Spain and the United States - Real Instituto Elcano

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SPAIN AND THE UNITED STATES
Exhibit 4.1 Spain’s Exports by Geographic Area (%)*
European Union takes close to three-quarters of Spain’s total exports, and in
the rest of the world the United States accounts for around one in every six
euros of export revenue. In terms of total trade (exports and imports), the
United States is Spain’s seventh-largest trade partner (see Exhibit 4.3).
Spain runs a trade deficit with the United States, according to Spanish
figures (see Exhibit 4.4). 2 Although the volume of exports is small, the
Exhibit 4.2 US Market Share of Exporting Countries (%)*
2. According to the figures of the US Census Bureau, the United States has recorded a trade surplus with
Spain since 2001. The difference between the US and Spanish figures is quite significant. For example, according
to Spanish data, in 2004 Spain registered a trade deficit of 1.66 billion with the United States. However, instead
of a surplus, as one would expect, the United States also recorded a deficit ($835 million or 695 million on the
basis of that year’s average exchange rate). The differences in the figures are largely in US exports to Spain that
enter via another country and not directly. They therefore appear as imports in Spain’s figures but not as exports
to Spain in US figures.