How are commercial relations between Ireland and Spain?

Commercial relations between Ireland and Spain

Legend has it that the first Celtic inhabitants came from the Iberian Peninsula. Since then the territories and inhabitants of Ireland and Spain have always had a special connection.

Despite the distance and that their culture and customs are completely different, Ireland and Spain have traditionally been great business partners.

In addition to the fact that both economies are part of the European Union, throughout its history, both Ireland and Spain have been able to experience similar situations and share common positions on issues of great international relevance. The current European challenge of Brexit, which has contributed even more to their approach. In fact Spain has adopted on successive occasions a position of total support for Ireland strengthening this bilateral relationship.

Exports and imports between Ireland and Spain

Ireland is the 29th export economy in the world. In 2017 the country earned around 159 billion dollars being once again positive for several years its trade balance with respect to imports.

The main sectors on which Ireland makes its exports to the rest of the world are pharmacological and chemical, although they also export food additives, medical and surgical instruments, orthopedic materials, electronic components and computer products (hardware), among others. 

The main export market for Ireland is the United States followed by the United Kingdom and Belgium. Although Spain is not among the top positions it is one of the ten economies that import the largest amount of products of Irish origin.

Regarding imports, goods such as aircraft and aeronautical components, pharmacological products and fuels and lubricants, among others, land in Ireland. These goods come mainly from the United Kingdom, the United States and France,Spain is also one of the ten countries from which more products and raw materials imports Ireland.

To Spain, Ireland exports chemical and pharmaceutical products, electronic equipment, industrial food technology, food and beverages and sanitary technology. And the country mainly imports chemical and pharmaceutical products, cars, food and beverages, clothing, foundry and steel and construction materials. The trade balance has been positive for Ireland since the past years.

In addition to that , Ireland is every year a country of destination for Spanish students who need to improve their English level as well as for thousands of entrepreneurs and workers who wish to make business outside the peninsular borders. For Irish citizens Spain represents one of the main sun and beach tourist destinations.