Brazil - Spain Trade 2025 Q2: Strong Surplus, Tech Exchange

Key Market Takeaways: Brazil - Spain Trade

The bilateral trade relationship between Brazil and Spain showed mixed performance with sharp volatility in Q2 2025.

• Brazil maintains a strong trade surplus ($1.72B), with exports to Spain ($2.64B) nearly triple imports ($923.51M), despite significant YoY declines in key months.
• Brazil - Spain trade statistics reveal a resource-for-tech exchange: Brazil supplies mineral fuels (40.35% of exports), while Spain dominates with pharmaceuticals (16.88% of imports).
• Highly complementary but asymmetric: Spain holds the high-value position in advanced goods, while Brazil’s exports remain concentrated in raw materials.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Brazil-Spain Trade Trend in Q2 2025

Brazil Export Performance: Shipments to Spain

• Total Volume: Brazil exported $2.64B worth of goods to Spain in Q2 2025.
• Growth Trend & Context:
  • Exports showed a mixed YoY trend, with April down -6.65%, May plunging -30.58%, and June declining -24.82%.
  • Key Volatility: June saw a -53.82% MoM collapse, the sharpest monthly drop in the quarter.

Brazil Import Performance: Sourcing from Spain

• Total Volume: Brazil imported $923.51M from Spain in Q2 2025.
• Growth Trend & Context:
  • Imports fell -7.46% YoY in April, then -29.63% YoY in May, before a slight +2.53% YoY rebound in June.
  • Key Volatility: May recorded the steepest YoY decline (-29.63%), while April had the lowest absolute value ($288.85M).

Brazil - Spain Trade Balance & Market Dynamics

• Net Position: Brazil posted a trade surplus of $1.72B ($2.64B exports - $923.51M imports) with Spain.
• Relationship Status: Brazil remains a net exporter to Spain, with exports nearly 3x the value of imports. The June export crash warrants monitoring for sustained weakness.

Brazil Import Trend from Spain 2025 Q2 (Source: yTrade)**

Brazil Export Trend to Spain 2025 Q2 (Source: yTrade)**

Get Historical Brazil Spain Trade Records

Brazil-Spain Top Trading Products in Q2 2025

Brazil Export Profile: What Does Brazil Sell to Spain

• Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils) at 40.35% of total exports to Spain.
• Demand Driver: Spain uses these for energy needs and industrial processing.
• Concentration: Trade is highly concentrated, with HS 27 alone accounting for over 40% of exports.

Brazil Import Profile: What Does Brazil Buy from Spain

• Top Commodity: Rank #1 import is HS 30 (Pharmaceutical products) at 16.88% of total imports from Spain.
• Dependency Nature: Reflects a critical technology dependency, as pharmaceuticals are high-value-added goods.

Brazil - Spain Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Brazil exports raw materials (mineral fuels, oils) to Spain, while importing high-tech goods (pharmaceuticals, machinery).
• Value Chain Position: Spain holds the higher value-add position, supplying advanced manufactured goods, while Brazil primarily provides raw materials.

Import Analysis by Product: Spain to Brazil (Source: yTrade)

Export Analysis by Product: Brazil to Spain (Source: yTrade)

Check Detailed Brazil-Spain Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Brazil-Spain trade relationship faces near-term volatility, with Brazil’s exports to Spain showing sharp declines in Q2 2025, particularly in June (-53.82% MoM). However, the structural complementarity—Brazil supplying raw materials (mineral fuels) and Spain exporting high-value pharmaceuticals—suggests a rebound is likely once demand stabilizes. Traders should anticipate price fluctuations in mineral fuels due to Spain’s energy dependency, while pharmaceutical imports from Spain may grow steadily. The Brazil-Spain trade forecast hinges on Spain’s industrial recovery and Brazil’s ability to mitigate export volatility.

Strategic Moves

• Diversify Export Markets: Brazilian exporters must reduce reliance on Spain by targeting other EU markets for mineral fuels, cushioning against sudden demand drops.
• Lock in Long-Term Contracts: Importers of Spanish pharmaceuticals should secure fixed-price agreements to hedge against potential supply chain disruptions or cost spikes.
• Monitor Energy Policy Shifts: Traders in mineral fuels must track Spain’s renewable energy transition, as declining fossil fuel demand could permanently alter trade flows.

Frequently Asked Questions

How did Brazil - Spain trade perform in 2025 Q2?

Brazil exported $2.64B to Spain but saw declining YoY trends, while imports from Spain fell to $923.51M, resulting in a $1.72B surplus for Brazil.

What are the top exports from Brazil to Spain?

Mineral fuels and oils (HS 27) dominated Brazil’s exports to Spain, accounting for 40.35% of total shipments.

What does Brazil import from Spain?

Pharmaceutical products (HS 30) were Brazil’s top import from Spain, making up 16.88% of total imports.

What is the trade balance between Brazil and Spain?

Brazil maintained a trade surplus of $1.72B with Spain, as exports were nearly 3x higher than imports. The gap widened due to a sharp export decline in June.