Spanish Seafood Market: Updated Characteristics and Import Demand

The Vietnam Trade Office in Spain provides updated insights on the Spanish seafood market, including key economic indicators, import structures, and trade relations between Vietnam and Spain.

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I. Market Characteristics

1. Macroeconomic Overview

In 2024, Spain’s GDP reached €1.59 trillion, up 6.2% from 2023 — a new record high. Real GDP growth adjusted for inflation was 3.2%, surpassing projections and confirming a steady post-pandemic recovery.
Domestic demand contributed 2.8 percentage points to growth, driven by strong household consumption and investment.

According to the Spanish Confederation of Employers (CEOE), GDP growth in 2025 is forecast at 2.5%, with inflation stabilizing at 2.4% and unemployment around 10.5%. Import demand is projected to increase 3.4%, slightly above 2024’s 3.0%.

2. Key Economic Indicators

• Agriculture: €40 billion (2.5% of GDP)

• Industry: €315 billion (19.8%)

• Services: €1.185 trillion (74.5%)

• Construction: €51.6 billion (3.2%)

Population in 2024 reached 49.08 million, including 9.38 million foreign-born residents, of which about 3,000 are Vietnamese.
Per capita income: €32,590 (up from €30,970 in 2023).

3. Financial Context

As of April 23, 2025, the European Central Bank (ECB) maintained:

• Main refinancing rate (MRO): 2.40%

• Marginal lending facility (MLF): 2.65%

• Deposit facility (DF): 2.25%

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II. Trade and Import Outlook

1. Spain’s Foreign Trade

• Exports (2024): €384.47 billion (+0.2%)

• Imports (2024): €424.74 billion (+0.12%)

• Trade deficit: €40.27 billion

Top trading partners include France, Germany, Italy, Portugal, the UK, the U.S., and Morocco.
Vietnam ranks 10th among Spain’s Asian export markets, with bilateral trade reaching US$1.71 billion in Jan–Apr 2025 (+10.2% YoY).
Vietnam exported US$1.45 billion (+6.2%) and imported US$260 million (+39.6%), maintaining a trade surplus of US$1.19 billion.

Key Vietnamese exports to Spain with strong growth:

• Coffee: +51.4%

• Cashew nuts: +21.9%

• Pepper: +70.2%

• Wood products: +63.4%

• Textiles and garments: +16.0%

• Footwear: +5.2%

• Iron & steel products: +75.6%

• Transport equipment: +70.1%

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III. Seafood Import Demand

Spain remains one of the largest seafood importers in the EU, driven by high domestic consumption and re-export activities.
Vietnam’s main seafood exports to Spain include pangasius, tuna, shrimp, squid, octopus, and clams.

1. Key Product Trends (HS Codes)

Vietnam’s share in Spain’s shrimp imports remains modest (0.3%), compared to Ecuador (29%), Argentina (29%), and China (8.8%).

2. Processed Seafood

• Processed Tuna (HS160414): €12.83 million (–5.1%), 2.33% market share.

• Processed Mollusks (HS160556): €24.27 million (+21.4%), 31.09% share.

• Processed Shrimp (HS160521): €2.08 million (+78.9%), 10.07% share.

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IV. Market Challenges and Opportunities

Challenges

• Intense competition from Latin American and North African exporters with lower logistics costs.

• Trade policy uncertainties from global tariff measures.

• New FTAs (EU–Mercosur, EU–Mexico, etc.) may shift import dynamics away from Asia.

Opportunities

• Spain’s stable economic growth and rising household consumption continue to support seafood imports.

• Vietnamese exporters with traceable, high-quality, and sustainable products can strengthen market position.

• Diversification into processed seafood (tuna, clams, octopus) and value-added frozen products presents strong growth potential.

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V. Strategic Recommendations for Vietnamese Exporters

1. Enhance product traceability and sustainability certifications (MSC, ASC, HACCP).

2. Build long-term partnerships with Spanish importers, leveraging EVFTA preferences.

3. Focus on quality consistency and compliance with EU’s food safety and labeling standards.

4. Develop branded, packaged seafood for supermarket and retail distribution channels.