According to the Monthly Foreign Trade Report published by the Ministry of Economy, Trade and Enterprise, Spain’s trade deficit widened to €5.172 billion in April, compared to €3.900 billion recorded in the same month of the previous year, as imports continued to outpace exports. In April, imports increased by 8.7% year-on-year to €39.600 billion, driven by an increase in purchases of energy products (32.2%), mainly originating from Kazakhstan, Nigeria, the…
Pyden&Rygel | Data released last week shows that the US nominal goods trade deficit widened to $1.2 trillion in 2025, the highest level since 1960. This occurred despite the most significant tariff tightening in decades, which had the explicit goal of narrowing that very gap. How can this contradiction be explained? The answer lies in the reorganization of supply chains. Importers took advantage of differences in tariff rates between countries,…
The Spanish trade deficit increased in the first ten months of the year (10M2025) to €45,799.5 million, a 47.6% increase compared to the same period in 2024 (€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 €324,772.7 million; however, the rebound in imports was…
Bankinter | The US trade deficit narrows sharply following the largest ever drop in imports (19.8% month-on-month), while exports grew by 3.4%. The item where the reduction in the deficit is most evident is in consumer goods (down $49.276 billion in April against $80.843 billion previously). After the sharp increase in the deficit in Q1 2025 to avoid the impact of tariffs, imports are normalising, softening the impact on the…
Luis Alcaide | Little has emerged from the face-to-face meeting between Xi Jinping and Pedro Sánchez during the G7 meeting in Bali. Only the Spanish Prime Minister’s request to his Chinese counterpart to exercise his best offices with Vladimir Putin to stop his invasion and destruction of Ukraine. Nothing has come to light about the bilateral relations between Spain and China, despite the fact that China is the leading international…
Luis Alcaide | At the end of July, Spain’s trade deficit amounted to 38.524 billion euros compared to 6.995 billion in 2021. The explanation was none other than the imbalance between purchases and sales with China and the countries of the Middle East, amounting to 38.503 billion euros. The People’s Republic of China has become the main supplier of goods to Spain. In the first seven months of the year,…
Between January and May, the Spanish trade deficit increased to 26.569 billion euros, 6.5 times more than in 2021. This is the highest level since the Great Recession of 2008, when it reached 42.63 billion euros. The figures for exports of goods to other countries have been above the maximums of the historical series, which began in 1995, since 2022 began. In the cumulative figure between January and May, sales…
The trade deficit stood at 10.774.7 billion euros in the first two months of the year, which is almost four times the figure recorded in the same period of 2021. The report on foreign trade by the Ministry of Industry, Trade and Tourism shows that the energy deficit reached 6.984.5 million euros, double the figure for the same period in 2021 (3.110.4 billion euros), while non-energy exports stood at 3.790.2…
Bankia Estudios | As expected, the improvement in the external sector observed in the first two months of the year did not continue in March. The Covid-19 crisis hit both exports and imports hard, with setbacks of more than 14% year-on-year: only trade in chemical products, mainly medicines, and food was exempt from the contraction. The Q1’20 accumulated drop in Spanish exports (3%) is similar to the one noted in the EMU (3.2%) and Germany (3.3%), but much lower than that in France (8.6%).
Thomas Lehr (Flossbach von Storch) | The US-China trade conflict is keeping markets on tenterhooks. Should we therefore avoid equities? We encourage investors to be courageous. Quality prevails. An argument in favour of long term investment.