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Spain/US trade deficit

 US-Spain Trade Balance: Do We Sell More to Spain Than We Buy?Yes, the United States exports more to Spain than it imports from Spain, resulting in a trade surplus for the US (and a corresponding deficit for Spain). This has been the case consistently in recent years, including 2024—the most recent full-year data available as of October 2025. The surplus widened in 2024 compared to prior years, largely due to higher US exports of energy products, chemicals, and equipment amid global supply shifts.Key 2024 Figures (Goods and Services, in USD Billions)Category

US Exports to Spain

US Imports from Spain

Balance (US Perspective)

Total Trade

$35.5

$34.2

+1.23 (surplus)

Goods Only

~$28.2

~$22.1

+6.1 (surplus)

Total trade volume: ~$69.7 billion, ranking Spain as the US's 22nd-largest trading partner.

Trend: The US surplus grew 55% from $0.8 billion in 2023 to $1.23 billion in 2024. From Spain's viewpoint, their deficit with the US hit €9.6 billion ($10.4 billion), driven by energy imports (e.g., LNG) accounting for over 85% of the gap.

Top US Exports to Spain: Natural gas/oil (35%+), chemicals/semi-manufactured goods (29%), machinery/equipment (21%).

Top US Imports from Spain: Vehicles/parts, food/beverages (e.g., wine, olive oil), pharmaceuticals.

This aligns with Vice President Yolanda Díaz's recent comments: She noted the US's trade surplus (Spain buys more from the US), arguing that any Trump-proposed tariffs on Spanish goods would raise costs for American consumers and exporters, potentially backfiring on the US economy.Why the Surplus?Energy Factor: Post-Ukraine war, Spain ramped up US LNG imports to diversify from Russia, boosting US exports.

Services Boost: US services exports (e.g., tech, finance) to Spain add ~$7-8 billion annually, widening the overall surplus beyond goods alone.

Historical Context: The US has run surpluses with Spain every year since at least 2022; pre-2022 balances were near-neutral or slight deficits.

If tariffs escalate (as Trump has threatened on autos, wine, etc.), it could shrink Spain's exports to the US, further increasing the US surplus—but at the risk of higher prices for US buyers. For real-time 2025 updates or sector breakdowns, check the US Census Bureau's trade data. What's your take on the tariff talk?

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