Spain maintains its position as an importer in the iron and steel trade

In 2024, Spain's iron and steel trade resulted in 7.4 billion euro in exports and 10.9 billion euro in imports, leading to a foreign trade deficit of 3.54 billion euro. While both exports and imports in the sector declined, Spain maintained its position as a net importer. According to data from Complejidad Económica, iron and steel ranked 16th among 97 products in exports and 9th in imports.

Spain’s iron and steel exports reached 7.4 billion euro, while imports totaled 10.9 billion euro in 2024. The sector accounted for 1.89% of total exports and 2.51% of total imports.

On the export side, Spain’s iron and steel exports fell by 10.3% compared to 2023, dropping from 8.24 billion euro to 7.4 billion euro. The largest export market was France, followed by Portugal, Italy, Germany, and the United Kingdom. The most notable increase was in exports to Belgium, which rose by 39.7 million euro year-over-year. Other markets that saw export growth included Israel, Greece, Romania, and Thailand.

On the import side, iron and steel imports declined by 6.09%, from 11.6 billion euro in 2023 to 10.9 billion euro in 2024. France and Germany were the top suppliers, followed by Portugal, Italy, and the Netherlands. Imports from Turkey recorded the largest increase, rising by 192 million euro. Additionally, Vietnam, Indonesia, India, and South Africa were among the countries with growing export volumes to Spain.

Overall, the data confirms that Spain continues to show a high dependency on iron and steel imports, maintaining its net importer status in the trade balance. While European countries remain the main export destinations, the rise in imports from Turkey and Asian countries stands out.

Top Export Destinations (2024):

• France: 1.36 billion euro

• Portugal: 1.18 billion euro

• Italy: 1 billion euro

• Germany: 779 million euro

• United Kingdom: 477 million euro

Largest Export Increase:

• Belgium: 39.7 million euro

Top Import Origins (2024):

• France: 1.93 billion euro

• Germany: 1.32 billion euro

• Portugal: 754 million euro

• Italy: 741 million euro

• Netherlands: 529 million euro

Highest Import Growth:

• Turkey: 192 million euro