Andorra posts record foreign trade in 2024; surplus jumps 37.6%

Andorra closed 2024 with foreign trade — in real terms — of €4,914 million, up 9.3% from 2023. Exports rose 11.4% to €2,695 million while imports increased 7% to €2,219 million, producing a trade surplus of €475.7 million, a 37.6% increase on the previous year.

The normalized trade balance stood at 9.7% and the coverage rate (exports divided by imports) was 121.4%. Measured against GDP, exports represented 89.9% and imports 74.1%, giving an openness index of 164%. The trade surplus amounted to 15.9% of GDP.

Foreign direct investment inflows equalled 6.6% of GDP and outflows 2.9% of GDP, leaving net positive FDI of €138 million, or 3.7% of GDP, so Andorra remains a net recipient of investment.

On a per‑capita basis, exports were €38,510 and imports €31,712, both record highs that underline the growing international orientation of the economy. Authorities and statistical services singled out tourism as the main contributor to the rise in exports during the year.

The statistics office highlighted that strong external activity has helped maintain a stable growth pace despite international volatility. In a global context marked by the spread of artificial intelligence, rising trade tensions and renewed protectionism, competitiveness, employment and firms’ capacity to adapt are described as key factors for future performance across sectors.