According to data from the Monthly Foreign Trade Report for December 2024, Spanish exports of goods totaled 2024 million euros in 384.464,9, 0,2% more than in 2023, when they reached 383.688,6 million.
While this increase may seem positive, it is not enough to offset the decline experienced in 2023. The export sector has not yet reached its historical maximum of 387.599 million euros in 2022.
According to Antonio Bonet, president of the Exporters and Investors Club"The stagnation is more worrying when we consider that we are dealing with figures in the value of exports. If we were to deduct the accumulated inflation of recent years, we would find that our exports in volume or units have fallen by a significantly larger percentage, although we do not know this because the Ministry has stopped providing that data."
The Exporters Club points out that The approval of measures such as the reduction of the maximum legal working day will only aggravate the decline that has already begun in the foreign sector.
Imports also experienced a minimal growth of 0,1%, reaching 424.740,7 million euros. Despite this, the coverage rate improved slightly, standing at 90,5%. trade deficit of products was 40.275,9 million euros in 2024, driven mainly by the energy balance deficit, which amounted to 30.442,7 million euros.
Europe It remains the main destination for Spanish exports, representing 73,7% of the total. The European continent acquired 61,8% of exports through the European Union and 11,9% through non-EU countries, such as Great Britain, Switzerland and Türkiye. Europe is also the only continent with which we maintain a strong trade surplus of 43.247,3 million euros.
In contrast, Spain is experiencing a growing trade deficit with America, reaching 15.633,5 million euros in 2024. Most of this deficit is due to trade with the United States, which was unfavorable for Spain by 10.120,1 million euros.
The most unfavorable trade relationship for Spain is with the countries of Asia, with a deficit of 61.560,7 million euros. This deficit is mainly due to the trade relationship with China, which was unfavourable for Spain by 37.706,6 million euros.
With AfricaSpain recorded a deficit of 13.644,1 million euros, mainly due to imports of hydrocarbons from Algeria and Nigeria.
By sector, capital goods lead exports, representing 19,4% of the total value. They are followed by food, beverages and tobacco, with 18,7% after a growth of 6,8%. Chemical products account for 16,3% and the automotive sector 13,8%, although the latter experienced a decline of 1,4% in 2024.
A persistent structural weakness in Spanish exports is the concentration in a few operators. 66% of the total export value corresponds to the 1.000 largest exporters, a percentage that has remained unchanged for a quarter of a century.
The number of regular exporters, those who have exported more than 5.000 euros in the reference year and the three previous years, reached 39.549, an increase of 5,2% compared to the previous year.
The Exporters and Investors Club suggests that "the stagnation of Spanish exports is undoubtedly related to the Increases in labour, energy and tax costs that Spanish companies have suffered, costs that must be incorporated into the price of the product sold abroad and that gradually deteriorate our competitiveness."
The Club also warns that measures such as reducing the maximum legal working hours could further aggravate the situation in the foreign sector.
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