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Recent developments in goods imports in light of certain determinants

Author

Listed:
  • Coral García Esteban

    (Banco de España)

  • Ana Gómez Loscos

    (Banco de España)

  • César Martín Machuca

    (Banco de España)

Abstract

Rationale Spanish goods imports grew in 2022 above what could be expected based on their traditional determinants (final demand and price competitiveness). It is therefore worth studying which additional elements underpinned purchases abroad. Takeaways •Energy market tensions caused by the Russian invasion of Ukraine boosted energy imports, due to stockpiling strategies against possible supply problems and for re-export to other EU countries. •Imports of goods with energy-intensive productive processes appear to have benefited from the loss of competitiveness of domestic production resulting from higher energy commodity prices. •The strong import growth also seems to have stemmed from the shift in industrial production towards sectors with a higher import content, the demand for which would have increased due to changes in habits in the wake of the pandemic (e.g. pharmaceuticals, IT and telecommunications) and the recovery in mobility (e.g. textiles).

Suggested Citation

  • Coral García Esteban & Ana Gómez Loscos & César Martín Machuca, 2023. "Recent developments in goods imports in light of certain determinants," Economic Bulletin, Banco de España, issue 2023/Q2.
    • Handle: RePEc:bde:journl:y:2023:i:02:n:03
    DOI: https://doi.org/10.53479/30069
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    More about this item

    Keywords

    Imports; energy crisis; import penetration;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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