🇪🇸 Trade and Investment
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Trade and Investment 🇪🇸
Three hundred years ago, Madrid was the capital of a global empire upon which the sun famously never set.
The Spanish Empire, spanning over 13M square kilometers at its greatest territorial extent at the turn of the nineteenth century, ruled over most of the Western Hemisphere and is responsible for the eventual linguistic dominance of castellano in the New World.
But since decolonization and the rise of major emerging economies across Latin America, Spain’s relationship with its former territorial holdings has changed. There have been highs, such as Mexico receiving around 50K refugees during the Spanish Civil War, as well as lows such as the 2007 verbal spat between King Juan Carlos I of Spain and Hugo Chávez.
Even just a few months ago saw a breakdown in relations between the current Argentinian and Spanish governments over personal insults. Clearly, ties are more complicated today than they were a few decades ago.
Visualizing Spain's trade with LatAm
But while politics may leave much to be desired, economic relations are solid, driven by a 22B-euro trade volume.
Imports and exports between Iberia and Latin America are both robust, though of course different goods are often being shipped each way. For example, Spain primarily imports fish and seafood from Argentina, Ecuador, and Nicaragua, while exporting substantial machinery and mechanical appliances to these same countries (and many of their neighbors).
Meanwhile, fuels and mineral oils dominate the exports of Latin America’s three largest countries – Brazil, Colombia, and Mexico – to Spain, reflecting the role played by the region in the Spanish energy matrix.
But while trade is important, it only tells half the story. Foreign direct investment (FDI) is where Spain truly shines and where the Iberian country serves as a doorway between Europe and Latin America.
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