Spain's trade gap widened to €4.12 billion in December 2024, up from €3.44 billion in the same month of the previous year, as imports grew at a faster pace than exports.
Spain trade gap widens in December
Imports rose by 4.7% year-on-year, totaling €33.86 billion, driven by stronger demand for equipment goods (+4.2%), chemical products (+11.9%), food, beverages & tobacco (+8.4%), and manufactured consumer goods (+9.4%). These increases were substantial enough to offset a decline in energy product imports, which fell by 9.1% amid lower global energy prices and reduced demand.
Exports show a modest growth
Exports showed a more modest growth of 2.7%, reaching €29.74 billion. The increase was largely supported by higher shipments of equipment goods (+5.3%), food, beverages & tobacco (+3.1%), and chemical products (+22.8%), reflecting Spain’s strong presence in sectors like machinery, food processing, and chemicals. The performance of these key export categories was especially notable given the ongoing global economic uncertainties.
Trade deficit narrows in 2024
For the full year 2024, Spain’s trade deficit narrowed slightly to €40.3 billion, from €40.6 billion in 2023. Exports grew by 0.2%, while imports saw a marginal increase of 0.1%. Despite the modest uptick in both imports and exports, the trade deficit remained relatively stable, reflecting a delicate balance between Spain’s growing export sectors and rising domestic demand for imported goods. This result highlights Spain's ongoing efforts to maintain competitiveness in international markets, despite challenges like inflationary pressures and shifting global trade dynamics.
