Spain — China: dynamics of trade and economic relations development

Abstract

Spain is a member state of the European Union, which occupies one of the leading places in the world economy. Over the past decade, this country has paid particular attention to expanding the internationalization of its economy, including by striving for geographical diversification of exports and investment activity, for taking on new target markets for products produced in the country, especially agricultural ones, since traditionally the main partners of the country in foreign economic activity are member states of the EU. A development strategy of foreign economic activities (FEA) was developed in the country to achieve these goals. China is not the main trade and economic partner of Spain, however, it is a strategic partner with a high potential for developing bilateral cooperation. The article studies the dynamics of the development of foreign economic relations between Spain and China from 2008 to 2019; main data of export-import operations, including by commodity groups, are given; principal developments in bilateral relations are mentioned. It is concluded that the growth rate of trade flow has increased by more than 65 % over 10 years, including the expansion of Spanish export supplies, in particular products of agroindustrial complex (AIC), share of which reached 30 % in 2019; intensification of interaction at the institutional level is noted, as well as expansion of the activities of Spanish transnational corporations (TNC) in China, where at least one of the corporations opened its 23rd production facility in 2019. The author used a systematic and interdisciplinary approach when working with a variety of scientific and practical materials, including Spanish legislation, annual reports and statistics of national government bodies, analytical reviews of international economic organizations, media publications, as well as economic and statistical analysis. The scientifi c novelty of the work is in a comprehensive analysis of the dynamics of the development of trade and economic relations between Spain and China.