Spanish imports have increased their exposure to exchange rate risk by 27% in 25 years, according to Ebury.

Foreign Exchange Risk

An Ebury study reveals a structural change in Spanish foreign trade: purchases from outside the eurozone now account for 57,9% of the total, compared to 45,7% in 2000. This transformation increases dependence on the dollar and Asian currencies, forcing companies to manage exchange rate risk more sophisticatedly to protect their margins.

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Spanish companies' exposure to exchange rate risk on their imports has grown by 27% in the last quarter century, according to a new study by the global fintech company. EburyThe report, which analyzes the period 2000-2025, attributes this increase to the growing weight of purchases from countries outside the euro area, which have gone from 45,7% to 57,9% of the total.

This analysis, based on historical data on Spanish foreign trade, confirms a profound shift in the national economy's procurement pattern. While twenty-five years ago most imports were made in euros, today almost six out of every ten euros spent on goods abroad are directed to markets that operate in other currencies. EburyThis trend has significantly increased companies' exposure to the US dollar and Asian currencies, making currency management a strategic factor for competitiveness.

"Spanish foreign trade is no longer like it was 25 years ago." España It continues to export mostly in euros, but is increasingly buying in dollars and other currencies. This transformation is forcing companies to manage exchange rate risk much more carefully than they did two decades ago,” he says. Luis Merino, CEO Ebury en España.

Monetary asymmetry: exports in euros, imports in dollars

The study by the fintech company specializing in international payments and foreign exchange details that the profile of Spanish exports remains predominantly European. In 2025, 53,2% of exports were destined for countries in the Eurozone, representing a moderate decrease of 6,5 percentage points compared to the 59,7% recorded in 2000.

However, the most significant change is on the import side. The share of purchases from the eurozone has fallen dramatically, from 54,3% in 2000 to 42,1% in 2025. Conversely, acquisitions from outside the common monetary area have climbed to represent 57,9% of the total. This trend has generated, according to the analysis, a growing monetary asymmetry For many Spanish companies, which receive income in euros but face an increasing proportion of their costs in dollars and other currencies.

Asia and the United States, drivers of change in the supplier map

The report identifies the Asian continent as the main catalyst for this transformation. Over the past 25 years, the weight of Asia In Spanish imports, it has risen from 13,5% to 22,3%. Only China It already accounts for 11,3% of all purchases that España It takes place abroad. Simultaneously, Estados Unidos has increased its share as a supplier from 5,2% to 6,8%.

This geographical shift means that a growing number of companies, particularly in sectors such as manufacturing, technology, energy, and global supply chains, must manage payments in currencies other than the euro. The inherent volatility of these foreign exchange markets introduces an element of uncertainty to their profit margins.

"Exchange rate risk has ceased to be a cyclical variable and has become a structural factor in competitiveness. In an economy that increasingly purchases goods and services from outside the euro, properly managing currency exposure is key to preserving profitability and improving the ability to compete in international markets," he concludes. Luis Merino.

Evolution of Spanish Foreign Trade (2000-2025)

Indicator	Year 2000	Year 2025
Weight of imports from outside the euro area	45,7 %	57,9 %
Weight of imports from the euro area	54,3 %	42,1 %
Weight of exports to the euro area	59,7 %	53,2 %
Weight of imports from Asia	13,5 %	22,3 %
Weight of US imports	5,2 %	6,8 %

Key points and frequently asked questions about exchange rate risk for Spanish companies

How does this increased exchange rate risk affect my importing company?

It directly impacts profitability. If your company buys in dollars or another foreign currency but sells in euros, a devaluation of the euro will increase your procurement costs. Without a hedging strategy, this volatility can erode or even eliminate projected profit margins, affecting financial planning and price competitiveness.

Which sectors are most exposed to this currency volatility?

The sectors most dependent on global supply chains are the most vulnerable. This includes manufacturing (electronic components, machinery), the technology sector (hardware), the energy industry (purchasing raw materials in dollars), and the retail or distribution sector that imports consumer goods from Asia.

Why is exchange rate management now a structural rather than a cyclical factor?

Because the change in the supplier map of España This is a long-term, established trend, not a temporary fluctuation. The growing dependence on markets outside the eurozone (especially AsiaThis makes exposure to currencies like the dollar or the yuan a constant in business operations. Therefore, managing this risk must be permanently integrated into the company's financial strategy.