Some Explanatory Factors of the Recent Behaviour of Goods Exports

11 Pages Posted: 8 Sep 2023

Date Written: August 8, 2023

Abstract

Rationale:

The nature and severity of the shocks to the global economy over the last three years have profoundly affected trade. This article assesses the effects on Spain’s goods exports and reflects on their possible persistence going forward.

Takeaways:

•The increase in energy commodity prices against the backdrop of the war in Ukraine has eroded the competitiveness of the most energy-intensive manufacturing sectors, affecting producers from the euro area (including Spain) more than elsewhere.
•The adverse repercussions of the energy crisis have been partially mitigated thanks to Spain’s comparative advantages in energy product re-exports to the EU countries that rely heavily on Russia.
•Global supply disruptions have had a particularly severe impact on car exports, which have also been affected by the technological and regulatory changes under way in the sector.

Keywords: Exports, price competitiveness, energy crisis, world trade

JEL Classification: F10, F14

Suggested Citation

García, Coral and Gómez-Loscos, Ana and Machuca, César Martín, Some Explanatory Factors of the Recent Behaviour of Goods Exports (August 8, 2023). Banco de Espana Article 10 ECONOMIC BULLETIN 2023/Q3, Available at SSRN: https://ssrn.com/abstract=4560801

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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