Spain's trade deficit surged by 86.3% in the first quarter of 2025 compared to the same period in the previous year, reaching a negative balance of €15.1 billion, according to data from the Monthly Foreign Trade Report from the Ministry of Economy, Trade, and Enterprise.

In the first three months of 2024, this deficit stood at €8.1 billion.

The increase in Spain's trade deficit has been primarily driven by a 9.3% year-on-year rise in imports, which totaled €111 billion.

Meanwhile, exports, despite reaching record levels, increased at a much slower pace of 2.6%, amounting to €95.9 billion.

The coverage ratio, which represents the proportion of exports to imports, fell to 86.4%, reflecting a decline of 5.6 points from the first quarter of 2024.

Spain's energy deficit rose in the first quarter to €9.5 billion, marking a 17.4% increase from the same period in the previous year.

In contrast, the non-energy balance shifted to a deficit of €5.6 billion from a surplus of €8.8 million recorded between January and March 2024.

According to the Ministry of Economy, the countries with which Spain registered the largest trade surpluses included France (€4.7 billion), Portugal (€4.1 billion), and the United Kingdom (€3.4 billion).

Spain's trade deficit with the United States reached €3.9 billion in the first three months of 2025, representing a 53.9% increase from the deficit of €2.5 billion recorded in the same period in 2024, amid ongoing trade tensions.

During this time, Spain exported €4.4 billion worth of goods to the U.S., a 2.6% increase compared to the first quarter of 2024.

In terms of imports, Spain acquired goods and services from the U.S. totaling €8.3 billion in the first quarter of this year, an increase of 21.8% compared to the same period in 2024, comprising 7.5% of Spain's overall imports, which reached €111 billion.

For March alone, Spain's trade deficit with the U.S. more than doubled year-on-year, increasing by 135% to €1.3 billion, compared to €538.8 million in March 2024.