Spain’s agri-food and fisheries sector closed 2024 on a high note, recording a positive trade balance, as revealed by the 2024 Annual Foreign Trade Report released on July 9 by the Ministry of Agriculture, Fisheries, and Food.
The beverage sector—comprising wines, musts, and spirits—continues to play a crucial role in this performance, reflecting the strategic significance of Spanish products in global markets.
Beverages Sector: Growth Driven by Exports
The Beverages group (Tariff Chapter 22), which includes wines, grape musts, and spirits, reported exports worth EUR 5.707 billion, up 1.7% from 2023. Imports, on the other hand, fell by 3.1% to EUR 2.576 billion, leading to a trade surplus of EUR 3.132 billion. Within this group, the wines and musts segment was the dominant force, contributing 54.3% of total beverage exports, reaffirming Spain’s global leadership in this category.
Spirits, by contrast, accounted for the largest share of beverage imports, with 35.6% of the total, reflecting Spain’s continued demand for high-value liqueurs and distillates from abroad.
Wines and Musts: Historic Export Value
Under tariff code 2204, Spanish wines and musts recorded their highest annual export value in history, totaling EUR 3.047 billion, a 1.6% increase year-on-year. This record was achieved despite a 4.2% decline in volume, thanks to a 6.1% increase in the average export price, now standing at EUR 1.49 per liter.
Imports of wines and musts remained stable at EUR 303.29 million (-0.2%), though the import volume soared by 74.7% to nearly 98,000 tons. The sharp 42.9% drop in the average import price (now EUR 3.10/liter) helped contain spending, suggesting a shift toward bulk or low-cost wines, possibly for domestic blending or re-export purposes.
The trade balance for wine and musts ended with a surplus of EUR 2.743 billion, slightly above 2023 (+1.8%), maintaining the category’s position as a cornerstone of Spain’s agri-food exports.
Market Destinations and Performance
Within the EU, Germany and France are Spain’s top destinations for wine, while in non-EU markets, the United States and the United Kingdom lead. These countries have consistently shown demand for quality Spanish wine and must products.
The sector’s coverage rate of 1005% in 2024—meaning Spain exports over 10 times more wine than it imports—underscores its dominant global footprint.
Spirits Sector: Trade Surplus Returns
For spirits (tariff code 2208), 2024 marked a turnaround. Exports rose 2.6% to EUR 1.041 billion, while imports dropped sharply by 8.4% to EUR 945.90 million, resulting in a positive trade balance of EUR 94.78 million—a significant reversal from 2023’s deficit.
Export volumes held steady at 252,000 tons, while imports decreased to 199,000 tons. The average export price of spirits increased 2.7% to EUR 4.13/liter, whereas the import price dropped 2% to EUR 4.75/liter, emphasizing the value-added nature of Spain’s domestic production.
Comparative Overview: Wine vs. Spirits
The wine sector remains Spain’s undisputed leader in beverage exports, with an export value three times higher than spirits. Conversely, imports of spirits are triple those of wine in value, reflecting differing domestic and international dynamics.
Wine’s dominance is rooted in scale, global demand, and strategic pricing, while the spirits sector emphasizes quality and processing intensity, contributing high value with smaller volumes.
Together, these subsectors provide complementary strengths in Spain’s export strategy. Wine brings volume and consistency, while spirits offer prestige and profitability in niche markets.
Looking Ahead
The report highlights a trend of rising value in Spanish wine exports over the 2020–2024 period, driven by quality-focused strategies. For spirits, domestic production is increasingly meeting internal demand, reducing dependency on imports and strengthening Spain’s trade position.
The 2024 data confirms that Spain’s wine and spirits industries are not only resilient but also key pillars of its agri-food trade, contributing significantly to the country’s economic health and global brand.
Source: Vinetur