Brexit trade ‘opportunity’ for Spain

THE head of Spain’s Foreign Trade Institute (ICEX) said Brexit provides an opportunity to move into other overseas export markets, boosting economic activity.

Maria Peña said Brexit had caused a lot of concern for the prospects of Spanish trade given that Britain is an “enormously important” export market.

But Britain’s withdrawal from the EU could give Spain the chance to move into other markets, allow for Spanish economic activity to be better distributed.

“Our foreign export sector has been reinforced in recent years and that is now bearing fruit meaning we can weather the storm of Brexit,” Peña said.

Spain has been able to stave off economic slowdowns seen elsewhere in Europe but dampening growth in China would affect it, the head of ICEX added.