Spain Trade Deficit Widens Slightly

Spain recorded a trade deficit of €2.54 billion in May of 2025, widening slightly from the €2.35 billion in the corresponding period of the previous year, contrasting with the positive tilt in European trade balances due to the relatively lower trade exposure with the US. Imports expanded by 1.3% from the previous year to €37.54 billion amid higher purchases of capital goods (14.8%), automobiles and parts (4.9%), and raw materials (10.7%).

Imports from North America, which only make 6.8% of purchases (compared to 8% in May 2024), contracted by 13.3% as firms already pivot supply sources on trade war risks.

In turn, exports rose by a softer 0.8% to €35 billion amid higher sales of capital goods (24%) and lower exports of energy (-32.7%).

Exports to North America, which make up 4.9% of exports (compared to 5.8% last year), fell by 14.7%.