The share of travel services in Spain’s services exports showed a significant decline during the COVID-19 pandemic, dropping from 50.79% in 2019 to 20.41% in 2020. Although there has been some recovery, the projected trend from 2023 to 2028 indicates a gradual decline with a 2028 forecast value of 34.8%. The 5-year CAGR forecast from 2024 to 2028 suggests an average annual decrease of 1.01%, with an overall 4.96% decline over the same period.
Future trends to monitor include digital transformation in the travel industry, shifts in consumer travel preferences, and the economic impacts of global events. Efforts to diversify service exports could also influence the share of travel services in Spain's total service exports.
