Spain's trade deficit soars by 86% in the first quarter of 2025, driven by a surge in imports.

The Spanish trade balance has registered a strong deterioration at the start of 2025. The trade deficit reached 15.099,6 millones de euros in the first quarter of the year, which represents a increase of 86,3% compared to the same period in 2024. These data, published today by the Ministry of Economy, Trade and Business, show a growing gap between purchases and sales abroad.

 

The main driver of this imbalance has been the significant increase in imports, who grew up a 9,3% year-on-year until reaching 110.973 millones de eurosIn contrast, exports showed a much more moderate increase, 2,6 %, adding a total of 95.873 millones de eurosThis dynamic has caused the coverage rate, which measures the relationship between exports and imports, to fall to 86,4 %, five and a half points below that recorded a year ago, which underlines a greater dependence on foreign markets.

 

Key imports and deficit breakdown

 

The increase in purchases abroad is explained, fundamentally, by the increase in the acquisition of clothing, electrical appliances and ships from China as well as medicines and gas originating in the United States.

 

Analyzing the figures by components, the non-energy deficit He stood at 5.570 millones de euros, a particularly worrying figure considering that a surplus had been recorded in this item in the same period in 2024. For its part, energy deficit also experienced a significant increase, growing by 17,4 % until the 9.530 millones de euros.

 

 

Sectors with surpluses and trade destinations

 

Despite the overall outlook, some Spanish productive sectors continue to show strength in their trade balances. The food, beverages and tobacco, which accumulated a surplus of 5.097,5 millones de euros in the quarter as a whole, and 1.715,3 million in March alone.

 

Other sectors with a positive balance in March were: non-chemical semi-manufactures (surplus of 745,4 million euros), the sector of car (97,6 million euros) and the heading of other merchandise (452,6 million euros).

 

As for commercial destinations, Spain maintains a surplus with the European Union, which in March stood at 1.539,3 million euros. Trade relations are particularly positive with key partners such as France, Portugal and the United Kingdom.

 

A complex international context

 

This increase in the Spanish trade deficit is part of a global environment characterized by trade tensions and a persistent tariff war, which has had a particular impact on relations with economic giants such as the United States and China.

 

In the first trimester, the Spanish exports to China grew by a remarkable 24%., although the Imports from the Asian country also increased by 22,4%.. With United States, the situation is more unfavorable, since the Spanish trade deficit shot up 53,9 %, reaching the 3.920 millones de euros.