State of trade relations between Ireland and Spain

State of trade relations between Ireland and Spain

Trade relations between Ireland and Spain

Ireland and Spain have historic bilateral relations since Ireland was consolidated as an independent republic of the United Kingdom in 1922. Spain currently has an Embassy in Dublin as well as various public and private organizations that provide their services to facilitate business relations and business between both countries. Ireland has an Embassy in Madrid, a Consulate General in Barcelona, ​​and has other consulates in cities such as Malaga, Palma de Mallorca, Alicante or Seville.

The bilateral relations between Ireland and Spain are regulated within the framework of the European Union. According to data from ICEX (Network of Economic and Commercial Offices of Spain Abroad) in 2018 Spanish exports to Ireland amounted to more than 1,600 million euros increasing by around 6% compared to 2017 and imports from Spain from Ireland reached €2,800 million. At the end of 2018 the balance of trade relations between Ireland and Spain reflected a balance of close to 1,200 million euros in favor of Ireland.

In recent years exports from Spain to Ireland have increased by 46% a fact that undoubtedly reflects the importance of trade relations between both countries. In the ranking of destination countries of Spanish exports Ireland currently ranks 32nd and 26th as a supplier and Spain ranks 11th as an exporter for Ireland and 9th as a supplier.

What are the main products exported from Spain to Ireland and vice versa?

The most relevant Spanish sectors for the Irish market are the following:

  • Pharmaceutical products
  • Cars
  • Organic chemicals
  • Smelting and iron and steel
  • Fuels
  • Machines and mechanical devices
  • Non-knit garments
  • Legumes and vegetables
  • Fruits
  • Plastics

Spain mainly imports the following products from Ireland:

  • Pharmaceutical products
  • Electric appliances
  • Essential oils and perfumery
  • Chemical products
  • Machines and mechanical devices
  • Organic chemicals
  • Optical and measuring devices
  • Fish
  • Meats
  • Various food preparations

Despite the existence of external issues related to the environment of the European Union such as the worrying state of Brexit, trade protectionism or the slowdown in global economic growth, both Ireland and Spain are currently growing and expansion thanks to its promising economies.

The logistics sector plays a fundamental role so that both imports and exports are fruitful and that all types of goods reach their destination quickly, safely and efficiently. In Hyland, we are proud to play an important part in this role.