In a year marked by economic challenges at the international stage, the Spanish industry of automotive suppliers has been differential again by closing 2023 with record exports reaching a 10.9% increase compared with the previous year, a great year for the sector. This remarkable increase shows the excellence, innovation and competitiveness of Spanish automotive component suppliers in worldwide markets.
During 2023, the sector showed an exceptional resilience especially noticeable in the last quarter in which exports reached €8,109 million with a 0.9% inter-annual increase. This is a very positive result framed in the context of economic slowdown affecting many of the main commercial partners and their stabilization of international value chains.
The top 10 destinations for 2023 exports -considering the European Union as a block- included United Kingdom, Morocco, United States, Türkiye, Mexico, China, South Africa, Japan and Argentina. Those markets highlight the Spanish capacity to break into strategically important regions and get adapted to the diverse necessities of the global market.
In the European Union, the main market with a 69.4% export share, sales reached €17,468 million, an 15.4% inter-annual increase. France and Germany were the main destinations with a special emphasis on the French market with at 9.6% growth and Germany with an outstanding 17.9% growth displaying the strong demand of quality and advanced technology in car components.
Outside Europe, the United Kingdom was consolidated with a 24.3% increase for second year in a row while Morocco and Türkiye experimented 23.1% and 51% increases respectively, displaying the progressive influence of Spanish suppliers in these dynamic markets. Türkiye, particularly, emerged as a key market with an explosive growth, showing the efficiency of expansion strategies and the adaptability of the Spanish products.
Despite the American market’s 39.7% contraction, Spanish suppliers experimented meaningful increases in other latitudes. This is the case of Mexico which showed a 7.3% increase supported by the strong demand in the private sector and the car production increase; or Asia, which despite of China’s 19.9% demand decrease, Japan showed a healthy 9.7% increase.
Mª Begoña Llamazares, SERNAUTO’s Market Director and spokesperson of this initiative acknowledged the importance of internationalization as a key strategy: “the sector’s good export results show the influence it has on the Spanish industry development and economy and it is also an indicator an increase in competitiveness in foreign markets. Internationalization must be considered a priority in the strategic commitment of Spanish automotive suppliers".
The following graphics gather the percentages of exports carried out to the main destinations both inside the EU and worldwide.
In the automotive industry, every component plays a crucial role in a vehicle's performance and efficiency. Among them, the timing belt is one of the most critical elements, ensuring perfect synchronization between the crankshaft and camshaft, allowing the engine to function optimally.
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