FX.co ★ Spain Trade Deficit Widens Slightly

In May 2025, Spain experienced a trade deficit of €2.54 billion, a slight increase from the €2.35 billion deficit during the same period the previous year. This contrasts with a favorable trend in European trade balances, influenced by the region's relatively lower exposure to US trade, amidst global disruptions caused by aggressive tariff threats. Spain's imports grew by 1.3% year-on-year to reach €37.54 billion, driven by heightened purchases of capital goods (14.8%), automobiles and parts (4.9%), and raw materials (10.7%). Importantly, imports from the US decreased by 18.3%, now representing just 6% of overall imports compared to 7.4% in May 2024, as businesses reorient supply chains due to trade war uncertainties. Conversely, imports from Canada saw a significant increase of over 53%. On the export side, there was a modest rise of 0.8%, totaling €35 billion, with increased sales of capital goods (24%) but a notable decline in energy exports (-32.7%). Exports to the US, comprising 4.4% of total exports compared to 5.1% the previous year, dropped by 14.4%.