Spain's export-dependent automotive suppliers benefited from both a rebound in Europe and diversified exports to Asia, Africa and North America to help them weather the coronavirus crisis and outpace the EU market.
The total value of exports from January to November 2020 dropped 15 percent to 16.4 billion euros, while the overall EU auto market declined by 24 percent for all of 2020, the export initiative Autoparts From Spain said.
Spain's automotive suppliers saw a surge in exports in the month of November, following a 4.1 percent increase in October, with the value rising by 29 percent to 2.2 billion euros for the month.
About 58 percent of Spanish suppliers' output is exported.
The outlook for 2021 is mixed, with an expected increase in exports based on improved economic forecasts, but exports are still expected to be below 2019 levels, said Maria Begona Llamazares, the platform coordinator at Autoparts From Spain and international markets manager at Sernauto, the Spanish automotive suppliers' trade group.
"Our 2021 forecast is based on the expected rebound in global auto markets, but the effects of the recession in some economies will affect vehicle sales and aftermarket performance," she said, pointing to stronger domestic demand in Southeast Asia and an expected growth of 11 percent in European vehicle sales as positive factors.