Recent developments in Spanish exports of non-travel services

Rationale 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. Takeaways •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

The international investment position od Spain in the first half of 2014

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Un análisis del destino geográfico de las exportaciones españolas de bienes a través de una ecuación de gravedad

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An analysis of the trade exposure of Spanish firms to the United Kingdom

Artículo de revistaThe trade exposure of Spanish firms to the United Kingdom is significant, albeit lower than that to the main euro area countries. In 2017 the growth in Spanish firms’ goods exports to the UK market that dated back to 2012 came to an end, against a background of sterling depreciation against the euro. The potential vulnerability of Spanish firms with a presence in the UK market to Brexit is somewhat limited by their distinctive characteristicsthese companies are on average larger, more productive and more geographically diversified than those that export to the main euro area countries. In any event, the ultimate impact of this process on Spanish firms with a presence in the United Kingdom or with the potential to gain access to this market will largely depend on the terms eventually established for trade relations between the United Kingdom and the European Unio

Foreign trade in non-tourism services in Spain

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The effect of tariffs on Spanish goods exports

En este artículo se lleva a cabo una estimación del efecto de los aranceles sobre las exportaciones de bienes españolas. El notable incremento del grado de apertura de la economía española ha aumentado su crecimiento potencial, aunque también supone una mayor exposición al giro proteccionista acaecido en los últimos años. Con la finalidad de evaluar la elasticidad de las exportaciones nominales ante variaciones arancelarias, se construye una base de datos anual con desagregación por productos a 6 dígitos que contiene información procedente de WITS sobre aranceles soportados por los productos españoles en cada país entre 1995-2019 y de exportaciones de bienes extracomunitarias publicadas por Eurostat. Los resultados muestran que un incremento de los aranceles afecta negativamente tanto a las posibilidades de exportación como, de manera persistente, a los valores exportados. De acuerdo con las estimaciones realizadas, un aumento del 1 % de los aranceles a la importación impuestos por otro país para un producto español implica una caída de la probabilidad de exportar a ese mercado de 0,08 puntos porcentuales y una reducción de las exportaciones nominales de alrededor del 1 %.This paper investigates the impact of trade protectionism in the form of tariff barriers on Spanish goods exports. The Spanish economy has signicantly increased its degree of openness, which improves potential economic growth, but also implies a higher exposure to the protectionist shift in the international environment observed in the last years. With the purpose of assessing exports sensitivity to tariff increases, we obtain a database combining annual tariffs applied to Spanish products over the years 1995-2019 from WITS and bilateral extra-EU Spanish goods exports from Eurostat, with a product disaggregation level at 6 digits. We estimate the effect of tariffs both on exporting probability (i.e. exports extensive margin) through a linear probability model and exports levels (i.e. exports intensive margin) through a gravity equation. The findings of this paper show that higher tariffs reduce exports levels through extensive an intensive margins. A 1% tariff increase reduces on average the probability of exporting to aspecic market by nearly 0.08 pp. and exported values by around 1%

Tariff protectionist measures and Spanish goods exports

Artículo de revistaThe rise in global protectionist tensions in recent years has, after decades of across-the-board declines, entailed increases in tariffs that are proving detrimental to international trade and thereby affecting the Spanish economy’s external sector outlook. This article estimates the effect of tariffs on Spanish non-energy, non-EU goods exports drawing on data broken down by country of destination and type of product. The results show that an increase in tariffs adversely impacts both export possibilities and, persistently, export values. On the estimates made, a 1% increase in import tariffs imposed by another country on a Spanish product entails a reduction in nominal exports of around 0.6%. Protectionist risks underscore the role of the EU in promoting international trade agreements, such as those recently entered into with Japan, Canada and Mercosur

Evolución reciente y perspectivas de la economía japonesa

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LA POLITICA MONETARIA EN JAPON: LECCIONES A EXTRAER EN LA COMPARACION CON LA DE LOS EEUU

Japan’s experience shows that very negative circumstances are required for a country to suffer from protracted deflation. The comparison of Japan’s developments in the last few years with those of the US points to large differences, which suggest that the risk of deflation in the US is low. However, the analysis of the deflation spiral in Japan could be useful to draw lessons for other countries. The first lesson to draw is that deflation is very costly and that it is difficult to anticipate. Authorities should, thus, react aggressively to avoid zero interest rates, since reaching the zero bound drastically reduces the effectiveness of monetary policy. Before reaching the zero-bound, it seems useful to adopt an inflation targeting regime, perhaps accompanied by an explicit compromise of maintaining interest rates at very low levels for a predetermined period. When zero bound is reached, the authorities still have policy instruments to fight against deflation, among them heterodox monetary measures, expansionary fiscal policy and/or substantial exchange rate depreciation. The case of Japan points to the large potential costs of these options, in terms of the central bank’s balance sheet, the sustainability of the fiscal accounts and, potentially, the stability of the international monetary system. However, Japan’s protracted stagnation and deflation is bound to be more costly.Japón, EEUU, política monetaria, deflación

The internationalisation of Spanish SMEs : main developments and their determinants

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