Foreign trade in the Canary Islands continues to show interesting dynamics during 2024. According to provisional data, between January and October of this year, imports rose to 18,722.449 million euros, which represents an increase in 3.9% compared to the same period of the previous year. On the other hand, the exports they reached the 3,025,852 million euros, with a notable rise in 10.7% compared to 2023.
However, Canarian trade presents an important trade deficit, which is located in 15,696.597 million euros, with a coverage rate of the 16.2%. This indicator, which relates exports to imports, reflects the structural challenge facing the island economy, which is largely dependent on the import of goods.
Imports: Machinery, Food and Manufacturing
During the month of October, the 29.8% of imports corresponded to machinery and transport equipment, consolidating itself as the main group of imported goods. They were followed by the products of feeding with a 18.0% and the miscellaneous manufactured articles, which represented the 14.4% of the total.
Regarding the origin of imports, the 77.2% came from rest of Spain, which underlines the strong commercial dependence on the peninsula. He 11.1% of imports came from the rest of the European Union, while the 89.5% It had as its origin the European continent as a whole. To a lesser extent, America contributed a 5.9% of the total.
Exports: Oil, Machinery and Food
On the export side, the main exported product was oil and its derivatives, which represented the 22.5% of the total, followed by the machinery and transport equipment with a 19.0% and the products of feeding, which added a 13.6%.
Regarding export destinations, the 36.2% went to the rest of Spain, while the 26.5% The rest of the EU-27_2020. In broader terms, the 67.2% of exports went to Europe, and the 6.3% toward Africa, highlighting the role of the neighboring continent as a strategic growing market.
Final Reflection
The data show foreign trade in constant movement, with a notable increase in exports that, although it still does not match the pace of imports, shows progress towards a greater trade balance. Reliance on imported goods, especially machinery and food, remains a key challenge for the islands.
These indicators reaffirm the need to promote policies that diversify the local economy, encourage domestic production and take advantage of trade opportunities with nearby markets such as Africa and Europe. Finally, it is worth highlighting the growth of machinery trade, which reflects the dynamism of strategic sectors for the economic development of the Canary Islands.
More information at ISTAC, Grafcan.
