In Spain, the pharmaceutical sector quietly surged ahead after the disruptions of the global pandemic, showing resilience and a capacity to repurpose value across markets. At the same time, the automobile industry, long the locomotive of Spanish exports, faced a slowdown driven by slower electrification adoption, shifts in international demand, and tighter sales. A detailed BBVA Research report highlights a decisive shift: drug exports rose sharply, surpassing motor vehicles in value. Exports reached about 13,000 million euros in 2019, rising to more than 25,000 million euros in 2022, increasing from 5.1% to 9.6% of the total export mix. Other sectors following a similar arc include medicine and dental instruments and materials, while cleaning materials grew by about 10 percent, now nearing 1% of total exports and showing a broader 20 percent improvement over four years online. These figures come from a BBVA Research assessment of sector performance and trade patterns.
BBVA Research also notes a broader trend of greater outsourcing within the Spanish economy and situates Spain’s export trajectory within the wider European context. Between 2019 and 2022, the value of goods sold abroad grew at a rate comparable to the European average, while services exports showed a more pronounced rise for Spain, underscoring a structural pivot toward knowledge-intensive offerings. This shift aligns with a Europe-wide pattern where services exports expanded markedly faster than goods exports over the period.
What has driven Spain’s pharmaceutical advantage is the sector’s rapid adaptation to pandemic-related changes. Pharmaceutical specialties increased their share of pre-pandemic merchandise exports from about 5 percent to roughly 9.5 percent by 2022. In contrast, foreign sales in the automotive sector contracted by approximately one-fifth, highlighting the need for new incentives to sustain growth beyond traditional internal combustion models and to accelerate the transition to electric platforms.
Value added
The pharmaceutical industry has emerged as one of the most valuable sectors in Europe, characterized by high added value and significant investment in research. Spain’s investment in research and development reaches into the tens of billions of euros, supporting a large direct employment footprint. Industry data indicate substantial output and robust export performance, with pharmaceutical activities contributing a meaningful portion to the national trade balance and to EU-wide industrial momentum.
Domestic consumption remains a central pillar of Spain’s economic model, complemented by robust export activity. The current mix has helped lift the export share of GDP from earlier levels toward new highs, reinforcing the country’s ability to leverage competitive strengths in science, manufacturing, and supply chains. The BBVA Research assessment highlights the differential between the export growth of services and goods, noting a stronger expansion in services while goods growth lagged slightly in real terms. Overall, the long-term pattern points to a diversified export structure that supports sustainable growth and resilience in both pharmaceutical and automotive sectors, with ongoing emphasis on innovation, productivity, and market diversification.