Foreign trade in the Canary Islands continues to show interesting dynamics in 2024. According to provisional data, between January and October this year, imports amounted to €18.722 billion, representing a 3.9% increase compared to the same period in the previous year. Meanwhile, exports reached €3.026 billion, with a notable rise of 10.7% compared to 2023.
However, the Canary Islands face a significant trade deficit, amounting to €15.697 billion, with a coverage rate of 16.2%. This rate, which measures the ratio of exports to imports, highlights the structural challenges of the island economy, which heavily relies on importing goods.
Imports: Machinery, Food, and Manufactured Goods
In October, 29.8% of imports were machinery and transport equipment, making them the largest category of imported goods. They were followed by food products at 18.0% and miscellaneous manufactured articles, accounting for 14.4% of total imports.
Regarding the origin of imports, 77.2% came from mainland Spain, underscoring the strong commercial dependency on the peninsula. Another 11.1% of imports came from the rest of the European Union, while 89.5% originated from Europe as a whole. To a lesser extent, America accounted for 5.9% of imports.
Exports: Petroleum, Machinery, and Food
On the export side, the leading product category was petroleum and its derivatives, representing 22.5% of total exports, followed by machinery and transport equipment at 19.0%, and food products, which made up 13.6%.
As for export destinations, 36.2% were shipped to mainland Spain, while 26.5% went to the rest of the EU-27_2020. More broadly, 67.2% of exports were destined for Europe, and 6.3% were directed to Africa, highlighting the growing strategic importance of the neighboring continent as a trading partner.
Final Thoughts
The data reveals a dynamic foreign trade landscape, with a significant increase in exports. While export growth is encouraging, it has not yet matched the pace of imports, emphasizing the need for further balance. The reliance on imported goods, particularly machinery and food, remains a key challenge for the Canary Islands.
These figures reinforce the importance of implementing policies aimed at diversifying the local economy, boosting internal production, and leveraging opportunities for trade with nearby markets such as Africa and Europe. Lastly, the growth in machinery trade reflects the dynamism of strategic sectors crucial for the Canary Islands’ economic development
More information at ISTAC