Spain’s trade deficit widened significantly to €5.48 billion in March 2025, more than doubling from €2.03 billion recorded in the same month last year. The sharp increase was primarily driven by a substantial 18.3% year-on-year surge in imports, which reached a near two-and-a-half-year high of €39.6 billion.
Spain trade gap widens in March
This spike was largely fueled by a broad-based increase in purchases across several key categories. Raw materials saw the most pronounced jump, soaring 45.7%, reflecting increased industrial demand and higher commodity prices. Chemical products rose 26.6%, led notably by a 67.1% increase in pharmaceutical imports, suggesting strong healthcare sector activity. Capital goods imports expanded by 18.4%, indicating ongoing investment in machinery and equipment, while energy product imports climbed 17.6%, with gas imports specifically jumping 72.4%, highlighting heightened energy needs amid evolving supply dynamics. Food, beverages, and tobacco imports also rose sharply by 19.7%, driven by increased domestic consumption and supply chain adjustments.
Examining Spain’s trade partners, imports grew across the board. Purchases from the European Union rose by 15.3%, maintaining the bloc’s position as Spain’s primary trading partner. Imports from the United Kingdom surged 33.9%, likely reflecting post-Brexit trade realignments and inventory stockpiling. Imports from the United States increased markedly by 42.4%, while those from China rose 21.6%, signaling robust trade relations with major global economies.
Export data
On the export side, Spain saw an 8.5% increase in March, with shipments totaling €34.1 billion. Export growth was broadly diversified across sectors, with chemical products leading the way (+19.2%), supported by pharmaceuticals and specialty chemicals. Capital goods exports rose by 7.8%, raw materials by 11.8%, food, beverages, and tobacco by 7.8%, and durable consumer goods by 15.8%, reflecting steady external demand. Spain’s exports increased to major markets as well, rising 8.9% to the UK, 6.2% to the EU, 17.5% to China, and 8.7% to the US, underscoring continued global economic engagement despite ongoing geopolitical and economic uncertainties.
For the first quarter of 2025, Spain’s trade shortfall widened sharply, surging approximately 86% year-on-year to €15.10 billion. Imports grew by 9.3%, outpacing exports, which rose by a more modest 2.6%. This widening deficit highlights persistent challenges in balancing trade flows amid rising input costs and variable external demand, raising questions about the sustainability of Spain’s current trade dynamics and the potential impact on the country’s economic growth and currency stability.
