Automotive Trade Surplus Drops by 15% with a Positive Balance of €15.991 Billion

The automotive sector in Spain recorded a trade surplus of €15.991 billion in 2024. Although this figure is 15.1% lower than the previous year, the automotive industry remains the main contributor to Spain's trade balance.

This decline in the trade balance of vehicles is driven by a contraction in the production of vehicles manufactured in Spain, which fell by 3%. This is due to adjustments in factories for the incorporation of new electric models and the weaker performance of major European markets.

This has led to a 4% reduction in exports during 2024, a situation exacerbated by the increase in vehicle imports during the year, according to figures provided by the Manufacturers Association, Anfac.

The main factors of this trade balance are the decline in Spanish vehicle production along with the rise in the import of foreign vehicles, which has led to a reduction in the balance in 2024. France, Germany, and the United Kingdom were the main destinations for Spanish vehicle exports in 2024, while Germany, followed by China and Japan, topped the list of countries exporting the most vehicles to Spain.

José López-Tafall, General Director of ANFAC, stated that "year after year, we have in the trade balance the perfect example that the automotive sector continues to be one of the most important sectors for the Spanish economy. Once again, vehicles position themselves as the 'made in Spain' product with the greatest positive contribution to our trade balance. However, 2024 has raised the alarm, as we are facing a paradigm where production has decreased and the demand for electrified vehicles has slowed. Therefore, from ANFAC, we insist on the need to recover the domestic market and volume of all types of technologies, as well as naturally accelerating the sales of plug-in vehicles, the vehicles of the future. At a time when geopolitical uncertainties loom over Europe and Spain, we must mobilize our domestic market and our factories, and have a joint Roadmap as a country to not only maintain what we have but to make it grow. Our market must be strong and our industry competitive."

During 2024, the value of vehicle exports was €42.387 billion, 4.9% lower than the previous year. Meanwhile, imports increased by 2.6%, reaching €26.397 billion.

On the other hand, the automotive sector as a whole (including the components sector) generated a total positive trade balance of €10.348 billion in 2024, with a decrease of 16.9% compared to 2023.

During 2024, the overall export value fell by 4.1% compared to the previous year, to €55.118 billion. Similarly, the accumulated value of vehicle and component imports decreased by 0.5%, with €44.769 billion in 2024.

Europe remains the main destination for vehicles exported from Spain in 2024, accounting for 93.7% of the export share. Among the countries that have demanded vehicles produced in Spain, by economic value, France was the first with €8.341 billion, a share of 19.7% of the total. Meanwhile, Germany recorded a value of €7.827 billion, which meant an 11.3% decrease compared to 2023, with a share of 18.5%. They are closely followed by the United Kingdom, with a share of 11.7% and a value of €4.948 billion, and Italy, with an 11.4% share and a value of €4.845 billion.

It is noteworthy that no finished vehicles were exported to the USA from Spanish factories in 2024.

Regarding imports, Europe also ranks first, with 72.9% of the total economic value, representing an increase of 1.3 percentage points compared to 2023. The countries from which most vehicles were imported to Spain were Germany, occupying a 25.5% share with a volume of €6.735 billion, which increased by 19.5% compared to the previous year.

Following in the Top-3 is China with an 8.7% share and a volume of €2.285 billion, having decreased by 19.8% over the last year; and Japan, which was very close to China with an 8.5% share and a value of €2.234 billion, increasing the value of its imports by 25.7% in 2024.