Spain’s trade deficit improved slightly from -€5.1 billion in November to -€4.1 billion in December.

• Exports fell -8.9% MoM but were up 2.7% YoY, and imports jumped 7.6% MoM and were up 3.5% YoY.
• The Q4 2024 deficit of -€13.2 billion was the highest quarterly deficit in 2024, up from -€11.3 billion in Q3 2024.
• For the full year 2024, the trade deficit was mostly unchanged at -€40.3 billion (vs -€40.6 billion in 2023) with exports up 0.2% and imports up 0.1%.