Spain: Trade deficit soars 49% despite export boom

 

The Spanish trade deficit has experienced a worrying increase of 48,8% in the first four months of 2025, reaching 18.982 billion euros. This is revealed by data published by the Ministry of Economy, Commerce and Business, which reveal a growing imbalance in the country's trade balance.

 

Although Spanish exports showed slight growth of 0,8% in the four-month period, totaling €128.384 billion, this increase was offset by a more significant increase in imports, which rose 5,1% to €147.366 billion. This disparity has led to a drop in the coverage rate (the ratio of exports to imports) to 87,1%, compared to 90,9% recorded in the same period in 2024.

Key Factors of Deterioration

 

This deterioration is mainly due to the faster growth rate of imports, particularly of energy products and manufactured goods. Countries such as China and the United States have been the main sources of this increase, underscoring Spain's dependence on certain external markets for its supplies.

A Respite in April, But the Trend Persists

 

Although the general trend is toward an upward trend in the deficit, April brought a brief respite. The trade deficit narrowed by 16,6% year-on-year, reaching €3.882,4 billion. This improvement was driven by a significant drop in the energy deficit and a recovery in exports, which reached €32.510,8 billion, marking the second-highest historical value for an April. Imports in this specific month also fell by 5,8% year-on-year.

Impact of Geopolitical and Trade Tensions

 

The international context has played a fundamental role in this scenario. Global uncertainty and trade tensions, especially those arising from the United States' tariff policy, have negatively impacted both Spanish exports and imports, contributing to a slowdown in foreign trade.

 

By country, Spain's trade deficit with the United States soared 44% in the first four months of the year, reaching €5.173 billion. With China, the deficit stood at €13.087,8 billion, 13,4% higher than in 2024. However, in April, an 8,3% reduction in the negative balance with the Asian giant was observed, a figure that could indicate a slight correction in trade relations with China.

 

Spain thus faces a scenario of growing trade imbalance in the first part of 2025, largely influenced by the evolution of the global economy and the persistence of international trade tensions.