The international industrial sector is urging caution in a global market where tightening margins press firms to balance growth with risk. In 2022, a mix of bright spots and shadows shaped the year, according to Amec, the industrial association. The year saw activity across 350 companies with an international footprint, and the association notes that its annual balance sheet reflected job creation despite a challenging environment. Amec predicts tougher times ahead for 2023, noting that 65 percent of industrial companies reported gross operating profit margins below 10 percent from their sales. Amec’s chief executive, Joan Tristany, emphasizes that such a low earnings ratio by activity is a warning sign for the sector, signaling that many firms face a complex financial landscape. International exporters aim for roughly 11 percent more sales in 2023, a target that is three percentage points lower than the prior year. Tristany calls this stance prudent.
Against this backdrop, Tristany argues that recent changes in the leadership of the Ministry of Industry could hinder a broader recovery. The timing mirrors an election year, which makes the prospect of a new industrial law unlikely in the near term and could delay fresh resources to spur activity until GDP growth climbs past a 20 percent threshold. Amec maintains its role as a forward-looking industrial voice that represents the sector in policy discussions. It notes that public perceptions of the industry have shifted toward viewing it as highly polluting, a narrative Tristany believes is mistaken. He stresses that most of the sector is sustainable and a strong creator of jobs.
A pressing concern is the uneven access to European funds and Next Generation programs. Amec reports that only about one third of member companies currently tap into these resources. Sixty percent did not receive any assistance, and seven percent could not identify the source of the funds they did obtain. The disparity appears most acute among mid-sized firms, which often require transformative projects that demand substantial planning and execution effort to qualify for public aid.
The cautious mood among companies is clear: nearly seven in ten are waiting to see how things unfold. Revenue trends have been slow to improve. The share of firms reporting higher turnover in 2022 is modest, and the current year shows only a slight uptick in this metric. Meanwhile, about 72 percent of companies intend to increase overseas sales, a pace that slows relative to last year’s momentum.
France, the United States, and Portugal are noted as important destinations in a broader export mix. In a market where EU and European sales soften, Amec member companies have turned to the United States, Canada, and Latin America as key growth engines. The United States is consistently identified as the most stable and attractive overseas market, with Turkey also gaining traction as a strategic gateway to other regions. Turkish operations are increasingly used to reach markets that are not easily accessible directly from Spain, with examples including North Africa and parts of the Middle East.
The biggest hurdles cited by firms as they expand internationally include rising costs for materials and components, market volatility, and uncertainty. In parallel, finding and retaining skilled personnel remains a shared challenge. Amec members allocate roughly 5.11 percent of turnover to research and development and product improvement, reflecting a persistent push to innovate to sustain competitiveness and enable growth abroad.