I. Market characteristics
Spain's GDP in 2024 will reach 1,591.6 billion euros, up 6.2% from 2023 and reaching a new record high. GDP growth after adjusting for inflation is 3.2%, exceeding initial forecasts and consolidating the economic recovery after the pandemic. Contribution of domestic demand: 2.8 percentage points to GDP growth, in which household consumption and investment play a key role. Household consumption in 2024 will recover significantly. This increase is due to improved purchasing power and job creation. According to the latest forecast in May 2025 of the Spanish Confederation of Entrepreneurs (CEOE), the Spanish economy in 2025 will grow by about 2.5%, lower than in 2024 (3.1%), the CPI will tend to be more stable at a lower level of 2.4% (2024 was 2.8%), and the unemployment rate among working-age people will be at 10.5%. The CEOE forecast also shows that Spain's import demand growth will increase significantly to 3.4% compared to 3.0% in 2024.
Table of contribution to GDP by sector (unit: billion Euro)
Field | 2022 | 2023 | 2024 | |||
Value | % GDP | Value | % GDP | Value | % GDP | |
Total | 1,389.93 | 100.00% | 1,498.25 | 100.00% | 1,591.63 | 100.00% |
36.5 | 2.63% | 38.25 | 2.55% | 40 | 2.51% | |
Industrial | 265 | 19.07% | 285 | 19.02% | 315 | 19.80% |
Service | 1,035.00 | 74.48% | 1,120.00 | 74.77% | 1,185.00 | 74.45% |
Build | 53.43 | 3.84% | 55 | 3.67% | 51.63 | 3.25% |
Population structure and average income per capita:
| 2022 | 2023 | 2024 |
Total population (people) | 47.76 million | 48.09 million | 49.08 million |
Born in Spain | 39.50 million | 39.88 million | 39.70 million |
Born abroad | 7.47 million | 8.20 million | 9.38 million |
Africa | 1.10 million | 1.20 million | 1.30 million |
North America | 100,000 | ~110,000 | ~120,000 |
Central America & Caribbean | ~500,000 | ~550,000 | ~600,000 |
South America | 2.50 million | 2.80 million | 3.00 million |
Asia | ~700,000 | ~750,000 | ~800,000 |
Oceania | ~10,000 | ~11,000 | ~12,000 |
Vietnamese | ~3,000 | ~3,000 | ~3,000 |
Per capita income (Euro) | 28,750 | 30,970 | 32,590 |
Industrial production indexes for February 2025 (base year 2021):
| IPI Index | Compared to the same period in 2024 |
Synthetic | 1,0172 | -2.4 |
Consumer goods | 1.0116 | -2.9 |
Production materials | 1,1322 | -4.7 |
Intermediate goods | 0.9606 | -1.5 |
Energy | 0.9893 | 0.3 |
From April 23, 2025, the European Central Bank (ECB) will maintain three main interest rates as follows:
Interest rate type | Interest rate | Describe |
Main Refinancing Rate (MRO) | 2.40% | The interest rate at which commercial banks borrow funds from the ECB in its weekly refinancing operations. |
Marginal Lending Facility (MLF) | 2.65% | Overnight interest rate at which commercial banks can borrow from the ECB at a rate higher than the MRO. |
Deposit Facility (DF) | 2.25% | The interest rate commercial banks receive for depositing funds at the ECB overnight. |
Vietnam's export prospects to the Spanish market in the coming time will face more difficulties and challenges due to the following factors:
The context of increasing market competition pressure as the EU and Spain prioritize the ratification of the FTA between the EU and Mexico and Mercosur countries this year; have resumed negotiations on FTAs with other ASEAN countries such as Thailand, Indonesia and the Philippines. The FTAs of the EU - New Zealand, the EU - Central American countries (including Panama, Guatemala, Costa Rica, El Salvador, Honduras, and Nicaragua) and the EU with Chile and Kenya will all soon come into effect.
The Trump Administration's additional tariffs on imports from the EU and Spain are likely to limit the flow of re-exports from the EU and reduce opportunities to import raw materials for export production to the US market.
The main competitors, especially for seafood, vegetables, coffee, wood and wood products, come from Latin America and North Africa - where they have superior advantages in terms of geography, cost and time of transporting goods and have special traditional relationships with large Spanish-speaking communities.
A notable policy development is the Spanish government 's €14.1 billion Tariff Threat Response and Trade Restart Plan in response to President Trump's decision to increase tariffs on European products. The plan includes €14.1 billion to mitigate the negative impact of the trade war and "build a shield" to protect the Spanish economy, of which €7.4 billion will be new financing and €6.7 billion will be used from existing instruments.
Regarding import-export activities with Vietnam: According to statistics from Vietnam Customs in the first 4 months of 2025 (4M/2025), Vietnam - Spain import-export turnover reached over 1.71 billion USD, up 10.2%, of which exports reached 1.45 billion USD, up 6.2%, imports over 0.26 billion USD, up 39.6%, trade surplus continued to be maintained at a high level of 1.19 billion USD. This continues to be a positive import-export growth rate. Vietnam has always maintained itself as one of the countries with the largest market share and export turnover in Asia to Spain, second only to partners that are considered strategic partners such as China and India, and above all other ASEAN countries. Commodities that continued to have positive growth rates included: coffee (51.4%), cashew nuts (21.9%), pepper (70.2%), wood and wood products (63.4%), textiles (16.0%), leather and footwear (5.2%), textile and footwear raw materials and accessories (11.8%), iron and steel products (75.6%), means of transport and spare parts (70.1%), and toys, sports equipment and parts (62.9%).
Spain's import and export turnover with the world (according to data from Spain Customs):
| Value (billion Euros) 2022 | Increase/decrease | Value (billion Euros) 2023 | Increase/decrease | Value (billion Euros) 2024 | Increase/decrease |
Export | 389.21 | 22.90% | 383.69 | –1.42% | 384.47 | 0.20% |
NK | 457.32 | 33.45% | 424.25 | –7.23% | 424.74 | 0.12% |
Import and Export | 846.53 | 28.33% | 807.94 | –4.55% | 809.21 | 0.16% |
Trade balance | –68.11 | 160.27% | –40.56 | –40.45% | –40.27 | –0.72% |
Spain's main export markets:
STT | Nation | Value (billion Euro) | Growth vs. 2021 (%) | Value (billion Euro) | Growth vs. 2022 (%) | Value (billion Euro) | Growth vs. 2023 (%) |
2022 | 2023 | 2024 | |||||
1 | France | 59.16 | 19.85 | 59.90 | 1.24 | 57.59 | -4.01 |
2 | Virtue | 37.53 | 16.01 | 40.02 | 6.22 | 39.53 | -1.24 |
3 | IDEA | 31.55 | 21.72 | 33.04 | 4.51 | 33.35 | 0.93 |
4 | Portugal | 32.11 | 29.16 | 31.81 | -0.94 | 32.52 | 2.18 |
5 | United Kingdom | 20.93 | 12.10 | 22.28 | 6.06 | 23.64 | 5.75 |
6 | USA | 18.59 | 25.35 | 18.90 | 1.64 | 18.18 | -3.96 |
7 | Morocco | 11.76 | 23.92 | 12.15 | 3.21 | 12.86 | 5.52 |
8 | Belgium | 23.78 | 64.00 | 15.09 | -57.59 | 12.35 | -22.19 |
9 | Netherlands | 14.65 | 28.51 | 12.24 | -19.69 | 12.34 | 0.81 |
10 | Vietnam | 0.52 | 13.04 | 0.52 | 0.00 | 0.53 | 1.89 |
Spain's main import markets:
STT | Nation | Value (billion Euro) | Growth vs. 2021 (%) | Value (billion Euro) | Growth vs. 2022 (%) | Value (billion Euro) | Growth vs. 2023 (%) |
2022 | 2023 | 2024 | |||||
1 | Virtue | 44.05 | 14.21 | 47.06 | 6.40 | 47.76 | 1.47 |
2 | China | 49.86 | 40.57 | 44.24 | -12.70 | 45.17 | 2.06 |
3 | France | 41.42 | 16.77 | 39.62 | -4.54 | 36.74 | -7.84 |
4 | IDEA | 28.04 | 23.09 | 28.3 | 0.92 | 29.54 | 4.20 |
5 | USA | 33.76 | 96.28 | 28.27 | -19.42 | 28.19 | -0.28 |
6 | Netherlands | 19.3 | 15.29 | 20.01 | 3.55 | 19.83 | -0.91 |
7 | Portugal | 16.62 | 21.94 | 16.54 | -0.48 | 16.67 | 0.78 |
8 | Belgium | 10.8 | 15.38 | 10.08 | -7.14 | 10.35 | 2.61 |
9 | United Kingdom | 11.01 | 34.27 | 10.6 | -3.87 | 9.96 | -6.43 |
10 | Vietnam | 4.03 | 43.93 | 4.45 | 9.44 | 5.26 | 15.40 |
II. Import demand in recent times
In general, Vietnam has exported to Spain the main seafood products such as catfish, tuna of all kinds, tiger shrimp, white-leg shrimp, cuttlefish, frozen squid, frozen octopus, and clams. Below are specific statistics of the situation in recent years:
- Vietnamese seafood products exported to Spain in 2022, 2023 and 2024
(Unit: Euro; Source: Spanish Customs)
STT | HS Code | 2022 | 2023 | 2024 | ||||||
Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | ||
1 | 3 | 51,813,314 | 86.16 | 0.68 | 33,931,255 | -34.51 | 0.49 | 33,514,555 | -1.23 | 0.47 |
2 | 304 | 35,342,280 | 104.18 | 3.08 | 23,425,818 | -33.72 | 2.20 | 23,888,660 | 1.98 | 2.23 |
3 | 306 | 4,697,051 | 2.73 | 0.30 | 3,394,757 | -27.73 | 0.25 | 3,326,183 | -2.02 | 0.25 |
4 | 307 | 11,579,495 | 137.55 | 0.49 | 6,701,353 | -42.13 | 0.32 | 6,222,522 | -7.15 | 0.29 |
5 | 30462 | 20,517,790 | 122.95 | 97.57 | 13,795,815 | -32.76 | 96.74 | 16,687,752 | 20.96 | 93.35 |
6 | 30487 | 5,762,655 | 91.40 | 3.94 | 3,513,848 | -39.02 | 4.64 | 3,113,262 | -11.40 | 3.51 |
7 | 30499 | 8,983,975 | 81.25 | 22.90 | 5,927,751 | -34.02 | 20.39 | 3,815,209 | -35.64 | 16.11 |
8 | 30617 | 4,660,371 | 1.94 | 0.38 | 3,373,983 | -27.60 | 0.31 | 3,326,004 | -1.42 | 0.30 |
9 | 30743 | 7,451,181 | 141.08 | 0.59 | 3,917,273 | -47.43 | 0.35 | 2,675,485 | -31.70 | 0.24 |
10 | 30752 | 3,782,555 | 117.57 | 0.53 | 2,657,958 | -29.73 | 0.43 | 3,366,957 | 26.67 | 0.52 |
HS030462: Catfish (Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.)
HS030487: Tunas (of the genus Thunnus), skipjack or stripe-bellied bonito (Katsuwonus pelamis)
HS030499: Other fish.
HS030617: Shrimps and other prawns (including whiteleg shrimp, tiger prawns,...)
HS030743:Frozen cuttlefish and squid.
HS030752:Frozen octopus.
- Processed seafood products exported from Vietnam to Spain in 2022, 2023 and 2024
(Unit: Euro; Source: Spanish Customs)
STT | HS Code | 2022 | 2023 | 2024 | ||||||
Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | ||
1 | 16 | 43,864,215 | 18.05 | 0.03 | 34,349,319 | -21.69 | 1.98 | 31,186,042 | -9.21 | 1.63 |
2 | 1604 | 10,465,719 | -20.97 | 0.01 | 11,271,284 | 7.70 | 1.05 | 3,027,298 | -73.14 | 0.25 |
3 | 1605 | 33,397,009 | 39.65 | 0.17 | 23,078,035 | -30.90 | 10.89 | 28,158,744 | 22.02 | 12.80 |
4 | 160414 | 10,213,410 | -20.38 | 0.01 | 10,774,048 | 5.49 | 1.43 | 2,750,943 | -74.47 | 0.32 |
5 | 160556 | 29,340,378 | 36.24 | 0.37 | 19,985,650 | -31.88 | 27.09 | 24,268,977 | 21.43 | 31.09 |
HS160414: Prepared and preserved products of tuna, skipjack and stripe-bellied bonito (Sarda spp.).
HS160556: Prepared and preserved clams, mussels and oysters.
- Frozen warm water shrimp (HS code 030617) accounts for 85% of the value of shrimp imported into Spain.
(Unit: million Euro; Source: Spanish Customs)
STT | Water | 2022 | 2023 | 2024 | ||||||
Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | ||
1 | Argentina | 336.243.603 | -9.53 | 27.59 | 304,813,521 | -9.35 | 28.12 | 317,219,168 | 4.07 | 29.04 |
2 | China | 91.918.010 | 12.98 | 7.54 | 81,764,750 | -11.05 | 7.54 | 96.145.061 | 17.59 | 8.80 |
3 | Ecuador | 354,902,898 | 27.40 | 29.12 | 335.111.866 | -5.58 | 30.92 | 316,885,088 | -5.44 | 29.01 |
4 | Morocco | 72,440,432 | 9.57 | 5.94 | 58,966,200 | -18.60 | 5.44 | 73,146,077 | 24.05 | 6.70 |
5 | Nicaragua | 26,023,420 | 14.49 | 2.14 | 18,299,183 | -29.68 | 1.69 | 17,170,946 | -6.17 | 1.57 |
6 | Portugal | 48,073,621 | -2.09 | 3.94 | 34,996,093 | -27.20 | 3.23 | 36,457,906 | 4.18 | 3.34 |
7 | Venezuela | 34,741,313 | 6.23 | 2.85 | 32,398,973 | -6.74 | 2.99 | 30,711,427 | -5.21 | 2.81 |
8 | Vietnam | 4,660,371 | 1.94 | 0.38 | 3,373,983 | -27.60 | 0.31 | 3,326,004 | -1.42 | 0.30 |
Processed shrimp without airtight packaging (HS code 160521) accounts for 1.57% of the value of shrimp imported into Spain.
(Unit: million Euro; Source: Spanish Customs)
STT | Water | 2022 | 2023 | 2024 | |||||||
Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | |||
1 | Belgium | 2,940,220 | 16.74 | 11.02 | 2,171,907 | -26.13 | 12.64 | 2,387,397 | 9.92 | 11.55 | |
2 | Ecuador | 2,483,291 | 28.53 | 9.31 | 733,820 | -70.45 | 4.27 | 1,067,409 | 45.46 | 5.16 | |
3 | Guatemala | 4,144,420 | -31.18 | 15.54 | 5,682,676 | 37.12 | 33.08 | 3,044,266 | -46.43 | 14.72 | |
4 | Honduras | 6,596,472 | 91.49 | 24.73 | 1,762,766 | -73.28 | 10.26 | 5,879,666 | 233.55 | 28.44 | |
5 | Vietnam | 2,815,668 | 125.99 | 10.56 | 1,163,728 | -58.67 | 6.78 | 2,082,419 | 78.94 | 10.07 | |
Cuttlefish and squid, frozen (HS code 030743) account for 53.77% of the value of squid and octopus products imported into Spain.
(Unit: million Euro; Source: Spanish Customs)
S TT | Water | 2022 | 2023 | 2024 | ||||||
Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | ||
1 | China | 110,538,537 | 37.58 | 8.70 | 84,941,375 | -23.16 | 7.51 | 118,683,144 | 39.72 | 10.56 |
2 | India | 230,160,874 | 66.51 | 18.11 | 149,807,396 | -34.91 | 13.25 | 152,302,282 | 1.67 | 13.56 |
3 | Falkland Islands | 273,826,906 | 26.53 | 21.54 | 220,837,190 | -19.35 | 19.53 | 234,548,980 | 6.21 | 20.88 |
4 | Morocco | 219,666,913 | 1.31 | 17.28 | 278,433,748 | 26.75 | 24.62 | 249,054,080 | -10.55 | 22.17 |
5 | Peru | 133,587,340 | 35.04 | 10.51 | 131,117,691 | -1.85 | 11.60 | 82,043,797 | -37.43 | 7.30 |
6 | Vietnam | 7,451,181 | 141.08 | 0.59 | 3,917,273 | -47.43 | 0.35 | 2,675,485 | -31.70 | 0.24 |
Frozen octopus (HS code 030752) accounts for 38.72% of the value of squid and octopus products imported into Spain.
(Unit: million Euro; Source: Spanish Customs)
S TT | Water | 2022 | 2023 | 2024 | ||||||||
Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | ||||
1 | China | 6,227,844 | 99.64 | 0.88 | 877,007 | -85.92 | 0.14 | 543,072 | -38.08 | 0.08 | ||
2 | India | 6,494,885 | 105.29 | 0.91 | 4,191,764 | -35.46 | 0.68 | 3,819,573 | -8.88 | 0.59 | ||
3 | Morocco | 322.802.361 | -13.23 | 45.39 | 360,429,812 | 11.66 | 58.31 | 324,789,052 | -9.89 | 49.89 | ||
4 | Peru | 222,274 | -81.68 | 0.03 | 1,657,917 | 645.89 | 0.27 | 2,673,159 | 61.24 | 0.41 | ||
5 | Vietnam | 3,782,555 | 117.57 | 0.53 | 2,657,958 | -29.73 | 0.43 | 3,366,957 | 26.67 | 0.52 | ||
Tuna HS code 03034 includes (HS030341: frozen albacore tuna, HS030342: frozen yellowfin tuna, HS030343: frozen skipjack tuna, bonito, HS030344: frozen bigeye tuna, HS030345: frozen bluefin tuna imported into Spain, HS030346: southern bluefin tuna, HS030349: other types)
(Unit: million Euro; Source: Spanish Customs)
ST T | Water | 2022 | 2023 | 2024 | ||||||
Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | ||
1 | China | 8,562,755 | -26.85 | 2.76 | 10,795,297 | 26.07 | 5.56 | 7,374,812 | -31.68 | 2.73 |
2 | El Salvador | 30,031,331 | 13.90 | 9.69 | 19,700,729 | -34.40 | 10.14 | 22,188,308 | 12.63 | 8.21 |
3 | France | 13,159,151 | 65.61 | 4.24 | 7,070,864 | -46.27 | 3.64 | 15,722,737 | 122.36 | 5.82 |
4 | Mexico | 37,975,043 | 7.58 | 12.25 | 0 | -100.00 | 0.00 | 17,984,843 | 0 | 6.66 |
5 | Seychelles | 61,877,799 | 85.63 | 19.96 | 28,051,342 | -54.67 | 14.44 | 47,223,328 | 68.35 | 17.48 |
6 | Vietnam | 0 | -100.00 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 |
Processed tuna products (HS code 160414) account for 38.72% of the value of tuna imported into Spain.
(Unit: million Euro; Source: Spanish Customs )
Water | 2022 | 2023 | 2024 | ||||||
Value | Growth | Market share | Value | Growth | Market share | Value | Growth | Market share | |
Vietnam | 23.00 | 274.03% | 3.61% | 13.52 | -41.19% | 2.50% | 12.83 | -5.15% | 2.33% |
Ecuador | 263.51 | 21.03% | 41.40% | 178.18 | -32.38% | 32.94% | 208.04 | 16.76% | 37.82% |
China | 99.37 | 14.31% | 15.61% | 127.29 | 28.10% | 23.53% | 77.10 | -39.43% | 14.02% |
Papua New Guinea | 56.87 | -15.37% | 8.94% | 51.10 | -10.15% | 9.44% | 58.59 | 14.67% | 10.65% |
Mauricio | 33.81 | -33.97% | 5.31% | 28.12 | -16.84% | 5.20% | 20.77 | -26.11% | 3.78% |
Guatemala | 28.58 | -0.86% | 4.49% | 27.84 | -2.57% | 5.15% | 35.36 | 26.99% | 6.43% |
Philippines | 26.18 | -31.19% | 4.11% | 18.47 | -29.45% | 3.41% | 37.51 | 103.09% | 6.82% |
Frozen cod fillet products (HS code 030471) account for 19.73% of the value of white fish imported into Spain.
(Unit: million Euro; Source: Spanish Customs)
S TT | Water | 2022 | 2023 | 2024 | |||||||
Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | Value | Growth (%) | Market share (%) | |||
1 | China | 43,138,187 | 49.04 | 22.83 | 28,714,461 | -33.44 | 16.20 | 36,501,388 | 27.12 | 20.09 | |
2 | Ireland | 52,120 | 618.24 | 0.03 | 0 | -100.00 | 0.00 | 0 | 0 | 0.00 | |
3 | Russia | 27,374,646 | 20.75 | 14.49 | 38,250,569 | 39.73 | 21.58 | 9,012,175 | -76.44 | 4.96 | |
4 | Vietnam | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 10,858 | 0 | 0.01 | |
Source: https://moit.gov.vn/tin-tuc/thi-truong-nuoc-ngoai/thi-truong-thuy-san-tay-ban-nha-cap-nha-ve-dac-diem-va-nhu-cau-nhap-khau.html
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