EU-partnerships

Spain

Research | 6 May 2026

Trade in goods is highly asymmetric, with ES as a net importer (~€2.4 bn deficit in 2024)

Dedicated institutional tool: Oficina Española para la Reconstrucción de Ucrania

UA is a strategic supplier of agri-inputs, especially for ES livestock sector

~255k

Strong people-to-people ties: ~255k Ukrainians under temporary protection in ES

ES is a provider of industrial goods and reconstruction-related services in UA

Centre for Economic Strategy (CES), an independent Ukrainian think tank that analyzes key public policies and promotes support for reforms.

With donor support, CES has launched a series of studies on trade relations between Ukraine and the European Union countries.

Free movements of goods and services

The ES runs a persistent goods trade deficit with Ukraine, growing from ~€865 mln (2021) to ~€2.4bn (2024)

UA exports to ES are concentrated in agricultural inputs (cereals, vegetable oils)

ES exports remain industrial and diversified (vehicles, machinery, chemicals, seafood)

Since 2022, UA exports have become even more agriculture-heavy as iron, steel, and ore trade declined

ES exports have shifted partially toward defense-related goods while maintaining their overall industrial mix

Services trade remains small and broadly balanced, increasingly project-driven and tied to reconstruction contracts (engineering, logistics, legal, project management)

Trade Balance UA-ES 2024

Trade in goods between ES and UA by top product groups, 2024 (€ mln)

Free movement of persons and capital

Pre war:

~97k

Ukrainian residents

Post-2022:

+ ~255k

with temporary protection

Mostly women and children, concentrated in hospitality, construction, trade, and ICT

ES FDI in UA is limited (~$122M, <1% of EU total), but 550+ ES-linked firms operate there – mainly SMEs in trade, manufacturing, and services, with engagement shifting toward contracts over direct investment
Commercial presence led by Inditex, Mango, and Glovo; UA firms increasingly active in ES (Nova Post, IT services), signalling growing two-way links

Ukrainians in Spain (in 000)

Tighter co-operation potential

Make the single window work: use ES Oficina Española para la Reconstrucción de Ucrania as the gateway and respond with a short list of procurement-ready projects (route, timeline, UA counterpart).
Move up the value chain: build cooperation around existing agriflows via EU-standard certification, traceability, storage and processing (from raw inputs to higher value-added products).
Start with de-risked contracts: milestone delivery + verification + transparent payments + IFI-ready documentation → scale from first deals to repeat business.
Turn people links into business links: targeted matchmaking in ICT, engineering and business services, using UA’s networks in ES for supplier connections and investment leads.