Trade between Spain and the U.S. isn’t something most people think about day to day, but it directly affects what we eat, how we fuel our homes, and even the medicines in our cabinets.

In recent years, that relationship has started to shift. In 2024, Spain’s trade deficit with the U.S. grew by more than 7%, hitting over €10 billion. While American goods continue to flow steadily into Spain, Spanish exports to the U.S. fell down nearly 4% from the previous year, according to the Ministry of Economy, Trade, and Enterprise.

The gap may seem like a technicality, but it’s becoming harder to ignore, especially as voices like Donald Trump once again call for using tariffs as leverage, even with traditional allies. That’s worrying news for the European Union, where 55% of the economy depends on international trade. In the U.S., by contrast, that figure is less than a quarter. The imbalance isn’t just in goods; it’s in how much countries rely on global exchange to stay afloat.

Spain, of course, is part of that story. Its relationship with the U.S., valued at over $1.6 trillion according to the U.S. Embassy in Spain, is one of deep interdependence but also growing asymmetry.

What’s behind this deficit

Energy is definitively one of the biggest challenges. Spain leans heavily on the U.S. for natural gas and crude oil. Together, they make up over 40% of everything Spain imports from across the Atlantic. These aren’t luxury items; they literally keep the country running. But they come with a steep price tag.

Healthcare is another big piece of the puzzle. Spain brings in a steady stream of packaged medicines, vaccines, and specialized medical products from the U.S., the kind of supplies that aren’t easy to source elsewhere. They’re essential, but they add even more weight to the import bill.

And then there’s food, less flashy but just as important. According to the OEC, Spain imports a wide variety of U.S. agricultural products, from soybeans and corn to nuts, wheat, and sunflower seeds. Most of these never show up directly on your plate, but they’re everywhere: in restaurant kitchens, supermarket shelves, and food factories across the country.

Spain is also exporting to the U.S.

The trade relationship works on both sides. Spain regularly sends a wide range of products to the U.S., and some of them really show what the country does best, like top-quality food, pharmaceuticals, and solid industrial gear.

Olive oil, especially pure olive oil, continues to be one of Spain’s standout exports. Its popularity in the U.S. has grown year after year, driven by Spain’s reputation for quality. The country also sends refined petroleum, ceramics, electrical components, and biotech goods like vaccines, blood products, and antisera.

These exports speak to Spain’s global competitiveness. But even that wasn’t enough to make up for the bigger dip in outbound trade in 2024.

A relationship under watch

No one’s saying the trade relationship is falling apart. But it’s changing, fast. Political shifts in the U.S. could easily reshape long-standing agreements, and Spain, like much of the European Union, doesn’t have the same flexibility to absorb sudden shocks in international trade.

China, which is known for their or its high export rate of 45%, according to El Pais. But it is still behind the European Union, which reaches a staggering 55%.

With more than half of the economy depending on international trade, the risk isn’t abstract. If tariffs get in the middle, or if some sectors get targeted, Spain may find itself paying way more for essentials like oil, soy, and medications, while struggling to keep exports competitive.

Trade’s not collapsing, yet… But Spain needs to stay sharp.