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The words from Washington were unusually clear. Donald Trump publicly held out the prospect of ending trade relations with Spain completely. Spain is „not a good partner“, declared the former US president, referring to Madrid's stance in the current security conflict.
The political message is clearly formulated. In economic terms, however, the situation is much more nuanced.
The trade figures at a glance
The complete foreign trade data currently available is from 2024 and provides a reliable basis for classification. Spain exported goods worth around 18.4 billion US dollars to the United States.
This makes the USA one of the most important non-European sales markets. At the same time, the US market only accounts for around four to five per cent of total Spanish exports. By far the largest share of foreign trade continues to take place within the European Union. The domestic market therefore remains the central economic environment for Spanish companies.
Energy trade: important role of the USA
One area with stronger interdependencies is energy supply. At times in 2025, Spain sourced up to 35 per cent of its LNG imports from the United States. American liquefied natural gas is therefore a significant component of the Spanish energy mix. On a global level, however, the USA is the largest LNG exporter in the world. Its supplies go to Europe, Asia and Latin America. Spain is just one of many sales markets.
A supply freeze would place organisational demands on Spain in the short term, but could be partially offset by other suppliers such as Algeria or Qatar. Conversely, Spain could easily be replaced economically by American energy exporters.
Which sectors would be affected?
Should trade restrictions actually arise, they would primarily affect individual export sectors.
Trade barriers could become noticeable for some regions in Spain. However, the effect on the economy as a whole would remain limited.
Olive oil as an example
Spain is the world leader in olive oil production. After two weak harvest years, production has recently stabilised again. The export value of Spanish olive oil to the United States is around 970 million euros per year. This makes the USA one of the most important sales markets outside Europe.
A possible tariff surcharge would have several consequences:
The American market remains important - but there is no alternative. There are still sales opportunities within the EU and increasingly in Asian markets.
Significance for the Costa Blanca
There are also export-orientated industries on the Costa Blanca. Agricultural products from the province of Alicante - including citrus fruits, wine, olive oil and processed foods - reach international markets, including the United States in some cases.
The volumes are manageable compared to large agricultural regions in Spain. Nevertheless, trade barriers could affect individual producers or export-orientated companies. At the same time, the regional economy is more broadly based. Tourism, construction, services and the international property market have a much stronger impact on the Costa Blanca.
A trade conflict between Washington and Madrid would therefore hardly have any direct structural impact on the region's economy. The political statements from Washington mark a clear rhetorical escalation. However, the economic data paints a more sober picture.
The USA is an important trading partner for Spain, but not a dominant one. At the same time, Spain is economically substitutable for the United States.
Should trade barriers actually arise, they would primarily affect individual sectors - not Spain's economic stability as a whole.
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