Spain Trade Gap Widest in 7 Months

Spain's trade gap rose to €5.7 billion in November 2025 from €5.1 billion in the same month of the previous year. Exports fell by 1.5% year-on-year to €32.2 billion, as declines in automotive products (-8.9%) and non-chemical semi-manufactured goods (-2.8%) outweighed an 8% rise in raw materials. Imports rose by 0.2% to €37.8 billion, with gains in consumer manufactured goods (9.4%) and capital goods (7.9%) outweighed by a 22.1% slump in energy products. Spain posted a €730 million trade surplus with the EU and a €6.41 billion deficit with non-EU countries in November, with the largest surpluses recorded with Portugal, the UK, and France. The deficit with the US fell by 19.3% to €0.80 billion compared to €0.99 billion in November 2024, as exports and imports declined 8% and 12.6%, respectively. Year-to-date, Spain’s exports reached €356.93 billion, up 0.6% year-on-year, while imports climbed 4.5% to €408.41 billion, driving the trade shortfall up 42.4% to €51.48 billion.

Spain's trade deficit widened to €6 billion in September 2025, the largest since January, up from €3.29 billion in the same month of the previous year. Imports jumped 10.1% to €38.4 billion, due to equipment goods (17.8%), chemical products (11.4%), and food, beverages & tobacco (12.6%). Among key partners, imports rose from China (10.1%), France (16%), the US (22.1%), Italy (7.4%), and Portugal (5.8%). Meanwhile, exports increased 2.6% to €32.4 billion, driven by higher sales of manufactured consumer goods (10.8%) and raw materials (43.7%). Exports advanced to France (5.5%), Portugal (4.6%), and the US (4.9%), but fell to the UK (6.6%).

Spain posted a trade deficit of €5.98 billion in August 2025, the largest since January, up from €4.76 billion in the same month of the previous year. Exports slipped by 9.3% yoy to an over four-year low of €24.4 billion, mainly dragged down by reduced shipments of energy products (-29.3%); automotive products (-21.8%); non-chemical semi-manufactures (-14.7%) and raw materials (-15.3%). Among key partners, exports declined to the EU (-11.3%), the US (-30.5%) and China (-19.9%), but rose to the UK (+4.5%). Meanwhile, imports fell 4% to an over four-year low of €30.3 billion, amid lower purchases of energy products (-16.5%); chemical products (-11.2%); non-chemical semi-manufactures (-10.3%) and consumer goods (-11.2%). Imports decreased from the EU (-0.7%), the US (-15.2%) and China (-3.8%), but increased from the UK (+1.6%).