How does the war in Israel affect the Spanish economy? Keys to exchange between the two countries – La Manana Fin de Semana

How does the war in Israel affect the Spanish economy?  Keys to exchange between the two countries – La Manana Fin de Semana

The situation is particularly dire in Israel and the Gaza Strip, where thousands of people are trying to leave after the ultimatum expires. Israel must do so. More than a million people are trying to leave Gaza, according to reports Enormous hardships and thereby heightens the immense humanitarian drama involving a war.

A week after the attacks, without forgetting the horror of such a large-scale conflict affecting millions of people, we want to focus on the huge consequences of this war, which leads us to the economy. This past week we have seen some volatility in market prices, especially oil prices which have seen their price rise.

Similarly, the stock market has also had major effects. Now it seems to have stabilized As economists told COPE it’s a bit of a downer.

If it has had consequences for the international economy, even more so for Spain, which has Israel as its main trading partner in the Middle East. How will this war affect the Spanish economy? That’s what we ask Inside Weekend morning To Gil Kidron, founder and president of the Hispanic-Israeli Chamber of Commerce and Industry.

Importance of Israel to Spain

According to ICEX, the public agency that promotes international trade in Spain, trade between Spain and Israel is valued at over 3.2 billion euros, and more than 2,500 Spanish companies currently export to Israel. So many companies like Inditex are taking it Measures for your safety.

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As Gil Kitron explains, before the conflict the relationship between the two countries was 2,250 exports and 1,050 imports, thus exports grew by 20% and imports by 28% annually. Among the products we export We have “cars and buses, trains or women’s clothes made in Spain”.

What we import from Israel is not normal because it is something fundamental to our lives. “We import technology, chemicals or raw materials, “Israeli technology products are integrated into the devices we use,” this expert said.

That’s why he called Israel “Spain’s most important trading partner in the Middle East, Because it is a source of technology and helps Spanish companies to be more competitive.

14% of technology and innovation employment, 20% of GDP and 54% of exports, So we have to import from Israel.

Economic effects of war

The question is clear: Will the average Spaniard observe the war as we observed the war in Ukraine? This expert clearly states, “Conflicts in the Middle East will increase oil and energy and create inflation internationally, this time depending on “Whether the conflict escalates or not, everyone will see sharper-than-expected inflation.” Gil Gidrón, one of the promoters of almost all trade agreements between Israel and Spain, revealed.


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