The trade profile of the Canary Islands starkly illustrates its heavy reliance on imported manufactured goods and energy supplies, resulting in a significant structural deficit in its trade balance. In the fiscal year of 2025, the archipelago reported total exports valued at €2.97 billion, while imports soared to €4.63 billion, leading to a negative balance of €1.65 billion. This scenario positions the region as the fifteenth largest exporter and thirteenth largest importer among Spain's eighteen autonomous communities and cities. Furthermore, the islands exhibit an economic complexity index of -0.24, placing them at the lower end of the national spectrum. The commercial relationship with Morocco and Western Sahara is characterized by asymmetry and relatively low volumes. In bilateral exchanges with Morocco, imports significantly outweigh exports; for instance, in 2024, exports from the islands barely reached €13.8 million compared to €41.5 million in imports. The annual revenue of a single establishment, such as the iconic Hotel Santa Catalina in Las Palmas, far exceeds the total exports to Morocco. Despite this imbalance, the share of Canary Islands’ purchases relative to other autonomous communities remains minimal, accounting for only 0.4% in recent years. However, Morocco manages to supply the islands with tomatoes cultivated in Western Sahara through French export channels.
As reported by vozpopuli.com.
The economic dynamics at play are influencing the stance of the regional government. Alfonso Cabello, the spokesperson for the Canary Islands government, has reaffirmed the commitment to maintain a policy of "great neighborhood" with Rabat, despite calls from Antonio Morales, the President of the Gran Canaria Cabildo, urging Madrid and Brussels to abandon their naivety, stating that "Morocco is not a reliable partner." Cabello has carefully sidestepped direct confrontation with Morales, emphasizing that the regional cabinet continues to pursue a pragmatic working relationship with Morocco, as well as with Senegal and Mauritania. This institutional cooperation framework is expected to be sustained in the coming months to preserve stability along the southern border.
The fragility of this balance occurs within a rapidly changing Atlantic environment. While regional discussions focus on managing immediate neighborhood relations, China is capitalizing on the commercial and logistical potential of West Africa. The influx of Chinese capital into the Sahel and the African Atlantic coastline—through port infrastructures, fishing agreements, and mining extraction—establishes Beijing as the dominant player in the area, diminishing European influence and relegating the Canary Islands to a secondary role in the continent's supply routes.
The composition of the Canary Islands' export basket in 2025 was dominated by refined fuel and derivative products, with refined oil leading the shipments at €1.33 billion, followed by coal tar oil at €351 million, gas turbines at €145 million, rolled tobacco at €112 million, and additional trade operations recorded under chapter 99 at €68.9 million. In terms of imports, domestic demand was driven by the purchase of passenger vehicles valued at €705 million, refined oil at €413 million, coal tar oil at €222 million, aircraft at €111 million, and poultry meat at €101 million. Germany continued to be the primary partner in origin with €758 million, while the bulk of regional shipments targeted the global non-EU market amounting to €2.08 billion.
Data from May 2026 indicate a moderate correction in the trade gap, with a 22% increase in exports reaching €289 million compared to €237 million in the same period the previous year. Concurrently, foreign purchases saw a contraction of 7.58%, dropping from €449.1 million recorded in May 2025 to €415 million in the last analyzed month, effectively reducing the monthly negative balance to €127 million. The export performance in May 2026 was bolstered by operations under chapter 99 amounting to €99.6 million, refined oil at €54.2 million, coal tar oil at €43.1 million, tobacco operations at €10 million, and jewelry items at €7.99 million.
The year-on-year growth was driven by demand from the United Kingdom at €16.8 million, Switzerland at €8.32 million, and France at €7.42 million, supported by increases in sales of coal tar oil, excavation machinery, and jewelry. On the import side, the flow was concentrated on coal tar oil at €52.1 million, refined oil at €51.4 million, and vehicles at €49.6 million, with major suppliers being European nations such as Germany (€50.9 million), Belgium (€50.1 million), and France (€33.1 million), offsetting declines in flows from partners such as Brazil.
