Spain increases its trade deficit with the United States and theoretically becomes less exposed to the threat of tariffs from the new president, Donald Trump. He wants to prevent US partners from having a positive trade balance with his country, but this is not the case for Spain which even worsened it in 2024.
According to official data from the Ministry of Economy published this Monday on the closing of 2024, the trade deficit with the US now exceeds 10,000 million dollars after worsening by almost 7% in the last year of Joe Biden in the White House. This was the result after exporting goods and services to the US worth 18,179 million, but not being able to avoid importing 28,192 million. Energy purchases weigh on the bill.
Spain's overall balance with the rest of the world is deficitary, importing more than it exports by over 40,000 million. However, the Ministry of Carlos Cuerpo highlights that this balance has slightly improved compared to 2023. "The trade deficit decreased by 0.7% to 40,275.9 million dollars, thanks to the fact that the energy deficit maintained its downward trend and decreased by 8% to 30,442.7 million dollars, reducing by over 2,600 million dollars. The coverage rate stood at 90.5%."
The main market for Spanish exports continues to be the European Union, so any economic decline in the Old Continent damages the national economy. According to official data, "the trade surplus with the European Union reached 30,285.4 million euros, chaining 14 consecutive years with a surplus. The countries with which the Spanish economy recorded the largest surpluses were: France (20,847.3 million dollars), Portugal (15,849.5 million), the United Kingdom (13,659.7 million), and Italy (3,808.8 million)."
The pillars of exports are varied. "The sectors with the largest surpluses were: food, beverages, and tobacco (18,044.4 million dollars), the automotive sector (8,588.1 million), and non-chemical semi-manufactures (6,800.5 million)."
The Ministry gives a positive assessment of the trade balance, despite being negative. "Spanish goods exports continue their growth trend in 2024, achieving their second-best year in the historical series." "In 2024 as a whole, goods exports reached 384,465 million euros. Meanwhile, imports totaled 424,741 million euros," the statement indicates.