Spain's trade deficit widened to €6.19 billion in January 2025, up from €3.73 billion in the same period last year, marking the largest gap since October 2022. Despite the overall deficit, Spain maintained a €2.74 billion trade surplus with the EU, extending an unbroken positive balance with the bloc since January 2017.
Spain trade deficit largest in over two years
Exports declined by 1.2% year-over-year to €29.78 billion, weighed down by sharp contractions in key sectors. Shipments of automobiles plunged 21.2%, energy products dropped 15.0%, and capital goods fell 5.7%. Among major trading partners, exports decreased notably to France (-14.1%), Italy (-2.5%), Germany (-0.6%), Morocco (-1.3%), and Mexico (-20.1%).
Import rise: here's why
Meanwhile, imports rose by 6.2% to €35.97 billion, driven by strong demand for chemical products (+16.6%), consumer goods (+21.6%), and food, beverages, and tobacco (+7.5%). Purchases from several key suppliers surged, with notable increases from China (+22.5%), Turkey (+17.7%), the UK (+9.5%), the US (+24.9%), Morocco (+6.9%), Brazil (+13.1%), and Mexico (+12.1%). The data underscores Spain’s growing dependence on imports, particularly for industrial and consumer goods, while external demand for its exports showed signs of weakness.
