Exports soared by 43.8 percent to Asia, 16.6 percent to Africa and 15.1 percent to Latin America, the government said, noting in particular a rise in exports to emerging markets such as India, up 35.4 percent, China, up 15.2 percent, and Brazil, up 28.5 percent.

Fifth, as a consequence of the above points Spain has reached record levels of exports of goods and services (€350,000 million per annum). In 2011 a trade surplus was achieved, with the exception of energy, for the first time in fifteen years. In 2012 Spain exported more goods and services than it imported for the first time since the Euro was introduced, which explains why it is now on the way to having a current account surplus, and is therefore saving in aggregate terms vis-à -vis the rest of the world. Export levels of Spanish goods and services now account for 35% the country’s GDP, placing it second only to Germany in this respect among the main EU economies.

The export boom has added nine points to Spain’s GDP in record time because Spain’s exporters have not only managed to maintain levels of productivity in the good years, but also raise them in very difficult times.