Spanish goods exports continued their upward trend in 2024, achieving their second best year in the historical series, as reflected in the Customs declared trade data collected in the Monthly International Trade Report from the Ministry of Economy, Trade and Business, prepared by the Secretary of State for Trade.
In 2024 as a whole, exports of goods reached €384.465 billion. On the other hand, imports amounted to €424.741 billion. The trade deficit decreased by 0.7 per cent to €40.2759 billion, as the energy deficit continued its downward trend and decreased by 8 per cent to €30.4427 billion, reducing by more than €2.6 billion. The coverage rate stood at 90.5%. These data show the robustness of the Spanish foreign trade sector in the face of a complex international context and the opening up of the Spanish economy as key levers to continue growing and generating employment.
The trade surplus with the European Union reached €30.2854 billion, making a surplus streak of 14 consecutive years. The countries against which the Spanish economy recorded the largest surpluses were France (€20.8473 billion); Portugal (€15.8495 billion); the United Kingdom (€13.6597 billion) and Italy (€3.8088 billion). The sectors with the largest surpluses were food, beverages and tobacco (€18.0444 billion), the automotive sector (€8.5881 billion) and non-chemical semi-manufactures (€6.8005 billion).
In 2024 as a whole, the sectors with the highest positive contributions to the annual rate of change of exports (0.2%) were: food; beverages and tobacco (1.2 percentage points), consumer manufacturing (0.2 points), raw materials (0.1 points) and other goods (0.1 points). An all-time high for the year was reached in food, beverages and tobacco.
By destination market, exports to the EU27 accounted for 61.8% of the total. Record figures for the year were achieved in 15 EU destinations, including Italy, Portugal and Poland. On the other hand, exports to non-EU destinations accounted for 38.2% of the total and grew by 2.4% compared to the previous year. Spanish companies are diversifying into new markets: Spanish exports are growing in Oceania (15.1%), Africa (6.4%) and Asia (3.5%). In addition, record highs were achieved for the year in important markets for Spain such as the United Kingdom, Morocco, Turkey and Mexico.
By autonomous communities, the ones showing the highest growth in exports were Castilla y León (16.5%), the Canary Islands (12.1%) and the Balearic Islands (10.6%).
A strong export base that continues to grow
The number of regular exporters (those who have exported more than €1,000 in the reference year and in each of the three immediately preceding years), increased by 4.8% in 2024 to 45,931 exporters. These exported €368.6513 billion euros, 95.9% of the total and 3% more than the previous year.
Spain's export base has grown steadily in recent years. This indicator reflects a cultural change in Spanish companies, which increasingly perceive foreign markets as a natural target for expanding and consolidating their business.
International trade data in December 2024
Exports for the month of December 2024 continued to rise, with a growth of 2.7% and reaching €29.7384 billion, the second highest value in the series for the month of December. Imports, on the other hand, amounted to €33.8598 billion and increased by 4.7% year-on-year.
In terms of international comparisons, exports from France also grew (5.5% year-on-year), while those from Germany fell (-0.2%). Outside the European Union, exports from the United States declined by 1.1% year-on-year, while those from the United Kingdom increased by 24.7% year-on-year, from China by 10.9% year-on-year and from Japan by 2.8% year-on-year.
The trade deficit reached €4.1215 billion in December, with energy imports falling (-9.1% year-on-year). The coverage rate (ratio of exports to imports as a percentage) stood at 87.8%. The trade surplus with the European Union reached €888.5 million, maintaining the uninterrupted streak of trade surpluses since January 2017 (provisional series). The trade deficit with non-EU destinations narrowed to €5.010 billion.
By sector, the surpluses in food, beverages and tobacco (€13574 billion euros), non-chemical semi-manufactures (€576.0 million) and the automotive sector (€467 million) stood out. By destination market, exports to the EU27 accounted for 58.1% of the total. Record figures for the month were reached in seven EU destinations, including Portugal, Poland and Romania.
Exports to non-EU destinations accounted for 41.9% of the total and grew by 12% compared to the same month of the previous year. Record highs were achieved for the month in important markets for Spain such as the UK, Morocco, Turkey, Switzerland, Mexico and Japan.
Non official translation
Containers for export