According to data published by the Ministry of Economy, Trade and Business, Spain’s trade deficit reached €51,481 million between January and November 2025 (11M2025), representing a spike of over 40% compared to the same period in 2024. The coverage rate (the percentage ratio of exports to imports) stood at 87.4% through November, down from the 90.8% recorded during the same period in 2024.
In 11M2025, Spanish goods exports increased by 0.6% year-on-year to €356,931 million, a figure that marks a new all-time high for this period. Meanwhile, imports rose by 4.5% compared to 11M2024, reaching €408,412 million.
For the month of November alone, Spain’s trade deficit hit €5,882 million, with a coverage rate of 85.0%. During the month, Spanish exports amounted to €32,158 million, while imports stood at €37,840 million.
