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Due to its small size and limited resources, Andorra is extremely open to international trade. Although Andorra is not a member of the European Union, the principality is treated as an EU member in regards to trade of manufactured goods (no customs duties), but not for agricultural products. Andorra’s partnership with the European Union is regulated by a commercial treaty, which was signed on 28 June 1990, establishing a Customs Union for industrial products and outlining special provisions for agricultural commodities. The treaty has turned Andorra into an important international hub for the retail industry and attracts millions of shoppers from all over Europe. From a sectoral perspective, in 2021 the degree of concentration of Andorran imports remained high. The four sector groups with the greatest historical relevance (food products, transport equipment, machinery and electrical equipment, and chemical industry products) accounted for 53.1% of Andorran imports, which shows the high concentration that characterizes the principality’s imports. On the other hand, exports traditionally concentrate on three main sectors (machinery and electrical equipment, transport equipment, and optical, photographic and precision equipment), which together accounted for 60.5% of total exports in 2021, a significantly high percentage.
According to the latest available data from the National Department of Statistics, the main destinations for Andorra’s exports in 2021 were Spain, France and the United Kingdom, accounting for respectively 52.9%, 14.5% and 5.6% of total exports; with imports coming chiefly from Spain (65%), France (10.7%), Germany (5.4%), and Italy (3.8%). Overall, the EU accounted for 75.9% of total exports and 88.9% of imports.
In 2021, total Andorran goods imports grew by 1.0% and exports declined by 1.8%. The coverage rate (exports/imports) stood at 10.6%, the highest level in the historical series if the atypical data from 2020 is not taken into account. In the same year, Andorra exported goods worth EUR 140.8 million, whereas imports stood at EUR 1.3 billion, resulting in a negative trade balance of EUR 1.18 billion (National Department of Statistics).
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Exports of Goods (million USD) | 42 | 129 | 126 | 117 | 148 |
Trade Balance (million USD) | n/a | n/a | -1,344 | -1,053 | n/a |
Source: World Bank - Latest available data.
Main Customers (% of Exports) |
2022 |
---|---|
Spain | 78.3% |
France | 6.2% |
United Kingdom | 3.2% |
Germany | 1.5% |
Norway | 1.2% |
United Arab Emirates | 0.8% |
Netherlands | 0.7% |
Poland | 0.6% |
Hungary | 0.5% |
Italy | 0.4% |
Hong Kong SAR, China | 0.4% |
Algeria | 0.3% |
El Salvador | 0.3% |
Belgium | 0.3% |
China | 0.3% |
Australia | 0.2% |
Lebanon | 0.2% |
Slovenia | 0.2% |
Croatia | 0.2% |
Chile | 0.2% |
See More Countries | 9.7% |
Main Suppliers (% of Imports) |
2022 |
---|---|
Spain | 66.1% |
France | 11.5% |
Germany | 5.0% |
China | 3.0% |
Italy | 2.8% |
Switzerland | 1.4% |
United Kingdom | 1.3% |
Portugal | 0.8% |
Netherlands | 0.8% |
Poland | 0.7% |
Belgium | 0.5% |
Türkiye | 0.5% |
Vietnam | 0.4% |
Bangladesh | 0.4% |
Austria | 0.4% |
Japan | 0.4% |
Cuba | 0.2% |
Czech Republic | 0.2% |
Sweden | 0.2% |
Romania | 0.2% |
See More Countries | 11.6% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import Export Flows
Member of Organization for Security and Cooperation in Europe (OSCE)
Member of EU Customs Union
Member of Organization for Security and Cooperation in Europe (OSCE)
Member of EU Customs Union
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Latest Update: September 2023
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