In 2025, Spain's trade deficit ballooned to €57.054 billion, marking a 41.6% rise from the previous year of €40.276 billion. This has been noted as the worst deficit since 2022, primarily influenced by the effects of the Ukraine invasion, which had previously driven up energy costs exponentially. The imbalance in trade with China has exacerbated the situation, contributing to 75% of the total trade deficit, as trade dynamics increasingly tilted unfavorably against Spanish exports.

The significant drop in merchandise exports to the United States also played a pivotal role in the deteriorating trade balance, occurring during a period marked by heightened tariff challenges initiated by former President Donald Trump. Although this trade relationship saw declines, the situation with China has overshadowed it, as imports from the Asian giant expanded while Spain's ability to sell its goods there worsened.

Economists, including Ya-Lan Liu from Arcano Research, indicate that Spain's reliance on energy imports coupled with a challenging global trade environment could continue to impact its economic stability. With three-quarters of Spain's trade deficit linked to its economic exchanges with China, the implications suggest that Spain may need to reevaluate its trade policies and strategies to mitigate future deficits and enhance its export capabilities in a fluctuating global market.