The United States is expanding its business with Spain and has seen a colossal increase in its trade surplus since the Ukraine war. US President Donald Trump threatens to adjust his relationships with countries based on whether they sell products to the US or, conversely, buy from them; however, Spain is becoming an increasingly profitable customer for the world's leading economic power.
According to the latest official data from the Ministry of Economy, Spain's trade deficit with the US has increased by 400% when comparing 2021 data with the average of the last three years since the Russian invasion and the change in the energy map.
Only in 2024 Spain's trade deficit reached 10.013 million, as reported this Monday. However, in 2021,the negative balance with the US did not exceed 2.282 million and was already higher than in previous years. Based on this data, the American Chamber of Commerce in Spain - representing the largest US multinationals in the country - has requested moderation from the Trump Administration and to exclude the fourth largest economy in the Eurozone from the list of European countries threatened with tariffs.
According to the text obtained by EL MUNDO, this association with significant partners has sent a letter to the US Secretary of Commerce, Howard Lutnick, highlighting the positive data for Washington from the Spanish Ministry's report.
"In our opinion, the ongoing effort to address the significant $235 billion trade deficit that the United States has with the European Union should take into account Spain's unique position as a country that maintains a trade deficit with the United States, rather than a surplus," signed the President of the Chamber in Spain, Jaime Malet.
"In addition, Spain is the tenth largest investor in the US, while the US is the largest foreign investor in Spain," emphasized to Trump's Commerce representative. Lutnick is precisely the senior official tasked by the White House to assess tariffs to be implemented starting April 1.
Trade data show that Spain, at least in theory, is less exposed to this trade war than other EU member states with a strong surplus with the US, such as Germany. However, there are factors working against Spain as Trump equates the Value Added Tax to a tariff or protests against the so-called Google tax. Both taxes are in effect in Spain. Additionally, the trade balance reported by the US Census Bureau with Spain is limited to 2.6 billion, well below the official Spanish figure.
While awaiting the outcome, the data shows that the US is a clear trade winner of the Ukraine war with countries like Spain. According to the Ministry's data, energy products make up the bulk of the favorable trade balance with sales of crude oil to be refined in Spain and also liquefied natural gas. With the latter, the US became Spain's top supplier in January, surpassing Algeria, according to Enagás' latest report. 29.3% of the natural gas imported by Spain came from the US, compared to Algeria's 28.4%, despite the latter's advantage of the gas pipeline.
Concurrently with the growth of the US as a trading partner, Russia is declining according to the ministerial report.
The country led by Vladimir Putin continues to maintain a trade surplus with Spain despite the war and sanctions, but the balance has now decreased to 1.742 million, 116% less than in 2021. Enagás ranks Russia as the third-largest natural gas supplier to Spain, but well below the top two mentioned earlier. Its shipments account for 18% of the total.
China, on the other hand, continues to improve its significant trade surplus. In 2024, it managed to export to Spain 37.706 million more than it imported. This is the second-highest surplus in history - the highest was in 2022 - and over 40% higher than before the war.
On the other side of the balance, the Eurozone is Spain's major customer, with a positive trade balance of 30.285.4 million euros in 2024, "marking 14 consecutive years of surplus." The largest surpluses were with: France (20.847.3 million euros), Portugal (15.849.5 million), the United Kingdom (13.659.7 million), and Italy (3.808.8 million)," highlighted by the Ministry.
For this reason, any decline or destabilization of the EU harms the Spanish economy, although for now, it is experiencing higher growth rates than other major economies in the Eurozone.
Overall, the 2024 report reveals a stagnation in Spanish exports. They reached 384.465 million - the second-best historical figure similar to that of 2023 - but imports were 424.741 million. Spain's overall resulting balance with the rest of the world is negative: 40.275 million.