Recent Developments in Spanish Exports of Non-Travel Services

12 Pages Posted: 25 Aug 2023

Date Written: July 21, 2023


The strong growth in exports of non-travel services following the pandemic has contributed significantly to Spain’s economic recovery. It is therefore useful to analyse recent developments in these exports.

• The cumulative growth of real exports of non-travel services between 2020 and 2022 amounted to
practically 50%. In 2022, they thus stood almost 20% above their 2019 level, a significantly larger gap than for other final demand components.

• The recovery in non-travel services exports following the pandemic has boosted this item’s sustained growth of recent decades and has been mainly underpinned by exports of business, transport and IT services, especially to the euro area and North America.

• The competitiveness of large Spanish exporting firms, which generally form part of corporate groups, might explain, at least in part, the robust growth in non-travel services exports after the pandemic.

Keywords: non-travel services, world trade, multinational enterprises

JEL Classification: F10, F14, F23, L80

Suggested Citation

Machuca, César Martín and García, Coral, Recent Developments in Spanish Exports of Non-Travel Services (July 21, 2023). Banco de Espana Article 5 ECONOMIC BULLETIN 2023/Q3, Available at SSRN:

César Martín Machuca (Contact Author)

Banco de España ( email )

Alcala 50
Madrid 28014

Coral García

Banco de España ( email )

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


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