Spain's oil product exports experienced fluctuating trends over the years. Starting with 2013, there was an increase, peaking in 2017 at 23.61 million metric tons. From 2018 onwards, a downward trajectory began with consecutive annual declines. As of 2023, oil product exports stood at 19.15 million metric tons, a reduction from previous years.
Year-on-year variations reflect this trend, with notable decreases such as -5.86% in 2020. Compared to 2022, the 2023 exports saw a -1.08% change. The CAGR over the last five years indicated a -3.55% decrease annually. The forecast predicts this decline to continue at a -0.87% average annual rate through 2028, amounting to a -4.26% overall reduction.
Future trends to watch for include global shifts to renewable energy, potential policy changes influencing exports, and geopolitical factors that could impact international oil markets. Monitoring these factors can provide insights into long-term market dynamics.