FX.co ★ Spain Trade Gap Jumps in March

Spain experienced a notable increase in its trade deficit, which expanded to €5.48 billion in March 2025 from €2.03 billion in March of the previous year. This growth in the deficit was largely due to a substantial 18.3% rise in imports, reaching their highest level in nearly 2-1/2 years at €39.6 billion. Key contributors to the surge in imports included a significant increase in the purchase of raw materials (up by 25.3%), chemical products (up by 17.7%), and food, beverages & tobacco (up by 11.5%), coupled with a 12.2% rise in both manufactured and durable consumer goods. On the other hand, exports saw a modest rise of 8.5%, amounting to €34.1 billion. This growth was propelled by increased shipments of raw materials (up by 17.6%), chemical products (up by 12.3%), food, beverages & tobacco (up by 7%), and non-chemical semi-finished goods (up by 5.3%). In the first quarter, Spain's trade deficit rose sharply by about 86% from the same period a year earlier, reaching €15.10 billion. During this time, imports and exports grew by 9.3% and 2.6%, respectively.