The Treasurer’s Guide to Trade Finance

Spain

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 1,478 bn Goods Exports 304

GDP per capita (USD) 31,804 Imports 360

GDP volume growth (year-on-year) + 0.7% Net – 55

Population 46.46m Services Exports 143

MMR (year average) 1.02% Imports 95

Exchange rate EUR / USD (year average) 0.7194 Net + 48

BoP (goods, services & income) as % of GDP – 3.0% Source: IFS, IMF, January 2013

International/Regional memberships

European Union (EU): since 1 January 1986.
Spain is also a member of the European
Economic Area (EEA).

International Monetary Fund (IMF):
since 15 September 1958.

World Trade Organization (WTO):
since 1 January 1995.

Government trade policy

ƒ Spain implements the EU’s trade regulations,
commercial policies and customs code
(ec.europa.eu/trade).

ƒ Spain trades freely with its fellow EEA
member states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ National export credit insurance provider:

The Spanish Export Credit Insurance

Company (Compañia Española de Seguros

de Crédito a la Exportación — CESCE,

http://www.cesce.es).

ƒ The EU maintains 74 free trade zones, four

of which are located in Spain: Barcelona,

Cádiz, Vigo and Las Palmas de Gran

Canaria.

Currency and exchange controls

Official currency: Euro (EUR).

Exchange rate arrangement: free floating.

Spain does not impose foreign exchange
controls.

ƒ Individuals importing or exporting the
equivalent of EUR 10,000 or more in
domestic or foreign currency from or to a
country outside the EU are required to notify
the relevant customs authorities.

ƒ Financial credits over EUR 3 million involving
a non-resident counterparty are required to
be reported to Banco de España
(www.bde.es).

Bank accounts

Permission to hold currency accounts

Within

Spain

Outside

Spain

EURForeign currency EURForeign currency

Resident

company ✔ ✔ ✔* ✔*

Non-resident

company ✔ ✔ ✔ N/A

* Residents are required to notify the Banco de España when

opening or closing foreign currency accounts held outside

Spain.