Figures from the Fundació Impulsa, the public-private thinktank for Balearic competitiveness and productivity, indicate that the UK accounted for 2.85% of Balearic exports in 2022.
In 2020, when the Brexit transition period was extended until the end of the year, the UK had 13% share of the Balearic export market. This fell to 5.7% in 2021 and was then halved in 2022.
Food products have been affected in particular and now take a backseat to the likes of technology. The sector which provided the highest percentage of exports to the UK in 2022 (14.9%) consisted of optical, photographic and cinematographic systems and surgical instruments. A more traditional sector - wood and cork products - maintained a healthy share of the market with 14.4%.
The EU represented two-thirds of the export market in 2022, with Germany the largest single market (17.1%) followed by France (11.1%), Italy (9.25%) and Ireland (4.96%).
Outside Europe, the US and Canada had 2.46% share and Latin America 4.68%. Something of a growth market (1.23% share) was Cape Verde, explained by increased activity by Balearic hotel chains.