Spain and India
Spain and India have developed a relationship combining investment, defence, innovation and culture. The Dual Year in 2026 and Pedro Sánchez's visit to New Delhi highlighted technological and audiovisual exchanges, alongside regular dialogue and scientific cooperation mechanisms.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
Diplomatic relations began in 1956, and Spain opened an embassy in New Delhi in 1958.
What merchandise trade shows
In 2025, goods trade between Spain and India totalled 9,354.6 million current USD.
Documented trade sectors
Within the selected chapters, machinery and mechanical appliances stands out in shipments from Spain to India, at 343.5 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 9,354.62 M USD | 2025 · Comtrade |
| Goods: Spain to India | 2,367.36 M USD | 2025 · Comtrade |
| Goods: India to Spain | 6,987.26 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Spain to India | 0.546 % | 2025 · Comtrade |
| Export share: India to Spain | ||
| Investment stock: Spain in India | ||
| Investment stock: India in Spain |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade · Goods; full calendar year; reporter ESP. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Spain to India
- 2025 · UN Comtrade · Goods; full calendar year; reporter ESP. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: India to Spain
- 2025 · UN Comtrade · Goods; full calendar year; reporter ESP. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Spain to India
- 2025 · UN Comtrade · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
Year-on-year inflation: different periods or frequencies; the two figures are not directly comparable.
| Indicator | Spain | India |
|---|---|---|
| Nominal GDP | 1.91 trillion USD2025 · WB | 3.96 trillion USD2025 · WB |
| GDP per capita | 38,627.25 USD2025 · WB | 2,702.48 USD2025 · WB |
| GDP growth | 2.82 %2025 · WB | 7.57 %2025 · WB |
| Policy interest rate | 2.5 %2026-09-16 · BCE | 5.25 %2026-10-06 · RBI |
| Inflation · annual average | 2.7 %Annual average · 2025 · WB | 2.4 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 4.9 %provisionalprovisionalYear-on-year · Sept. 2026 · INE | 4.82 %provisionalprovisionalYear-on-year · Aug. 2026 · MoSPI |
| Unemployment | 10.38 %ILO est.2025 · WB | 4.22 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -2.5 %IMF est.2025 · IMF | -7.4 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 100.4 %IMF est.2025 · IMF | 84.1 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 2.94 %2025 · WB | -0.42 %2025 · WB |
| Population | 49,355,1432025 · WB | 1,463,865,5252025 · WB |
| Area | 505,976 km²2023 · BM / FAO | 3,287,260 km²2023 · BM / FAO |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDSpain: 2025 · World BankIndia: 2025 · World Bank
- GDP per capita
- Current USD per personSpain: 2025 · World BankIndia: 2025 · World Bank
- GDP growth
- Annual real change (%)Spain: 2025 · World BankIndia: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)Spain: 2026-09-16 · ECB deposit facility; shared euro-area rate · European Central BankIndia: 2026-10-06 · RBI policy repo rate · Reserve Bank of India (RBI) · Access date for Current Rates; does not represent a new decision on 6 October. · Alternative official source; verified 2026-10-06
- Inflation · annual average
- Average annual change in headline CPI (%)Spain: 2025 · Annual average change in CPI (%) · World BankIndia: 2025 · Average annual CPI change (%) · World Bank
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedSpain: 2026-09 · Change in headline CPI from the same month of the previous year (%) · Spain's National Statistics Institute (INE) · Published: 2026-09-29 · provisional · Provisional · Advance indicator of headline CPI; final results pending. Not HICP (5.0%) or core inflation (3.1%). Provisional data or an official advance release; subject to revision.India: 2026-08 · Headline CPI change relative to the same month of the previous year (%) · MoSPI / Press Information Bureau, Government of India · Published: 2026-09-14 · provisional · Provisional · Combined rural and urban headline CPI, 2024 base; provisional MoSPI figure. Not food or wholesale inflation. Provisional figure or official advance release; subject to revision.
- Unemployment
- % of the labour force; definition used by the stated institutionSpain: 2025 · World Bank · ILO est.India: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.India: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.India: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPSpain: 2025 · World BankIndia: 2025 · World Bank
- Population
- PeopleSpain: 2025 · World BankIndia: 2025 · World Bank
- Area
- Total area in km²; territorial coverage of the sourceSpain: 2023 · Total area, including inland waters; territorial coverage as defined by the source · World Bank · FAOIndia: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAO
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Spain to India
| Product or sector | Value / share |
|---|---|
| Machinery and mechanical appliances | 343.5 M USD2025 · Source |
| Electrical and electronic equipment | 168.8 M USD2025 · Source |
| Pharmaceutical products | 74.5 M USD2025 · Source |
| Mineral fuels and oils | 71 M USD2025 · Source |
| Vehicles and components | 45.7 M USD2025 · Source |
| Metal ores | 1.6 M USD2025 · Source |
| Dairy products, eggs and honey | 1.5 M USD2025 · Source |
| Meat and edible offal | 0.512 M USD2025 · Source |
India to Spain
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 758.6 M USD2025 · Source |
| Electrical and electronic equipment | 718.2 M USD2025 · Source |
| Machinery and mechanical appliances | 385.4 M USD2025 · Source |
| Vehicles and components | 223.6 M USD2025 · Source |
| Pharmaceutical products | 200.6 M USD2025 · Source |
| Dairy products, eggs and honey | 0.529 M USD2025 · Source |
| Metal ores | 0.379 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | Spain to India | India to Spain |
|---|---|---|---|
| 2021 | 6,737.6 | 1,770 | 4,967.6 |
| 2022 | 7,912 | 1,920.7 | 5,991.3 |
| 2023 | 8,212.8 | 1,906.2 | 6,306.6 |
| 2024 | 8,361.9 | 2,165.9 | 6,196.1 |
| 2025 | 9,354.6 | 2,367.4 | 6,987.3 |
Connections between people
The Instituto Cervantes opened in 2009, and AECID supports university lectureships. Sánchez's October 2024 visit advanced the Dual Year 2026 on tourism, culture and artificial intelligence. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Spain living in India | ||
| Residents from India living in Spain | ||
| Study and training: Spain in India | ||
| Study and training: India in Spain | ||
| Academic stays: Spain in India | ||
| Academic stays: India in Spain | ||
| Travel: Spain to India | ||
| Travel: India to Spain |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
Bilateral context
Diplomatic relations began in 1956, and Spain opened an embassy in New Delhi in 1958. The bilateral structure includes economic, defence and technology commissions and political, security and tourism dialogues. [1]
The scale of both economies
Nominal GDP for Spain is 1,906.5 billion USD (2025), compared with 3,956.1 for India (2025). The reference populations are 49.36 and 1,463.87 million, respectively. In the same year, the economy of Spain was 0.482 times that of India in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [5] [6]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
CDTI manages multisectoral collaboration and biotechnology and renewable-energy programmes; the 2012 defence agreement added a framework for armed forces and industry. The Instituto Cervantes opened in 2009, and AECID supports university lectureships. Sánchez's October 2024 visit advanced the Dual Year 2026 on tourism, culture and artificial intelligence. In February 2026, he met Narendra Modi and investors and presented the Mudras film co-production and a Spanish–Indian mural. The conclusion of EU–India trade negotiations cited then does not automatically mean ratification or entry into force of the agreement. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Spain and India) totalled 9,354.6 million current USD. Shipments from the first to the second were 2,367.4 million; those in the opposite direction, 6,987.3 million. The difference between the two flows was 4,619.9 million, in favour of India. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Spain to the partner represented 0.546% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Five years of trade trends
The consistent series shows 6,737.6 million USD in 2021 and 9,354.6 million in 2025. The change between the two endpoints was +38.8 % in current dollars. The highest annual value in the period was recorded in 2025, at 9,354.6 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [3]
Documented trade sectors
Within the selected chapters, machinery and mechanical appliances stands out in shipments from Spain to India, at 343.5 million USD in 2025. Within the selected chapters, mineral fuels and oils stands out in shipments from India to Spain, at 758.6 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [4]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Country profile — India
Spain’s Ministry of Foreign Affairs, European Union and Cooperation — Diplomatic Information Office · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.