The Spanish trade deficit increased in the first ten months of the year (10M2025) to EUR 45,799.5 million, a 47.6% increase compared to the same period in 2024 (EUR 31,023.1 million), driven by a strong surge in imports. According to trade balance data published this Monday by the Ministry of Economy, Trade and Business, Spanish exports rose by 0.8% between January and October, reaching EUR 324,772.7 million; however, the rebound in imports was significantly higher at 4.9%, totaling EUR 370,572.1 million.
This reduced the coverage rate—the ratio of exports to imports—to 87.6%, which is 3.6 percentage points below the figure from a year ago (91.2%). In 10M2025, the energy trade deficit saw a slight decrease of 1.07%, falling to EUR 24,558 million, while the non-energy deficit climbed to EUR 21,241.4 million—three and a half times the figure recorded during the same period in 2024 (EUR 6,197.9 million).
