light of certain determinants

10 Pages Posted: 31 May 2023

Date Written: May 26, 2023

Abstract

Rationale
Spanish goods imports grew in 2022 above what could be expected based on their traditional determinants (final demand and price competitiveness). It is therefore worth studying which additional elements underpinned purchases abroad.
Takeaways
•Energy market tensions caused by the Russian invasion of Ukraine boosted energy imports, due to stockpiling strategies against possible supply problems and for re-export to other EU countries.
•Imports of goods with energy-intensive productive processes appear to have benefited from the loss of competitiveness of domestic production resulting from higher energy commodity prices.
•The strong import growth also seems to have stemmed from the shift in industrial production towards sectors with a higher import content, the demand for which would have increased due to changes in habits in the wake of the pandemic (e.g. pharmaceuticals, IT and telecommunications) and the recovery in mobility (e.g. textiles).

Keywords: Imports, energy crisis, import penetration

JEL Classification: F10, F14

Suggested Citation

García, Coral and Gómez-Loscos, Ana and Machuca, César Martín, Recent developments in goods imports in light of certain determinants (May 26, 2023). Banco de Espana Article 03 ECONOMIC BULLETIN 2023/Q2, Available at SSRN: https://ssrn.com/abstract=4460125

Coral García (Contact Author)

Banco de España ( email )

Alcala, 48
Madrid, Madrid 28014
Spain
+34 91 338 50 00 (Phone)

HOME PAGE: http://www.bde.es/

Ana Gómez-Loscos

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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