Recent developments in goods imports in light of certain determinants

Coral García Esteban, Ana Gómez Loscos and Cesar Martin Machuca
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Coral García Esteban: Banco de España
Ana Gómez Loscos: Banco de España
Authors registered in the RePEc Author Service: Ana Gómez-Loscos

Economic Bulletin, 2023, issue 2023/Q2, No 03

Abstract: Rationale Spanish goods imports grew in 2022 above what could be expected based on their traditional determinants (final demand and price competitiveness). It is therefore worth studying which additional elements underpinned purchases abroad. Takeaways •Energy market tensions caused by the Russian invasion of Ukraine boosted energy imports, due to stockpiling strategies against possible supply problems and for re-export to other EU countries. •Imports of goods with energy-intensive productive processes appear to have benefited from the loss of competitiveness of domestic production resulting from higher energy commodity prices. •The strong import growth also seems to have stemmed from the shift in industrial production towards sectors with a higher import content, the demand for which would have increased due to changes in habits in the wake of the pandemic (e.g. pharmaceuticals, IT and telecommunications) and the recovery in mobility (e.g. textiles).

Keywords: Imports; energy crisis; import penetration (search for similar items in EconPapers)
JEL-codes: F10 F14 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:bde:journl:y:2023:i:02:n:03

DOI: 10.53479/30069

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