Page 61 - economic report 2019

percentage of total exports increased almost In 2019, exports to Spain grew
six points to 62.4%, the highest since 2008. 12% and are already almost two
In contrast, exports to France shrank 33.4%
and their percentage fell practically six points thirds of the total.
to 11.1%. So, the balance between Andorra’s
two main partners still tips towards Spain, IMPORTS FROM ANDORRA’S NEIGHBOURING
contrasting with the similar percentages they COUNTRIES - Percentage of total (%) Chart 7.4
both had in the early 1990s.
70
64.3
60 58.3
As for the other EU-28 countries, the trend was
uneven. On the one hand, there was notable 50
growth in the markets of the United Kingdom, 40 34.4 37.0
Italy and the Netherlands, to which exports 30
grew 552%, 33.1% and 32.7%, respectively. 20 18.7
Subsequently, their proportions rose to 1.6%, 10 12.1
1.5% and 2.6%, respectively, and the United 0
Kingdom went from being twelfth in the ranks 1991 2007 2019
of destinations for Andorran foreign sales to Spain France
seventh, after Spain, France, Norway, the
Netherlands, Hong Kong and the USA. In Source: Department of Tax and Frontiers.
contrast, sales to Germany fell sharply (-43.6%),
limiting its proportion to 1.0% and bringing it EXPORTS TO ANDORRA’S NEIGHBOURING
down to ninth in the ranks. The other EU-28 COUNTRIES - Percentage of total (%) Chart 7.5
countries have a proportion of less than 1% so
their contribution is insignificant. 70 59
62.4
60 57.9
Within Europe but outside the European Union, 50 49.2
the contribution from Norway is notable, with 42.2
a proportion of 3% and occupying third place 40
in Andorra’s export ranks after Spain and 30
France, but in 2019 the behaviour of sales to 20 13.6
that country was fairly negative (-17.7%), for 10 11.1
the second consecutive year. For their part, 0
exports to Switzerland fell sharply by 73% 1991 2007 2019
and its proportion fell to 0.2% of the total, Spain France
compared with the 4.6% they had reached Source: Department of Tax and Frontiers.
in 2010.

The rest of the world’s share of total Andorran sales increased 15% in 2019. This trend benefitted
from euro depreciation, as it brought down the cost of exports outside the Eurozone. Accordingly,
the growth in exports to the American continent is notable (62.4%), raising its share from 2.1% in
2018 to 3.3% in 2019. In this case, the trend can
Exports to the rest of the world basically be explained by increased sales to the
increase, favoured by euro depreciation. USA, on the one hand (rising 43% and raising The Andorran economy: general developments | VII. The foreign sector
its share to 1.8% of the total) and, on the other
hand, El Salvador (multiplying exports by eight).
The contribution of the USA to total growth in sales was 0.5 points, and El Salvador 0.6 points.

In 2019, the contribution from the Asian continent was also positive, with an increase in total
exports of 8.6%. This increase can almost wholly be explained by the positive contribution from
sales to Singapore (which multiplied by 18 to represent 0.4% of the total), to Hong Kong (the
most important Asian market, which saw 9.3% growth) and to China (the third most important