That dollar amount results from a 35.9% increase from $312.1 billion five years earlier during 2020.
Year over year, the overall value of Spanish exports flatlined via a 1% gain compared to $420.2 billion in 2023.
Spain’s international shipments were valued at 1.8% of overall global exports estimated at $23.9 trillion for 2024, up from 1.7% one year prior.
Applying a continental lens, 72.7% of Spain’s exports by value was delivered to fellow European countries while 10.3% was sold to Asian importers. Spain shipped another 6.9% worth of goods to buyers in North America.
Smaller percentages went to customers in Africa (5.5%), Latin America (3.9%) excluding Mexico but including the Caribbean then Oceania (0.7%) led by Australia and New Zealand.
Approaching two-thirds (63.1%) of Spanish exports were bought by fellow members of the European Union, down from 70.5% for the prior year.
Spain’s Top Trading Partners
Below is a list showcasing 25 of Spain’s top trading partners, countries that imported the most Spanish shipments by dollar value during 2024. Also shown is each import country’s percentage of total Spanish exports.
- France: US$63.9 billion (15.1% of total Spanish exports)
- Germany: $43.8 billion (10.3%)
- Italy: $37.2 billion (8.8%)
- Portugal: $36.8 billion (8.7%)
- United Kingdom: $27.1 billion (6.4%)
- United States: $19.7 billion (4.6%)
- Netherlands: $14.1 billion (3.3%)
- Morocco: $13.9 billion (3.3%)
- Belgium: $13.6 billion (3.2%)
- Poland: $10.8 billion (2.5%)
- Türkiye: $9.7 billion (2.3%)
- mainland China: $8.1 billion (1.9%)
- Mexico: $6.5 billion (1.5%)
- Switzerland: $6.2 billion (1.5%)
- Czech Republic: $4.4 billion (1%)
- Romania: $4.21 billion (1%)
- Ireland: $4.2 billion (1%)
- Greece: $3.8 billion (0.9%)
- Sweden: $3.6 billion (0.9%)
- Brazil: $3.5 billion (0.8%)
- Austria: $3.08 billion (0.7%)
- Japan: $3.08 billion (0.7%)
- Denmark: $2.7 billion (0.6%)
- United Arab Emirates: $2.5 billion (0.6%)
- Saudi Arabia: $2.4 billion (0.6%)
More than four-fifths (82.3%) of Spanish exports in 2024 was delivered to the listed leading trade partners.
The fastest-growing top importers for Spain’s exports were buyers in Romania (up 36.3% from 2023), United Arab Emirates (up 27.5%), Ireland (up 16.9%), United Kingdom (up 11.8%), Czech Republic (up 11.3%) and Poland (up 10.5%).
There was a trio of double-digit decliners among the major customers for Spanish exports. These were Belgium (down -15.4% from 2023), Switzerland (down -13.1%) and Saudi Arabia (down -11.8%).
Trade Partners Driving Spain’s Biggest Deficits
Spain incurred an overall -US$47.6 billion trade deficit for 2024. That negative trade balance represents a -2.6% reduction from the -$48.9 billion in red ink one year earlier in 2023.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Spain incurred the highest trade deficits with the following countries.
- mainland China: -US$38.9 billion (country-specific trade deficit in 2024)
- United States of America: -$10.9 billion
- Germany: -$8.2 billion
- Netherlands: -$7.5 billion
- Brazil: -$6 billion
- Nigeria: -$5.3 billion
- Algeria: -$5.2 billion
- Vietnam: -$4.9 billion
- India: -$4 billion
- Bangladesh: -$3.7 billion
Among Spain’s trading partners that cause the greatest negative trade balances, Spanish deficits with Brazil (up 28.6%), Vietnam (up 14.8%) and Germany (up 12.2%) grew at the fastest pace from 2023 to 2024.
These cashflow deficiencies clearly indicate Spain’s competitive disadvantages with the above countries, but also represent key opportunities for Spain to develop country-specific strategies to strengthen its overall position in international trade.
Trade Partners Creating Spain’s Biggest Surpluses
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Spain incurred the highest trade surpluses with the following countries.
- France: US$21.8 billion (country-specific trade surplus in 2024)
- Portugal: $16.4 billion
- United Kingdom: $13.8 billion
- Italy: $4.1 billion
- Morocco: $2.32 billion
- Greece: $2.28 billion
- Panama: $2.21 billion
- Belgium: $2.12 billion
- United Arab Emirates: $1.7 billion
- Australia: $1.6 billion
Among Spain’s trading partners that generate the greatest positive trade balances, Spanish surpluses with United Arab Emirates (up 86.7%), Australia (up 61.6%) and Greece (up 25.9%) grew at the fastest pace from 2023 to 2024.
These positive cashflow streams clearly indicate Spain’s competitive advantages with the above countries, but also represent key opportunities for Spain to develop country-specific strategies to optimize its overall position in international trade.
Major Spanish Companies Servicing Spain’s Trading Partners
Twenty-seven corporations headquartered in Spain rank among Forbes Global 2000. Below is a sample of the major Spanish companies that Forbes included.
- Abertis (other transportation)
- Ferrovial (other transportation)
- Grifols (biotech products)
- Repsol YPF (oil, gas)
- Telefónica (telecommunications services)
According to IMPORTERS.com listings for Spanish suppliers, the following are examples of companies that ship products from Spain to its trade partners around the globe. Shown within parenthesis are products that the Spanish business provides.
- Acosta Farmacia (pharmaceutical pain medications)
- Acremar Sl (marble, other natural stone)
- Aranda Alcorense (ceramic tiles)
- Ferpuig SL (lighting, decoration products)
- Garcia Ballester SL (clementines, other citrus fruits)
- Gascon Vermuyten SL (frozen food)
- Precocinados Corella/Lazaro Foods (canned vegetables)
- Under The Sun (olive oil)
- Vins I Licors Singulars (wines, whiskies)
- Zadarovstock (wholesale textiles)
See also Spain’s Top 10 Imports, Spain’s Top 10 Exports and Top EU Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on July 17, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 17, 2025
IMPORTERS.com The Online Market for G20 Importers, Spain Import Export Directory. Accessed on July 17, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on July 17, 2025
International Trade Centre, Trade Map. Accessed on July 17, 2025
Investopedia, Net Exports Definition. Accessed on July 17, 2025