Balearic Islands | The Observatory of Economic Complexity

Balearic Islands

Autonomous Community in Spain

2023
Economic
Complexity -0.26Rank 14 of 18

Jan 2024
Trade
Exports | Imports €162M | €134M18 of 19 | 17 of 19

Jan 2024
Country
Destination | Origin Netherlands | Rest of the world €40.8M | €49.9M

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Latest Trends
Historical Data
Economic Complexity

About

Overview This page contains the latest international trade data for Balearic Islands. In January 2024 Balearic Islands was the number 15 in total exports and the number 16 in total imports in Spain.

Exports In 2023, Spain's Balearic Islands exported €2.6B, making it the 15th largest exporter out of the 18 exporters in Spain. In 2023 the top exports of Balearic Islands were Light petroleum distillates nes (€537M), Ethylene polymers and ethylene-alpha-olefin copolymers (€347M), Aromatic hydrocarbon mixtures from coal tar,... (€231M), Commodities not specified according to kind (€135M), and Propene (propylene) (€106M).

Imports In 2023, Spain's Balearic Islands imported €2.26B, making it the 16th largest importer out of the 18 importers in Spain. In 2023 top imports of Balearic Islands were Light petroleum distillates nes (€225M), Fixed wing aircraft, unladen weight >... (€185M), Petroleum spirit for motor vehicles (€150M), Methyloxirane (propylene oxide) (€51.1M), and Medium-sized motorboats >7.5m ≤24m, pleasure (non-outboard/inflatable) (€46.8M).

Economic Complexity In 2023, the highest complexity exports of Balearic Islands according to the product complexity index (PCI) are Antiques (N/A), Valves (1.49), Other Nitrogen Compounds (1.38), Iron Pipe Fittings (1.21), Nitrogen Heterocyclic Compounds (0.85), Polyacetals (0.8), Carboxylic Acids (0.76), Pig Meat (0.66), Low-voltage Protection Equipment (0.62), and Electrical Control Boards (0.59). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Latest Trends

January, 2024

About

Overview In January 2024 Balearic Islands exported €162M and imported €134M, resulting in a positive trade balance of €28.2M. Between January 2023 and January 2024 the exports of Balearic Islands have decreased by $-148M (-47.8%) from €310M to €162M, while imports increased by €5.94M (4.65%) from €128M to €134M.

Trade In January 2024, the top exports of Balearic Islands were Coal Tar Oil (€36.9M), Ethylene Polymers (€30.4M), Acyclic Hydrocarbons (€12.5M), Refined Petroleum (€10.7M), and Passenger and Cargo Ships (€7.1M). In January 2024 the top imports of Balearic Islands were Refined Petroleum (€48.1M), Acyclic Hydrocarbons (€8.29M), Epoxides (€5.98M), Ethylene Polymers (€3.85M), and Polyacetals (€2.03M).

Destinations In January 2024, Balearic Islands exported mostly to Netherlands (€40.8M), Germany (€24.4M), France (€15.5M), Rest of the world (€13M), and Italy (€12.5M), and imported mostly from Rest of the world (€49.9M), Netherlands (€17.3M), Germany (€14.7M), Italy (€7.84M), and France (€7.2M).

Growth In January 2024, the decrease in Balearic Islands's year-by-year exports was explained primarily by an decrease in exports to Germany (€-12.8M or -32.1%), Belgium (€-9.45M or -53.1%), and Algeria (€-2.13M or -97.5%), and product exports decrease in Commodities not elsewhere specified (€-27M or -92.3%), Cars (€-2.85M or -48.7%), and Ethylene Polymers (€-2.57M or -5.5%). In January 2024, the increase in Balearic Islands's year-by-year imports was explained primarily by an increase in imports from Netherlands (€11.6M or 95.4%), United States (€4.3M or 106%), and Germany (€3.12M or 14.1%), and product imports increase in Refined Petroleum (€10.9M or 48.5%), Textile Footwear (€1.3M or 419%), and Aircraft parts including unmanned craft (€1.23M or 178%).

Latest Data

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

Product

EXPORT GROWTH (January 2023 - January 2024)€-148M(-47.8%)

IMPORT GROWTH (January 2023 - January 2024)€5.94M(4.65%)

This section shows exports and imports data at subnational level for Balearic Islands. Click any date in the line plot, any subnational region in the geomap, or any product, destination or origin country to explore the exports or imports behavior of Balearic Islands over time.

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Historical Data

Yearly Exports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Destination (2023)Rest of the world€704M

Top Product (2023)Light petroleum distillates nes€537M

In 2023 the top export destinations of Balearic Islands were Rest of the world (€704M), Netherlands (€279M), Germany (€273M), France (€249M), and Italy (€190M).

In 2023 the top exports of Balearic Islands were Light petroleum distillates nes (€537M), Ethylene polymers and ethylene-alpha-olefin copolymers (€347M), Aromatic hydrocarbon mixtures from coal tar,... (€231M), Commodities not specified according to kind (€135M), and Propene (propylene) (€106M).

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Exports Dynamics

Starting Date

Ending Date

Fastest Growing Exports Destination (Jan 2023 - Jan 2024)

Saudi Arabia €7.1M (1.02M%)

Netherlands €3.69M (9.93%)

Algeria €3.24M (5.84k%)

Rapidly Declining Export Origins (Jan 2023 - Jan 2024)

France -€14.7M (-48.7%)

Italy -€3.96M (-24.1%)

Belgium -€3.54M (-42.5%)

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Yearly Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Origin (2023)Italy€269M

Top Import (2023)Light petroleum distillates nes€225M

In 2023 the top import origins of Balearic Islands were Italy (€269M), United States (€236M), Germany (€207M), France (€201M), and Netherlands (€187M).

In 2023 the top imports of Balearic Islands were Light petroleum distillates nes (€225M), Fixed wing aircraft, unladen weight >... (€185M), Petroleum spirit for motor vehicles (€150M), Methyloxirane (propylene oxide) (€51.1M), and Medium-sized motorboats >7.5m ≤24m, pleasure (non-outboard/inflatable) (€46.8M).

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Imports Dynamics

Starting Date

Ending Date

Fastest Growing Import Origins (Jan 2023 - Jan 2024)

France €1.05M (17.1%)

South Africa €934k (15.1k%)

Slovenia €768k (1.12k%)

Rapidly Declining Import Origins (Jan 2023 - Jan 2024)

Italy -€21.3M (-73.1%)

Germany -€10.5M (-41.7%)

Netherlands -€6.49M (-27.3%)

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Economic Complexity

Economic Complexity of Balearic Islands

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Geomap

Treemap

Economic Complexity (2023)-0.26

Balearic Islands ranks 14th out of the 18 autonomous communities in Spain according to ECI.

The Economic Complexity Index, or ECI, is a measure of an economy’s capacity which can be inferred from data connecting locations to the activities that are present in them. For more info about Economic Complexity, visit the Economic Complexity page.

Estimated using exports data.

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Economic Complexity Ranking

Value

Ranking

Value

The economic complexity of a territory can change year to year. Balearic Islands it is in position 14th considering its ECI in the last year.

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Export Opportunities by Relatedness

The top export opportunities according to the relatedness level, without considering those products were Balearic Islands already has a comparative advantage, are led by Non-Knit Men's Undergarments (0.11), Non-Knit Women's Suits (0.11), Knit Women's Suits (0.11), Spices (0.11), and Non-Knit Women's Shirts (0.11).

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Most Complex Products by PCI

The highest complexity exports of Balearic Islands according to the product complexity index (PCI) are Antiques (N/A), Valves (1.49), Other Nitrogen Compounds (1.38), Iron Pipe Fittings (1.21), Nitrogen Heterocyclic Compounds (0.85), Polyacetals (0.8), Carboxylic Acids (0.76), Pig Meat (0.66), Low-voltage Protection Equipment (0.62), and Electrical Control Boards (0.59). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

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Most Specialized Products by RCA Index

The most specialized products according to the RCA index are led by Antiques (88.67), Coal Tar Oil (65.11), Ethylene Polymers (40.70), Acyclic Hydrocarbons (39.09), and Perfumes (19.73).

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Product Space

RCA Filter

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since Balearic Islands is more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

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Relatedness Space

This network shows the products most related to the production structure of Balearic Islands. These are products that tend to be co-exported with the products that Balearic Islands exports. Higher relatedness values indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

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Diversification Frontier

Depth

Section

HS2

HS4

Filter

All

RCA≤1

RCA>1

The Complexity-Relatedness diagram compares the risk and the strategic value of a territory's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions. Bubble size corresponds to exports value by year 2020.