Page 59 - economic report 2021

Exports to Asia fell while USA, which grew 96.9% and already represent
exports to America rose. 3.2% of total foreign sales, the highest in the
historical series which started in 1991.

In contrast, the contribution from the Asian continent was negative, with a decline in total exports
of 5.4%, reducing the importance of this market to 2.4% of total foreign sales. In this case, the
negative trend can basically be explained by the fall in sales to Hong Kong (-50.3%) and Japan
(-41.5%). In contrast, exports to China and the United Arab Emirates grew 24.8% and 191.2%,
respectively. These four countries are the most important in the Asian continent for Andorran
exports, as they jointly constitute 1.9% of the total.

To end, note the strong increase in exports to Africa (158% in 2021) for the second consecutive
year, allowing it to position itself as an important market for the Andorran economy, as in only two
years it has gone from representing 0.05% of total exports to 2.4%.

In summary, the major focus of Andorran exports on the Spanish economy decreased, although
this country still represents more than half the total. Exports outside the European continent
benefited from euro depreciation, as shown by the increase in sales to the USA, the United
Kingdom or China, specifically three markets that also saw an increase in imports.

3. Sectoral composition of foreign trade

3.1. Imports

57
In 2021, most sectoral branches made a positive contribution to the trend in Andorran imports,
except vegetable products and works of art and antiques. In fact, these two chapters are the
only ones with a positive trend in 2020. Among the most positive contributions were notably
transport material (4.7 points) and mineral products (2.8 points). The other branches made
positive contributions of less than two points.
Note that these positive contributions were Imports of transport material rose
able to offset the negative contribution from 39% due to increased registrat ons.
the chapter of works of art and antiques, which
was -16.7 points, due to the major increase in
2020 that was corrected in 2021.
ANDORRA’S MAIN IMPORT SECTORS.

More detailed analysis shows that in 2021, 2021 - Interannual variation rate (%) Chart 7.8
imports of transport materials, the group with
the highest share, increased 39.5%. Due to
this steep increase, its percentage of the total
rose from 11.9% to 16.4% and the group went
from second place to first place in the sectoral
ranks. This trend can mainly be explained by
the increase in imports in the chapter of motor The Andorran economy: general developments | VII. The foreign sector
vehicles, tractors, motorcycles and bicycles
(42.6%) which were favoured this year by the
increase in vehicle registrations.

The second most important group in the
imports ranks is food, beverages and tobacco,
which rose 9.4% in 2021. Consequently, its
Source: Department of Tax and Front ers.
percentage of total foreign purchases increased