Spain’s vehicle trade surplus falls 41.2% as imports from Asia accelerate
Spain’s vehicle trade surplus declined to €3.344 billion in the first half of 2026 as imports grew much faster than exports. Purchases from China and Japan increased sharply while domestic production fell during factory conversions for electrified models.
Imports outpace export growth
Spain’s trade surplus in finished vehicles fell 41.2% year on year to €3.344 billion in the first half of 2026, according to data from the Spanish Tax Agency and Customs Department analyzed by the Spanish Association of Automobile and Truck Manufacturers, ANFAC. The deterioration came as the value of imported vehicles increased much faster than export revenue.
Vehicle exports rose 1.3% to approximately €20.503 billion during the period, El Independiente reported. Imports climbed 17.8% to more than €17.159 billion. The widening gap between those growth rates sharply reduced the contribution of finished-vehicle trade to Spain’s external balance, even though exports continued to increase in value.
China and Japan gain share
Asian suppliers accounted for much of the increase in purchases, supported particularly by demand for electric cars. China’s vehicle exports to Spain rose 51.8% to €1.913 billion, giving the country an 11.1% share of Spanish vehicle imports. Shipments from Japan increased 37.7% to €1.450 billion and represented 8.5% of the market.
The gains show how rapidly Asian manufacturers are expanding their position while Spanish passenger-car registrations continue to grow. For importers and dealers, additional supply has helped cover domestic demand. For manufacturers operating plants in Spain, the shift increases competitive pressure in a market already moving toward electrified models.
Factory adjustments restrict output
Spanish vehicle production declined 1.7% in the first half. El Independiente attributed the fall mainly to temporary stoppages and assembly-line adjustments required to prepare factories for new electrified models. These changes reduced the number of domestically produced vehicles available both for export and for sale within Spain, encouraging dealers and buyers to use imports to fill the gap.
Europe remained the principal destination for Spanish-made vehicles. Exports to Germany increased 6.1% in value to €3.841 billion, equivalent to 18.7% of total export value, although the number of vehicles shipped fell 2.4%. Exports to France were worth €3.676 billion, down 3.3%, while unit volumes declined 17%. The difference between value and volume trends indicates that export revenue was partly supported by the mix or price of vehicles rather than by higher physical shipments.
SAIC plans production in Galicia
The import-led change could eventually be accompanied by additional Chinese-owned production inside Spain. El Independiente reported that SAIC Motor plans to open a plant in Ferrol, Galicia, in 2028 with an investment of €200 million. The Galician regional government and Spain’s central government support the project, although the company’s Chinese state ownership and the site’s proximity to important naval facilities have prompted concerns in some national security and defense circles. If completed, the factory would place a major Chinese manufacturer inside Spain’s production base as the country seeks to restore output after its current model-conversion cycle.
