During the second quarter 2023 the billing of a Spanish automotive equipment and components had an inter-annual +7.6% increase reaching €8,049 million. In current sector’s yearly figures, foreign demand contribution is key, becoming a motor of the industry’s growth and strengthening which is largely based on exports.
Between May and August, influence of Spanish sales of automotive suppliers to European Union (UE27) markets -its main commercial partner- increased two points reaching 67.1% (on the global export quarterly figures). Improvement of communitarian partners’ demand is steady which has contributed positively to billing with an +11.4% inter-annual growth reaching €5,400 million.
Breaking down EU countries, our main commercial partners behavior is outstanding, Billing in inter-annual terms has kept it dynamism.
Outside the EU, the UK is the main destination in comparison to other extra communitarian markets’ exports with a +13.9% billing increase compared with the same period in 2022 with €431 million.
In the period, dynamic exports to Morocco -our second extra communitarian client- can be highlighted, with +24% inter-annual increase reaching €389 million. At contrary, exports to the United States market had a -41% decrease with €323 million billing.
It can be also noticed an improvement in Turkish exports which shows a +56% inter-annual rate with a quarterly billing of €198 million to such market.
Other relevant markets for Spanish exports are Mexico (+6.9% inter-annual), China (-9.3% inter-annual), South Africa (+35% inter-annual) or Japan (+28,1% inter-annual). Heterogeneity can be seen according to each geographic area. It is more noticeable the decrease of demand from China which shows an economy slowdown in the second quarter this year.
If you want to learn more about how our exports of Spanish automotive equipment and components are gpoing, visit our blog.
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