Andalucía, the Basque Country and Valencia are the regions in Spain most exposed to possible Trump tariffs

Olive oil exports and electrical transformers are among the many products that could be affected by the imposition of trade tariffs by the president of the United States

Cristina Cándido

Madrid

Tuesday, 11 February 2025, 15:49

Spain will not be immune to US president Donald Trump's protectionist policies. Faced with an uncertain scenario that threatens to turn world trade market upside down, Andalucía, the Basque Country and Valencia are among the Spanish regions most susceptible to new tariffs, according to data compiled in a report by the CC OO workers union.

Although the impact of an increase in rates on Spanish exports by the US president would be minor compared to those in other European countries, other factors do place several regions in a delicate position. While exports represented only 1.3% of Spanish GDP in 2023, almost two points below the EU average, certain parts of the country will be hit by the trade deficit caused by fossil fuel imports (-0.6% of GDP), which has already seen an increase in recent years due to the war in Ukraine.

Olive oil and electrical transformers are among the products potentially most affected by this uncertainty. Not only are these products at the top of the list of the largest exports to the US, but they also account for a high percentage of Spain's total exports: 33% in the case of electrical transformers and 17% for olive oil.

Valencia, the Basque Country and Andalucía are the regions where the US has the highest share of total exports, above 8%, followed at a greater distance by La Rioja, the region of Madrid and the region of Murcia.

In addition, the main products exported to the US are also several of the products that are most dependent on trade with the country: olive oil and cement products in the case of Andalucía - a sector in which 45% of Spanish exports are destined for the US - and electrical transformers in the case of the region of Valencia.

In Catalonia, the most exported products were perfumes, refined petroleum products and medicines. In Madrid, exports of turbojets stand out, linked to the activity of Airbus and other companies in the aerospace sector, and in the Basque Country it is petroleum oils that occupy a prominent place in exports.

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