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The percentage of exporting firms in Spain has doubled since 2009, but just five firms account for 10% of all Spanish goods sold abroad

Exports have played a key role in helping Spain see its way out of the recession. The weight of exports in GDP has increased by 8.8 percentage points since 2009, reaching 23.6% in 2018, mainly due to an increase in the number of exporting firms, from 3.2% in 2009 to 6.1% in 2018. However, the percentage of Spanish companies that export on a regular basis is very small and exports are highly concentrated in only a few firms: just five firms generate 9.9% of exports, while the largest 500 firms are responsible for 58% of exports. Significant regional differences in exports as a share of GDP also exist, from a high of 44.5% in Navarre to a low of 6.1% in the Balearic Islands. The regions with the most exporting firms are the Basque Country and Madrid, at over 10%, whereas only five firms sell over half of their production abroad in the Balearic Islands, Canary Islands, Asturias and Castilla y León. Given Spain’s high net external debt, Spanish companies need to become more international and export more.