Spain and Mexico
Investment, businesses and cultural connections form an extensive relationship that has also experienced political differences. The Mexican meetings in 2026 expanded economic and cultural dialogue. Societies and businesses maintain ties distinct from each government's diplomatic tone.
Analysis reviewed: 2026-10-07 · Indicators updated: 2026-10-07History, exile and representation
Mexico's communication on the meeting with Felipe VI recalls the restoration of diplomacy, whose fiftieth anniversary will be celebrated in 2027.
The June 2026 economic dialogue
The Ministry of Economy brought officials and businesspeople together on June 2.
Dialogue and projects during 2026
Political and business contacts document specific channels after earlier public differences.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 12,073.61 M USD | 2025 · UN Comtrade / ESP |
| Goods: Spain to Mexico | 6,244.95 M USD | 2025 · UN Comtrade / ESP |
| Goods: Mexico to Spain | 5,828.66 M USD | 2025 · UN Comtrade / ESP |
| Services trade | ||
| Export share: Spain to Mexico | 1.44 % | 2025 · UN Comtrade / ESP |
| Export share: Mexico to Spain | ||
| Investment stock: Spain in Mexico | ||
| Investment stock: Mexico 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 / ESP · Goods; full year; ESP reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Goods: Spain to Mexico
- 2025 · UN Comtrade / ESP · Goods; full year; ESP reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Goods: Mexico to Spain
- 2025 · UN Comtrade / ESP · Goods; full year; ESP reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Export share: Spain to Mexico
- 2025 · UN Comtrade / ESP · Goods share: ESP exports to the partner / the same reporter's exports to the world, same year.
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 | Mexico |
|---|---|---|
| Nominal GDP | 1.91 trillion USD2025 · WB | 1.83 trillion USD2025 · WB |
| GDP per capita | 38,627.25 USD2025 · WB | 13,889.23 USD2025 · WB |
| GDP growth | 2.82 %2025 · WB | 0.56 %2025 · WB |
| Policy interest rate | 2.5 %2026-09-16 · BCE | 6.5 %2026-09-24 · Banxico |
| Inflation · annual average | 2.7 %Annual average · 2025 · WB | 3.81 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 4.9 %provisionalprovisionalYear-on-year · Sept. 2026 · INE | 3.42 %Year-on-year · first fortnight of Sept. 2026 · INEGI |
| Unemployment | 10.38 %ILO est.2025 · WB | 2.67 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -2.5 %IMF est.2025 · IMF | -4.9 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 100.4 %IMF est.2025 · IMF | 61.8 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 2.94 %2025 · WB | -0.45 %2025 · WB |
| Population | 49,355,1432025 · WB | 131,946,9002025 · WB |
| Area | 505,976 km²2023 · BM / FAO | 1,957,194 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 BankMexico: 2025 · World Bank
- GDP per capita
- Current USD per personSpain: 2025 · World BankMexico: 2025 · World Bank
- GDP growth
- Annual real change (%)Spain: 2025 · World BankMexico: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)Spain: 2026-09-16 · ECB deposit facility; shared euro-area rate · European Central BankMexico: 2026-09-24 · Overnight interbank rate target · Bank of Mexico
- Inflation · annual average
- Average annual change in headline CPI (%)Spain: 2025 · Annual average change in CPI (%) · World BankMexico: 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.Mexico: 2026-09-Q1 · Headline CPI change relative to the same fortnight of the previous year (%) · INEGI · Published: 2026-09-24 · First fortnight of September relative to the same fortnight of 2025; not full-month September CPI or the 0.33% fortnightly change. The monthly September figure had not yet been published on the review date.
- Unemployment
- % of the labour force; definition used by the stated institutionSpain: 2025 · World Bank · ILO est.Mexico: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.Mexico: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.Mexico: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPSpain: 2025 · World BankMexico: 2025 · World Bank
- Population
- PeopleSpain: 2025 · World BankMexico: 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 · FAOMexico: 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 Mexico
| Product or sector | Value / share |
|---|---|
| Machinery and mechanical appliances | 1,203.8 M USD2025 · Source |
| Land vehicles and components | 852.8 M USD2025 · Source |
| Pharmaceutical products | 397.6 M USD2025 · Source |
| Electrical and electronic equipment | 331 M USD2025 · Source |
| Mineral fuels and oils | 7.4 M USD2025 · Source |
Mexico to Spain
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 3,565.9 M USD2025 · Source |
| Machinery and mechanical appliances | 364 M USD2025 · Source |
| Electrical and electronic equipment | 247.5 M USD2025 · Source |
| Land vehicles and components | 111.8 M USD2025 · Source |
| Pharmaceutical products | 10.8 M USD2025 · Source |
Connections between people
Education, work, visits and community connections have their own records and procedures. Residents are not equivalent to annual arrivals, and visits may be repeated. The tables retain dates, definitions and sources to distinguish these connections from business contracts and government decisions. [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 Mexico | ||
| Residents from Mexico living in Spain | ||
| Study and training: Spain in Mexico | ||
| Study and training: Mexico in Spain | ||
| Academic stays: Spain in Mexico | ||
| Academic stays: Mexico in Spain | ||
| Travel: Spain to Mexico | ||
| Travel: Mexico 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.
History, exile and representation
Mexico's communication on the meeting with Felipe VI recalls the restoration of diplomacy, whose fiftieth anniversary will be celebrated in 2027. The cultural agenda includes Spanish exile in Mexico and Mexico's Indigenous cultures. These precedents do not imply consensus on every historical interpretation. The relationship between societies and institutions may be broader than a particular diplomatic disagreement. [1]
The June 2026 economic dialogue
The Ministry of Economy brought officials and businesspeople together on June 2. Participants discussed two-way investment, value chains, innovation and technology. The communication records authorities' and businesses' opinions; it does not guarantee each investment's profitability or security. Capital and goods indicators retain their own measures, distinct from the number of companies attending. [2]
Exhibitions and cultural activity
The governments discussed a program of exhibitions and activities in Spain on historical connections and Mexican cultures. Announcing a program does not establish that people have already attended or allow overall mobility to be estimated. Museums, universities and resident communities maintain mechanisms distinct from trade. Cultural ties are explained through institutions and content, not as an addition to export value. [1]
The scale of the two economies
Spain recorded nominal GDP of 1906.5 billion USD in 2025, compared with 1832.6 in 2025 for Mexico. The reference populations were 49.36 million (2025) and 131.95 million (2025), respectively. In the same year, Spain's nominal GDP was 1.04 times Mexico's. The figures contextualize market size; they do not in themselves describe well-being, individual wealth or political influence. IMF estimates or demographic extrapolations retain their markings in the table. A ratio is not calculated when the periods do not match. [4] [5]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-07
Dialogue and projects during 2026
Political and business contacts document specific channels after earlier public differences. The existence of discussions does not erase all disagreements. The customs table adds an annual economic observation in both directions; future projects and investment positions are distinguished from those flows to avoid overstating implementation or normalization. [2]
Observed economic exchange
In 2025, recorded goods trade between Spain and Mexico totaled 12,073.6 million USD. Spain's shipments to Mexico were USD 6245 million; shipments in the opposite direction were USD 5828.7 million. Spain's shipments to the partner represented 1.44% of its goods exports to the world, using the same year and reporter. A single customs declaration is used for both directions. This annual flow does not include all services activity or subsidiaries' local sales and is not added to accumulated investment capital. [3]
Milestones and consequences
Sources and data
Periods and scope of the figures
Each figure retains its period, unit, definition and source. Announcements, contracts and results are not interchangeable. Empty cells do not mean zero. Customs data for 2025 are not presented as activity observed during later crises.
- Presidential and cultural meeting
Mexico's Secretariat of Foreign Affairs · Institutional source · Document: 2026 · Accessed: 2026-10-07
- Economic dialogue and businesses
Mexican Secretariat of Economy · Institutional source · Document: 2026-06-02 · Accessed: 2026-10-07
- Annual TOTAL X/M; 2025; reporter 724; partners 0,156,380,826,76,484,152,170
UN Comtrade / ESP · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
- HS2 27; 2025; reporter 724; partners 156,380,826,76,484,152,170; X/M; annual goods
UN Comtrade / ESP · Institutional source · Accessed: 2026-10-07
- HS2 30; 2025; reporter 724; partners 156,380,826,76,484,152,170; X/M; annual goods
UN Comtrade / ESP · Institutional source · Accessed: 2026-10-07
- HS2 84; 2025; reporter 724; partners 156,380,826,76,484,152,170; X/M; annual goods
UN Comtrade / ESP · Institutional source · Accessed: 2026-10-07
- HS2 85; 2025; reporter 724; partners 156,380,826,76,484,152,170; X/M; annual goods
UN Comtrade / ESP · Institutional source · Accessed: 2026-10-07
- HS2 87; 2025; reporter 724; partners 156,380,826,76,484,152,170; X/M; annual goods
UN Comtrade / ESP · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade / ESP
2026-10-07 · Accessed: 2026-10-07 · HS2 27; 2025; reporter 724; partners 156,380,826,76,484,152,170; X/M; annual goods.
- UN Comtrade / ESP
2026-10-07 · Accessed: 2026-10-07 · HS2 84; 2025; reporter 724; partners 156,380,826,76,484,152,170; X/M; annual goods.
- UN Comtrade / ESP
2026-10-07 · Accessed: 2026-10-07 · HS2 87; 2025; reporter 724; partners 156,380,826,76,484,152,170; X/M; annual goods.
- UN Comtrade / ESP
2026-10-07 · Accessed: 2026-10-07 · HS2 30; 2025; reporter 724; partners 156,380,826,76,484,152,170; X/M; annual goods.
- UN Comtrade / ESP
2026-10-07 · Accessed: 2026-10-07 · HS2 85; 2025; reporter 724; partners 156,380,826,76,484,152,170; X/M; annual goods.