Spanish foreign trade is becoming more global and increasing its exposure to currency risk in imports

Analysis of Spanish Foreign Trade

A study by Ebury reveals that the exposure of Spanish imports to exchange rate risk has increased by more than 12 percentage points in 25 years. The growing dependence on suppliers from Asia and the United States, compared to the Eurozone, is forcing SMEs to adopt more demanding financial management practices.

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Coinciding with International SME Day, the fintech Ebury A study has been published revealing a 12,2 percentage point increase in the exposure of Spanish imports to currency risk between 2000 and 2025. This change is due to the structural shift in trade towards economies outside the Zona EuroThis poses new challenges for businesses.

The analysis, which uses official data from the Secretaría de Estado de ComercioThis shows that more than half of Spanish purchases—specifically 57,9%—now come from markets that do not use the euro. This structural transformation of the Spanish foreign trade sector over the last quarter of a century is redefining the financial requirements for companies with international operations, especially for small and medium-sized enterprises (SMEs).

A more global and financially demanding pattern

"Spanish foreign trade is no longer what it was 25 years ago. If in 2000 the Spanish economy was heavily anchored to the Zona Euro"In both sales and purchases, by December 2025 the pattern is more global and, from a financial point of view, more demanding," he states. Luis Merino, CEO Ebury en EspañaAccording to the executive, this new environment is particularly sensitive for SMEs, "which are increasingly involved in international markets and must properly manage exchange rate risk to protect their margins and maintain their competitiveness."

Studying Ebury This highlights a clear divergence between the geography of sales and that of purchases. While exports maintain a predominantly European profile, imports have become rapidly globalized, with a strong shift towards Asia y Estados Unidos.

Divergence between exports and imports

In 2000, Spanish trade showed a similar geographical balance in both flows: 59,7% of exports were directed to the Zona Euro and 54,3% of imports came from it. However, the data for December 2025 shows a very different picture. Exports to the Zona Euro They have moderated their weight to 53,2%, a decrease of 6,5 percentage points, maintaining their intra-European character.

The most profound change is seen in imports. Purchases from suppliers of the Zona Euro They have fallen by 12,2 percentage points, dropping from 54,3% in 2000 to just 42,1% in 2025. Conversely, imports from outside the euro area have increased by the same proportion, climbing from 45,7% to 57,9% over the same period. “In other words,” he comments Luis Merino- España It continues to sell mainly in euros, but is increasingly buying in foreign currency.

Evolution of Spanish Foreign Trade (2000 vs. 2025)

Trade Flow	Quota in 2000	Quota in 2025	Variation (pp)
Eurozone imports	54,3 %	42,1 %	-12,2 pp
Imports from outside the Eurozone	45,7 %	57,9 %	+12,2 pp
Exports to the Eurozone	59,7 %	53,2 %	-6,5 pp
Exports outside the Eurozone	40,3 %	46,8 %	+6,5 pp

Asia and the United States are gaining importance as key suppliers

The real structural shift in Spanish foreign trade has occurred in the geography of purchases. In 2000, Asia It represented 13,5% of imports, while Estados Unidos contributed 5,2%. By the end of 2025, the weight of Asia has skyrocketed to 22,3% and the Estados Unidos has grown to 6,8%. The role of Chinawhich alone accounts for 11,3% of all Spanish imports.

This shift has direct implications for companies' financial management. "The increased weight of suppliers outside the Zona Euro implies a greater structural exposure to the dollar and Asian currencies"Especially in sectors linked to technology, intermediate goods, energy, and global supply chains," it analyzes. MerinoThe consequence, according to the expert, is a growing monetary asymmetry"While a significant portion of Spanish companies' foreign income continues to be generated in euros, an increasing proportion of their costs are denominated in foreign currency."

In the current context, marked by a strong dollar, this configuration makes imports more expensive and puts pressure on costs. EburyThe transformation of the Spanish trade map confirms that exchange rate risk has ceased to be a cyclical variable and has become a structural element of competitiveness“In a more globalized and diversified foreign trade environment—and with more than half of imports now outside the euro zone—exchange rate risk management is not only a defensive financial tool, but also a strategic lever that influences prices, margins, and international positioning,” concludes the CEO of Ebury en España.

Key points and frequently asked questions about currency risk in Spanish foreign trade

As an executive, how does this structural change directly affect me?

This change means that your company, if it imports components, raw materials or finished products from Asia o AméricaCompanies face increased cost volatility. A strengthening of the dollar or yuan against the euro can erode profit margins if they lack a currency hedging strategy. Financial planning must now structurally incorporate exchange rate risk management.

What are the implications for the Spanish economy of this increased dependence on currencies like the dollar?

For the national economy, this means less protection against the volatility of global markets. A strong dollar can generate inflationary pressures by making energy and technology imports more expensive. On the other hand, a weaker euro can make Spanish exports more price-competitive abroad. Zona EuroThis benefits certain sectors but introduces greater macroeconomic uncertainty.

What should exporting and importing SMEs know in this scenario?

SMEs must understand that currency risk management is no longer optional, but a strategic necessity. It is crucial to assess their net exposure to each currency and utilize financial tools such as currency hedges or multi-currency accounts to protect their margins. Ignoring currency volatility is tantamount to leaving a significant portion of business profitability to the whims of the market.