Exporting companies are riding a surge of demand and rising expectations, yet they face greater uncertainty on the horizon. Geopolitics has always influenced the economy, and today it plays a central role in business decisions. Joan Tristany, chief executive of the Internationalized Industrial Companies Association (amec), notes that the latest foreign trade report shows Spain exporting 389,208.9 million euros, up 22.9% from the previous year. Exports have reached new highs once again, underscoring their essential contribution to Spain’s broader economic resilience despite stubborn inflation. Across the euro area, growth remains strong at 21.0%, with other major exporting nations such as Germany (14.1%), France (19.1%), and Italy (19.9%) posting solid gains. When unit value effects are stripped away, exports rise by about 18.3%; after adjusting for inflation, the annual increase stands at roughly 3.9%.
However, in the face of rising prices and a highly uncertain environment, Spanish industrial firms continue to push exports higher. Tristany highlights that inflation—still above pre pandemic levels—persists, yet appears to have reached a ceiling. Although price levels are unlikely to revert to their earlier norms, the economy continues to expand.
Non-energy exports grow by 2.7% in volume, following an 11.6% surge the previous year as a post-pandemic rebound. In 2022, no sector showed a negative trend, a sign of resilience that fuels cautious optimism for the year ahead.
Despite this measured optimism, Tristany cautions that trends must be anticipated and geopolitical tensions tracked so managers can steer decisions before problems escalate. Amec’s mission remains clear: support partners, reduce alarm, and limit harm, helping businesses navigate a complex global landscape.
Predicting the Russia and Algeria developments
Tristani illustrates the value of foresight for firms, emphasizing the need to foresee shifts and adapt swiftly. Russia, once a strong target market, saw a drastic change after the conflict began, with exports dropping by 42% by the end of 2022. Algeria imposed a 45.9% reduction in trade with Spain in June amid the Western Sahara dispute. Amec partners had access to timely information that enabled them to forecast these moves.
The current export map shows ongoing guidelines and a continued EU influence as the main destination, reaching 62.8% of total exports with a small uptick. China, which started the year with steep declines, recovered gradually after easing COVID-19 controls and closed the year with a modest 7.5% drop. Amec’s Market Ranking, released in December 2021 and guiding 2022 expectations, highlighted the United States as the most dependable market—experiencing about 28.1% growth in exports—validating its role as a reliable trading partner.
Countries that faced longer trade interruptions due to the pandemic, such as Brazil, Mexico and India, showed substantial recovery in 2022. Morocco and Portugal continued to grow steadily as part of this broader upward trend. Internationalized industrial groups like Amec reinforce their role as education and development hubs for internationalization, promoting it as a key driver of growth for companies seeking global reach.