Sales to foreign countries have hit an all-time high, hitting 4% and showing that next to tourism exports are the main motor driving the Spanish economy. The Spanish trade deficit dropped to 5.2% thanks to sales to other European countries and Asia. Japan, South Korea and China have become major buyers.
Last year, Spain sold more goods to foreign countries than Germany, France and the UK. This figure underscores how important Spanish economies are to the European economy and that they have relied on exports to endure a tough economic crisis.
Sales are increasing because quality is better. But slashed salaries are another factor, because companies can afford to charge more competitive prices for their goods. The salary cuts stem from extensive labor reforms conducted by the private sector.
