Spain plays a prominent role in the new wave of globalisation, with the country taking the sixteenth position in the export of digital services. This rise in international trade is fuelled by lower labour costs than those in the EU and the US.
Although it is still early to speak of a structural change in the production model. While global trade in goods fell by 5% in 2023, trade in services grew by 9% compared to the previous year. This is evident from data from the World Trade Organisation (WTO). This growth is expected to continue into 2024, especially in digital services. They have increased exponentially in value over the past two decades.
Spain as an exporter of digital services
Spain is at the forefront of this trend. In 2023, the country took the sixteenth position in global exports of digital services. Spain captured a market share of 1.6%. This growth, with an annual increase of 18.6%, places Spain behind Denmark (29.4%) and Poland (19.8%) as among the most important exporters.
Stimulus for economy
Exports of non-tourist services now represent 8.8% of Spain’s GDP. This includes business, information technology and financial services. That is more than tourism (5.7%). This demonstrates the increasing economic value of digital services.
Regional impact
Major cities such as Barcelona, Madrid and Málaga are the “big winners” in this emerging sector. The increase in digital service providers there is due to the relocation of companies from central and northern Europe and the UK after Brexit.
Although this growing export sector is promising for the Spanish economy, experts warn that it is still too early to confirm a structural change in the production model. However, the benefits of lower labour costs and greater market access make Spain an attractive destination for digital services. These also contribute to the country’s positive trade balance.
