Lugo | The Observatory of Economic Complexity

Lugo

Province in Galicia, Autonomous Community in Spain

2023
Economic
Complexity -0.24Rank 29 of 49

Jan 2024
Trade
Exports | Imports €45.1M | €43.2M47 of 53 | 47 of 53

Jan 2024
Country
Destination | Origin France | Germany €12.7M | €7.31M

Image 1

Image by bidueiro
Link: https://flic.kr/p/euR5T7

Latest Trends
Historical Data
Economic Complexity

About

Overview This page contains the latest international trade data for Lugo. In January 2024 Lugo was the number 46 in total exports and the number 44 in total imports in Spain.

Exports In 2023, Spain's Lugo exported €755M, making it the 46th largest exporter out of the 52 exporters in Spain. In 2023 the top exports of Lugo were Aluminium oxide, except artificial corundum (€98.5M), Aluminium hydroxide (€54M), Cream (>10% Fat) (€53.6M), Particle Board: Wood with Resins/Organic Binders (€31.1M), and Whey (€25.1M).

Imports In 2023, Spain's Lugo imported €783M, making it the 44th largest importer out of the 52 importers in Spain. In 2023 top imports of Lugo were Aluminium ores and concentrates (€86.2M), Sodium hydroxide (caustic soda) in aqueous... (€27.8M), Milk Powder (<1.5% Fat) (€25M), Smartphones (€17.1M), and Fish: fresh or chilled, hake (Merluccius... (€16.8M).

Economic Complexity In 2023, the highest complexity exports of Lugo according to the product complexity index (PCI) are Metal-Rolling Mills (1.22), Peptones (0.59), Whey and other milk products (0.42), Pigs (0.42), Other Cast Iron Products (0.39), Wood Crates (0.31), Preserved Meat (0.26), Wood Carpentry (0.21), Particle Board (0.17), and Sausages (0.16). 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 Lugo exported €45.1M and imported €43.2M, resulting in a positive trade balance of €1.88M. Between January 2023 and January 2024 the exports of Lugo have decreased by $-19.4M (-30.1%) from €64.5M to €45.1M, while imports decreased by €-19.3M (-30.8%) from €62.5M to €43.2M.

Trade In January 2024, the top exports of Lugo were Aluminium Oxide (€11.6M), Milk (€6.74M), Wood Fiberboard (€3.61M), Bovine Meat (€1.79M), and Fish: dried, salted, smoked or in... (€1.75M). In January 2024 the top imports of Lugo were Molluscs (€6.79M), Aluminium Ore (€2.99M), Buses (€2.32M), Paper Containers (€1.87M), and Non-fillet Fresh Fish (€1.85M).

Destinations In January 2024, Lugo exported mostly to France (€12.7M), Portugal (€8.86M), Netherlands (€6.53M), Sweden (€2.13M), and China (€1.95M), and imported mostly from Germany (€7.31M), France (€6.53M), Morocco (€6.18M), Portugal (€4.34M), and Guinea (€2.99M).

Growth In January 2024, the decrease in Lugo's year-by-year exports was explained primarily by an decrease in exports to Netherlands (€-5.61M or -49.1%), Italy (€-2.92M or -63.1%), and Russia (€-2.04M or -94.4%), and product exports decrease in Aluminium Oxide (€-4.75M or -32%), Planes, Helicopters, and/or Spacecraft (€-2.1M or -100%), and Whey and other milk products (€-897k or -80.1%). In January 2024, the decrease in Lugo's year-by-year imports was explained primarily by an decrease in imports from Guinea (€-11M or -59.8%), Norway (€-1.42M or -95.9%), and Portugal (€-1.12M or -19.6%), and product imports decrease in Aluminium Ore (€-11M or -59.8%), Frozen Fruits and Nuts (€-606k or -50.6%), and Vinyl Chloride Polymers (€-580k or -63.4%).

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)€-19.4M(-30.1%)

IMPORT GROWTH (January 2023 - January 2024)€-19.3M(-30.8%)

This section shows exports and imports data at subnational level for Lugo. 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 Lugo over time.

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Historical Data

Yearly Exports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Destination (2023)Netherlands€122M

Top Product (2023)Aluminium oxide, except artificial corundum€98.5M

In 2023 the top export destinations of Lugo were Netherlands (€122M), Portugal (€121M), France (€117M), China (€39.2M), and Italy (€31.8M).

In 2023 the top exports of Lugo were Aluminium oxide, except artificial corundum (€98.5M), Aluminium hydroxide (€54M), Cream (>10% Fat) (€53.6M), Particle Board: Wood with Resins/Organic Binders (€31.1M), and Whey (€25.1M).

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Exports Dynamics

Starting Date

Ending Date

Fastest Growing Exports Destination (Jan 2023 - Jan 2024)

Sweden €1.04M (95.4%)

Netherlands €702k (12.1%)

China €672k (52.5%)

Rapidly Declining Export Origins (Jan 2023 - Jan 2024)

Germany -€15.7M (-89.3%)

France -€2.92M (-18.7%)

Peru -€1.58M (-69.5%)

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Yearly Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Origin (2023)France€97.8M

Top Import (2023)Aluminium ores and concentrates€86.2M

In 2023 the top import origins of Lugo were France (€97.8M), Guinea (€86.2M), Germany (€75.7M), Portugal (€71.3M), and China (€63.1M).

In 2023 the top imports of Lugo were Aluminium ores and concentrates (€86.2M), Sodium hydroxide (caustic soda) in aqueous... (€27.8M), Milk Powder (<1.5% Fat) (€25M), Smartphones (€17.1M), and Fish: fresh or chilled, hake (Merluccius... (€16.8M).

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Imports Dynamics

Starting Date

Ending Date

Fastest Growing Import Origins (Jan 2023 - Jan 2024)

Germany €2.62M (55.7%)

Morocco €1.15M (22.9%)

Hong Kong €103k (12.2k%)

Rapidly Declining Import Origins (Jan 2023 - Jan 2024)

United States -€6.29M (-97.1%)

Guinea -€4.4M (-59.6%)

France -€3.82M (-36.9%)

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Economic Complexity

Economic Complexity of Lugo

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Geomap

Treemap

Economic Complexity (2023)-0.24

Lugo ranks 29th out of the 52 provinces 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. Lugo it is in position 29th 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 Lugo already has a comparative advantage, are led by Bovine (0.11), Fish Fillets (0.11), Honey (0.1), Crustaceans (0.1), and Beer (0.1).

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Most Complex Products by PCI

The highest complexity exports of Lugo according to the product complexity index (PCI) are Metal-Rolling Mills (1.22), Peptones (0.59), Whey and other milk products (0.42), Pigs (0.42), Other Cast Iron Products (0.39), Wood Crates (0.31), Preserved Meat (0.26), Wood Carpentry (0.21), Particle Board (0.17), and Sausages (0.16). 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 Aluminium Oxide (296.91), Milk (205.37), Magnesium Carbonate (174.64), Whey and other milk products (144.43), and Wood Fiberboard (121.53).

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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 Lugo 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 Lugo. These are products that tend to be co-exported with the products that Lugo 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.