Page 60 - Economic report 2020

In summary, Andorran exports in 2022 were greatly affected by the atypical data in foreign sales
of works of art and antiques, which contributed to an extraordinary rise in exports to Spain and,
in general, to the European continent. Also notable was the strong growth in sales to the Asian
market, especially to the three countries with which it trades most. Note that exports benefitted
from the post-pandemic global recovery and also euro depreciation in the case of exports outside
the European continent, such as the USA, the United Kingdom and China.

3. Sectoral composition of foreign trade

3.1. Imports

In 2022, all sectoral branches made a positive ANDORRA’S MAIN IMPORT SECTORS.
contribution to the trend in imports. Among 2022 - Interannual variation rate (%) Chart 7.8
the most notable were mineral products (+8.1
points), machinery and electrical equipment
(+5.2 points), food, beverages and tobacco
(+4.8 points) and chemical products (+2.3
points). The other branches made positive
contributions of two points or less.

Imports of food, beverages and tobacco
increased 34.4%, due to the recovery in
private consumption, and are now the
58 most important group.

More detailed analysis shows that in 2022, Source: Department of Tax and Frontiers.
imports of food, beverages and tobacco – the
most significant group – increased 34.4%.
Consequently, its share of the total remained at Imports of transport material, mineral
13.9% and it went from being the second most products and machinery and electrical
important group to first in the sectoral ranks.
The most notable chapter within this section is equipment are almost equal, with a
beverages, alcoholic liquids and vinegars, with relative weight of around 12%.
5.4% of total imports, which saw an increase of
Andorran economy: general developments | VII. Foreign sector
36.2% against the previous year. The second most important chapter is tobacco, with 2% of the
total, which saw a rise of 52.4%, notably greater than for imports as a whole.

The second most important group in the imports ranks is transport material, which saw an increase
of only 4.8% in 2022. Consequently, its share of total foreign purchases shrank from 16.4% to
12.9%. The explanation for this trend can be found mostly in the moderate increase in imports in
the chapter of motor vehicles, tractors, motorcycles and bicycles (+4.7%) which benefitted less
this year than last year from the increase in vehicle registrations.

Next, there are two branches with almost equal percentages to transport material – mineral
products and machinery and electrical equipment, with 12.6% and 12.4%, respectively. Imports
of mineral products saw an extraordinary increase of 92.1%, and machinery and electrical
equipment by 45.4%. The behaviour of the latter segment can be explained by strong growth in
both purchases of electrical machinery and equipment (+44.1%) and mechanical apparatus (+47%).
For its part, the major increase in purchases of mineral products is due to an increase in the entry
for fuels (which doubled between 2021 and 2022) due to a steep rise in oil prices.