Trade between Spain and the US is taking a sharp hit, with new figures revealing a clear slowdown as political tensions simmer in the background.
Spanish exports to the US fell by 11.4% year-on-year in January, dropping to just over €1.1 billion. At the same time, imports from the US plunged even further, down 20.8%.
The drop on both sides points to a cooling relationship between the two countries, with the US now accounting for less than 4% of Spain’s total exports.
The slump comes against a backdrop of growing strain between Washington and Europe, including ongoing disputes over tariffs first introduced under President Donald Trump and wider geopolitical tensions linked to conflicts in the Middle East and NATO defence spending.
Despite the downturn, Spain’s trade deficit with the US actually narrowed, falling to just over €1 billion.
But that’s largely because imports have dropped faster than exports, not because trade is strengthening.
Zooming out, Spain’s overall trade picture shows a mixed trend. The country’s total trade deficit shrank by more than a third in January, helped mainly by a sharp fall in energy imports.
Exports overall dipped slightly, while imports fell more significantly, pushing Spain’s coverage rate higher.
Elsewhere, China remains a major imbalance, with Spain importing far more than it exports, while trade with the European Union continues to generate a steady surplus.
