Spain's trade deficit increased by nearly 42 percent in 2025, reaching 57 billion euros. Although goods exports recorded a symbolic increase of 0.7 percent, this rate was significantly lower than the EU average. The situation was worsened by a sharp jump in imports, driven by strong domestic demand. Meanwhile, Germany ended the year with significant GDP growth, and the United States maintained a high deficit despite restrictive tariff policies.

Record trade deficit

Spain's trade balance closed with a loss of 57 billion euros, meaning the deficit increased by 41.7% compared to the previous year.

Weak export dynamics

Goods exports increased by only 0.7%, a result significantly worse than the average for the European Union of 2.4%.

Growth of the German economy

The Bundesbank reported that Germany recorded strong growth at the end of 2025, driven mainly by domestic consumption.

Record number of new companies

Over 128 thousand new commercial companies were established in Spain, representing a growth of 7.9% and the best result in years.

The year 2025 proved to be a difficult period for Spain's foreign trade. According to data from the Ministry of Economy, Trade and Enterprise, the trade balance deficit deepened by 41.7%, reaching a value of 57.05 billion euros. The cause of this state of affairs was primarily the dynamic growth of imports by 4.6%, while the dynamics of exports slowed down, increasing by only 0.7%. For comparison, the average export growth in the entire European Union was 2.4%, indicating a loss of competitiveness of the Spanish economy on the international stage. Particularly painful was the 8 percent decline in goods sales to the United States, which experts link to new tariffs. Spain has historically struggled with a negative trade balance, due to high dependence on energy raw material imports, although in recent years the development of the services and tourism sectors has helped balance the current account.Despite negative nationwide data, individual autonomous communities recorded successes. Catalonia for the third consecutive time surpassed the barrier of 100 billion euros in exports, and Andalusia set its own record at 40.4 billion euros. In Castile and León, exports increased by 0.2%, mainly thanks to the automotive sector, which accounts for nearly 39% of the region's sales. Meanwhile, in Germany, as reported by the Bundesbank, the economy closed the year with significant growth, driven by private and public demand, although forecasts for the first months of 2026 predict a weakening of this dynamic. Catalonia: 100.7, Andalusia: 40.4, Castile and León: 20.0, Navarre: 11.5, Córdoba: 3.457 billion EUR — is Spain's record trade deficit in 2025„Stagnation of exports along with an increase in imports significantly worsened the goods trade deficit in 2025.” — Spanish Exporters Club[{"aspect": "Export Growth", "before": "-0.9%", "after": "+0.7%"}, {"aspect": "Deficit Value", "before": "40.2 billion EUR", "after": "57.0 billion EUR"}, {"aspect": "Number of New Companies", "before": "119,400", "after": "128,871"}]

Mentioned People

  • Jose Antonio Fernandez de Pinto — Director General of Insurance and Pension Funds at the Ministry of Economy.