Page 57 - Economic report 2020

Imports from Spain grow 36% In 2022, the trend in imports from all continents
and from France 43%. was very positive, but especially notable was
the increase in purchases from Asia (+49.4%) –
driven by the increase in imports from China
(+47%) – which now represent 5.6% of the total. Imports from America, which only represent
1.2% of the total, saw lower but also notable relative growth (+25.7%), due partly to slower growth
in purchases from the USA (+17.8%). Finally, imports from Africa rose almost 30%, although they
only represent 0.2% of the total.

Within the European Union, purchases from Spain – Andorra’s main supplier – grew 35.5%,
causing the neighbouring country’s percentage of total purchases to rise eight tenths to 65.8%.
This percentage is the highest in the historical series if we ignore the atypical value in 2020.

The trend in imports from France was even more positive than from Spain, with an increase of
42.8%. Consequently, their percentage of the total rose by seven tenths to 11.4%, although this
figure is still lower than before the pandemic and especially from what they represented in the 1990s
(30%). Nevertheless, France is still the second largest supplier to Andorra, well above the next,
Germany and Italy, which represent 5% and 2.8%, respectively, but which saw opposite behaviour
in 2022 – whereas imports from Germany increased 22.9%, those from Italy shrank 1.7%. Due to
this trend, Italy lost fourth place in the ranks to China. Note that, overall, Spain was the country
that made the most positive contribution to the variation in imports in 2022 (23.1 points of
the total variation of 34 percentage points), well ahead of the second, France, with a positive
contribution of 4.6 points.

Regarding countries outside the EU-27 but inside Europe, the United Kingdom and Switzerland 55
stand out. Imports from the United Kingdom saw a decline of 8%, reducing their percentage
of the total from 1.8% to 1.3%. (Remember that the United Kingdom left the EU and this

Table 7.1
FOREIGN TRADE BY GEOGRAPHICAL AREAS

IMPORTS EXPORTS
M euros % variation % total M euros % variation % total
2022 2022/2021 2022 2022 2022/2021 2022
Spain 1,166.0 35.5 65.8 282.2 278.9 76.8
France 201.9 42.8 11.4 21.4 5.1 5.8
Germany 88.1 22.9 5.0 5.4 94.8 1.5
Italy 49.9 -1.7 2.8 1.7 11.7 0.5
Netherlands 13.4 25.4 0.8 2.4 -30.6 0.7
Portugal 14.2 38.4 0.8 0.2 21.9 0.1
EU-27 1,581.8 34.5 89.2 321.0 200.3 87.3
United Kingdom 22.4 -8.0 1.3 11.3 42.9 3.1
Switzerland 24.5 11.5 1.4 0.4 -54.6 0.1
Europe 1,638.8 33.3 92.4 337.4 179.7 91.8
USA 14.3 17.8 0.8 7.6 68.4 2.1
America 22.1 25.7 1.2 11.2 80.0 3.0 Andorran economy: general developments | VII. Foreign sector
China 52.8 47.0 3.0 0.9 243.7 0.3
Vietnam 7.4 34.6 0.4 0.0 6,841.3 0.0
Asia 99.0 49.4 5.6 6.9 103.8 1.9
World total 1,773.1 34.0 100 367.5 160.9 100

Source: Department of Tax and Frontiers.