With a population of over 47 million people, a GDP of $1.5 trillion, and a strong presence in global trade, Spain offers a promising market for U.S. exporters. In 2023, North Dakota exported $18.2 million in goods to Spain, making it the 20th largest export market for the state. Spain’s strategic location in Europe and its growing demand for innovative products make it an attractive destination for North Dakota businesses looking to expand internationally.
The NDTO’s new “Finding the Right Fit” series will highlight the trade and business opportunities of a different country each month. In this edition, we’ll cover Spain’s profitability, expanding sectors, and how an export partnership could benefit your business.
All statistics and information used in the “Finding the Right Fit” series are available through various online programs made accessible through an NDTO membership. To become a member, please contact info@ndto.com or call (701) 231-4323.
Markets & Profitability
North Dakota’s top exports to Spain in 2023 included industrial machinery, oilseeds, pharmaceutical products, electrical machinery, and more. These products align well with Spain’s strong agricultural, food processing, and healthcare industries. Across the United States, Spain imported $17.3 billion worth of goods, including pharmaceuticals, industrial machinery, and renewable energy components.
Spain’s diverse economy presents numerous opportunities for North Dakota businesses. The country has a well-established agribusiness sector that increasingly seeks innovative solutions to improve efficiency and sustainability. Additionally, Spain’s emphasis on renewable energy creates a strong demand for advanced technology in wind and solar power—industries where North Dakota has expertise.
Spain is also a major hub for tourism, logistics, and manufacturing, offering further potential for service-based industries and technology providers from North Dakota.
Expansion
Spain has long been a vital trade player in Europe, with strong connections to both the European Union and Latin America. The country’s focus on economic diversification and digital transformation provides an opportunity for North Dakota companies to enter a growing market.
For exporters, Spain’s commitment to renewable energy development—particularly wind and solar—is a significant opportunity. The country aims to increase its reliance on renewable sources, generating high demand for specialized equipment and consulting expertise.
Additionally, Spain’s agricultural sector is adopting advanced farming techniques to increase productivity and sustainability. This creates demand for precision farming equipment, irrigation systems, and other ag-tech solutions that North Dakota businesses can provide.
Spain’s position as a logistics and distribution hub also makes it an ideal gateway for reaching broader European and African markets.
The Ideal Partner
Still considering whether Spain is the right fit for your business? Here are a few reasons why it could be a strong export destination:
- Growing Demand for Innovation: Spain actively invests in new technology across multiple industries, including agriculture, healthcare, and renewable energy. Businesses with innovative products and solutions can find a welcoming market.
- Strategic European Access: As a key member of the European Union, Spain provides access to a vast market of over 440 million consumers. Establishing trade in Spain could open doors to broader European opportunities.
- Strong Agricultural and Food Industry: Spain is one of Europe’s largest food producers and exporters. North Dakota companies specializing in agricultural technology, food processing, or supply chain logistics could benefit from partnerships in Spain.
- Stable Economy and Trade Agreements: Spain maintains trade agreements with numerous global markets, ensuring a stable and reliable trade environment for international businesses.
Is Spain a Compatible Market for You?
Determining compatibility requires thorough research into the value and demand for your products in Spain. However, with its diverse economy, focus on sustainability, and strategic location, Spain is a promising market for North Dakota exporters.
As always, if you would like more information on exporting abroad or “Finding the Right Fit,” contact the NDTO!