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Spain Balance of Trade
Last Release
Jan 31, 2025
Actual
-6,192,900
Units In
EUR Thousand
Previous
-4,121,500
Frequency
Monthly
Next Release
Apr 22, 2025
Time to Release
1 Months 1 Days 22 Hours
Highest | Lowest | Average | Date Range | Source |
1,481,717 Jun 2020 | -9,834,766 Dec 2007 | -1,920,189.17 EUR Thousand | 1962-2025 | N/A |
Spain runs systemic trade deficits due to high imports of fuel and high added value goods. In 2017, Spain's trade deficit rose 31.9 percent from the previous year to EUR 25 billion, mainly due to a surge in domestic demand and an increase in energy prices. Within the Autonomous Communities, the biggest exporters were Catalonia (26 percent of total exports), Andalusia, Madrid and Valencia (11 percent each) and the Basque Country (9 percent); while the largest importers were Catalonia (28 percent of total imports), Madrid (20 percent) Andalusia (10 percent) and Valencia (9 percent). The trade surplus with the EU widened to EUR 16 billion from EUR 13 billion in 2016, boosted by an increase in both surpluses with the Eurozone (EUR 9 billion vs EUR 7 billion in 2016) and with the non-euro area countries of the EU (EUR 7 billion vs EUR 6 billion). With regard to non-EU countries, the trade deficit increased to EUR 41 billion from EUR 32 billion in the previous year, as the deficit with Asia rose to EUR 35 billion from EUR 29 billion and that with Africa went up to EUR 6 billion from EUR 4 billion. Also, the gap with Latin America grew to EUR 2 billion from EUR 60 million in 2016, while that with North America was almost unchanged at EUR 1 billion.
Latest Updates
Spain's trade deficit surged to €6.19 billion in January 2025, up from €3.73 billion a year earlier, marking the widest gap since October 2022. However, the country maintained a €2.74 billion surplus with the EU, continuing an unbroken streak since January 2017. Exports were down 1.2% year-on-year to €29.78 billion, driven by sharp contractions in the automotive sector (-21.2%), energy products (-15.0%), and capital goods (-5.7%). Among key trade partners, exports fell to France (-14.1%), Italy (-2.5%), Germany (-0.6%), Morocco (-1.3%), and Mexico (-20.1%). Meanwhile, imports climbed 6.2% to €35.97 billion, fueled by increased purchases of chemical products (16.6%), consumer goods (21.6%), and food, beverages, and tobacco (7.5%). Notably, imports rose 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%).
Spain Balance of Trade History
Last 12 readings