Reassessing the role of intermediaries in exports

Aitor Garmendia-Lazcano, Ra\'ul M\'inguez and Asier Minondo ()

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Abstract: Previous studies conclude that intermediaries account for a large share of exports. Using Spanish firm-level data, we show that many firms classified as intermediaries are either manufacturer-owned export arms that ship their parent firms' products or vertically integrated firms that control design, production, and distribution and predominantly export goods sold under their own brands. Once we exclude these export arms and vertically integrated firms, the share of intermediaries in exports in our sample falls by about 70%. We also show that pure intermediaries differ markedly from export arms and vertically integrated firms along key firm and export dimensions.

Date: 2026-06
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