The accumulated data reveals a trade imbalance of €51.481 billion. While exports have reached a modest record, imports are growing strongly, driven by the geopolitical context and demand for Asian goods.
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The trade deficit of España reached the 51.481 millones de euros between January and November 2025, representing a year-on-year increase of 42,4%. According to data from Ministerio de Economía, Comercio y EmpresaThis deterioration is due to a 4,5% increase in imports compared to a flat 0,6% growth in exports, reducing the coverage rate to 87,4%.
Impact of tariffs and the geopolitical factor
The evolution of Spanish foreign trade has been severely affected by the international environment. The figures reflect the direct impact of the protectionist policies of the Administración Trump, which imposed from August 2025 minimum tariffs of 10% (reaching 15% for countries with a surplus) on foreign goods. This measure has caused a 7,9% drop in Spanish sales to Estados Unidos, which stood at 15.296 billion euros.
At the same time, imports from Estados Unidos They increased by 7,8%, reaching 28.116 billion. In the case of ChinaThe bilateral deficit grew by 14%, reaching €38.881 billion. This figure is based on a sharp 12,6% increase in purchases of electrical appliances and toys, which overshadowed the 5,6% increase achieved by Spanish exports to the Asian giant.
| Indicator (Jan-Nov 2025) | Amount (Millions €) | Year-on-year variation |
|---|---|---|
| Total Exports | 356.931 (Record) | + 0,6 % |
| Total Imports | 408.412 | + 4,5 % |
| Trade Deficit | 51.481 | + 42,4 % |
| Exports to EE.UU. | 15.296 | -7,9% |
| Deficit with China | 38.881 | + 14,0 % |
Sector breakdown and strategic business partners
Analysis of the components of the trade balance shows a significant divergence. non-energy deficit has tripledThe trade deficit reached €24.897 billion, while the energy deficit decreased by 5,4%, falling to €26.583 billion. For the month of November alone, the trade balance was €5.682 billion, with exports of €32.158 billion compared to imports of €37.840 billion.
Despite the adverse global context with non-EU partners, España It manages to maintain a solid position in its immediate environment. The balance shows significant surpluses with its main partners in the UE y Reino Unido.
Main Trade Surpluses (Jan-Nov 2025)
- Francia: 16.431 million euros.
- Portugal: 16.031 million euros.
- Reino Unido: 13.215 million euros.
| Balance Type | Amount (Millions €) | Evolution |
|---|---|---|
| Non-Energy Deficit | 24.897 | It triples |
| Energy Deficit | 26.583 | -5,4% |
Key points and frequently asked questions about the 2025 Trade Balance
What factors have caused the trade deficit to increase by 42,4%?
Primarily, the increase in imports (+4,5%) compared to almost stagnant exports (+0,6%), aggravated by the non-energy deficit which has tripled and unfavorable trade relations with Estados Unidos y China.
How have tariffs affected the Administración Trump?
Since its imposition in August 2025, with rates of 10% to 15%, Spanish exports to Estados Unidos They have fallen by 7,9%, while imports from that country have increased by 7,8%.
With which countries does it maintain España a positive balance?
España It maintains robust surpluses with its traditional European partners, notably Francia (16.431 million), Portugal (16.031 million) and Reino Unido (13.215 million).
