Figures from the national ministry of industry, trade and tourism indicate that the value of exports from the Balearics reached a record level in 2022 - 2,604 million euros. Imports were also a record - 2,256 million - giving a positive trade balance of 348 million.
By comparison with pre-pandemic 2019, exports rose by 41% from 1,842 million. In 2018, the value was higher - 1,930 million. As for imports, the previous highest value was 1,795 million euros in 2018.
The regional director-general for trade, Miquel Pinyol, said on Friday that "the positive trade balance reflects the reactivation of the entire Balearic productive fabric due to the direct impact of tourism activity". The level of foreign trade, he added, showed "the commitment of exporting companies to search for markets, despite uncertainties caused by the current geopolitical and inflationary situation". The foreign trade data are "a true reflection of the positive impact of the tourism season on the Balearic economy".
The three main markets for exports were Germany, France and Italy. Despite Brexit, the UK continued to be important, while there was growth in exports to the US, China and Japan.
Pinyol explained that a "good tourist season", such as last year's, "has high added value for foreign trade". This is because foreign visitors later demand the local products that they have consumed in the Balearics. These include oils, wines and liquors, jewellery, footwear and leather goods. Essential oils are in great demand in Southeast Asia countries, while synthetic polymers are in demand by Italian industry.
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What were these Exports?
Wait, wasn't Brexit supposed to destroy the Balearic economy? Not only because Brits wont buy Spanish potatoes, artichokes or oranges anymore (in favour of those big trade deals with Australia and Bolivia or whatever), but the mass exodus of British tourists (the world's largest and most important tourist nationality) due to passport controls, tourist tax and now 6 quid. Funny how imaginary things always seem to work out, eh?