According to Exporters and Investors ClubInformation on Spain's foreign trade, based on COMEX data, shows a "Stagnation of Spanish exports" which, if maintained, could consolidate as a structural problem.
During the first nine months of this year, sales of Spanish goods abroad have only experienced a modest increase. 0,5% growth in valueGiven that inflation has hovered around 3% during this period, the Club concludes that, in real volume terms, exports have suffered a effective decreaseThis difficulty in measuring the exact volume is due to the interruption in the publication of volume statistics.
In contrast to exports, imports have experienced a solid 5% increaseThis divergence is the main cause of the notable increase in the trade balance deficit, which has gone from 27.091 million euros in the same period of the previous year to 41.106 millones de euros in the first nine months of 2025.
Antonio BonetThe president of the Exporters Club emphasizes that most of this imbalance is concentrated in two major trading partners: “The deficit of Chinawhich in the first nine months has reached 30.843 millones de euros and of United States, which has risen to 10.785 millones de eurosThey explain the total deficit.”
One particularly worrying aspect is that the deterioration in the trade balance for goods has been concentrated in products non-energyThe deficit in this category has climbed to 17.700 millones de eurosThis represents a significant increase compared to the 4.852 billion recorded during the same period last year. Bonet highlights that, "with the exception of energy products, All economic sectors have increased their imports. in the period January-September 2025”.
The report also reveals a slight reduction in the number of regular exporters
Key Partner Relations
Bilateral Trade with the European Union (EU): Despite being the destination for two-thirds of Spanish exports, the surplus has decreased from 25.762 billion to 17.854 millones de eurosThe value of exports to the EU has remained at . 178.444 millones de euros...with no change from the previous year. The Club President believes that the stagnation and the alleged drop in volume are due to the slowdown of European economies.
Bilateral Trade with the United States (USA): Sales from Spain to the US have fallen 7,4 %, a result that the Club attributes to the Trump Administration's tariff policyHowever, Bonet points out that "Even if Exports have fallen"One might have expected them to have fallen more than they have, due to Trump's tariffs."Meanwhile, purchases from the US have increased by 9,4 %.
Bilateral Trade with China: The deficit with the Asian country has grown considerably to 30.843 millones de eurosDespite the fact that Spanish exports grew at a rate of 8,4 %Imports from China increased at a faster rate, from 12,7 %, exacerbating the unfavorable trade balance.
Alarm over the Regular Export Base
Finally, the report also reveals a slight reduction in the number of regular exportersThose who maintain sustained international activity. Recent figures show a decline in 1,7 %, placing the total in 52.134 companies.
President Bonet sentences This decline "deepens a structural problem already identified: the Spanish export sector has a limited number of regular exporters, and the recorded decline adds pressure to the need to strengthen the base of companies that maintain sustained international activity over time."
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