Page 59 - Economic report 2020

Chart 7.7
ANDORRAN EXPORTS TO ASIA - Thousands of euros

United Arab Emirates Hong Kong China Rest of Asia

Source: Department of Tax and Frontiers.

value in the historical series. Exports to France, Exports to Spain increased 279%,
on the other hand, grew more modestly, by while those to France grew 5.1%.
5.1%, so this country’s percentage shrank from
14.5% to 5.8%. Together, these two countries
on the borders of Andorra represent 82.6% of exports but the balance between the two main
partners tipped towards Spain in 2022; accordingly, the gap with Spain has widened, contrasting
with the similar values held by the two countries in the early nineties.
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Exports to Andorra’s three next most important partners in the EU-27 (Germany, the Netherlands
and Italy) also saw varying behaviour. Germany saw an increase of 94.8% putting its percentage at
1.5%, and overtook the Netherlands, which saw a major decline (-30.6%) that made it the fourth
country within the EU with 0.7% of the total. Finally, Italy, with an 11.7% increase, saw its share
fall to 0.5%.

Inside the European continent but outside the European Union is notably the United Kingdom (an
increase of 42.9% in 2022), holding third place in the global exports ranks for Andorra, after Spain
and France, with 3.1% of the total. For their part, exports to Norway rose 35.8% but its share fell
to 1.2%. The percentages of the other European countries are less than 1% so their contribution
is insignificant.

Exports to Asia grew 104% Outside the European continent, the increase in
and to America 80%. exports to the Asian continent is notable, rising
104% and putting this market at 1.9% of total
foreign sales. In this case, the positive trend can
basically be explained by the increase in sales to China (+244%), Hong Kong (+80%) and the
United Arab Emirates (+106%). These three countries are the most important within the Asian
continent for Andorran exports, as they jointly account for 1.4% of the total. Andorran economy: general developments | VII. Foreign sector

The American continent also saw an increase in Andorran sales (80%). This can mainly be explained
by the positive contribution of sales to the USA, which grew 68.4% and represent 2.1% of total
foreign sales.

Lastly, note the decline in exports to Africa (-32.4%) after two years of strong growth, resulting in
their share of the total falling from 2.4% to 0.6%.