Spain: 8% decrease in chemical sales in 2023

Sales of Spanish chemicals, including pharmaceuticals, fell in 2023 by 8.2% to €82.5 billion due to falling demand and sales prices. However, production increased by 1.8% compared to 2022, but the increase came entirely from pharmaceutical production, while production of industrial chemicals decreased due to lower demand and high production costs. Foreign markets continue to be the main customer of Spanish chemicals, although sales abroad fell by 10.9% in 2023, year-on-year, to €59.6 billion due to lower prices; sales volumes decreased by 1.9%. In 2023, the Spanish chemical sector employed 233,000 workers, down 0.6% compared to 2022. In 2024, however, sales are expected to increase by 2.4% compared to 2023, while production is expected to grow by 1.2 %.