The Spanish automotive sector recorded a trade deficit for the first time in 18 years, due to the growing entry of Chinese manufacturers in the market. This situation marks a significant change in the country's trade balance, which traditionally presented surpluses in this sector.
Spain is the second largest vehicle producer in Europe and ranks ninth worldwide. The country's production volume exceeds two million units per year, which makes this break in the trade balance a relevant milestone for the local industry.
Chinese manufacturers have been gaining market share in Spain, exporting vehicles to the country in growing volumes. This dynamics is changing the traditional commercial balance of the Spanish automotive sector, which had not faced a deficit in nearly two decades.
