The dynamism of the Spanish economy helped maintain road freight rates in 2024. The trend continued through Q1 2025 on the domestic market and on certain international routes.
For several months now, Spain has been experiencing economic growth that is significantly higher than the European average. In 2024, GDP grew by 3.2%, double the consensus of forecasts from economists in January 2024 (+1.6%) and more than triple the EU average (+0.9%). The figures of the 1st quarter of 2025 show a significant slowdown, however this does not call into question the growth cycle. GDP for Q1 2025 shows an increase of 0.6% compared to Q4 2024 (after +0.7% in Q4 2024 and +0.7% in Q3 2024) and 2.8% compared to Q1 2024.
The domestic market is supported by consumption, as evidenced by the dynamic retail sales. Internationally, the trade war does not appear to have had much of an impact on Spain's economic activity so far, as it is relatively unexposed to the tariffs imposed by the Trump administration.
1/ Domestic market
The economic context has had a favourable effect on road freight transport. After two consecutive years of decline, the Spanish flagged fleet’s activity increased by 3.1% in 2024 to reach a historic record: 271.6 billion tkm (bn tkm). According to the Sectorial Observatory DBK from INFORMA, a subsidiary of the public credit insurance company Cesce, the turnover of the road freight transport sector in 2024 is estimated at €17.87 billion, an increase of 2.4% compared to 2023.
The dynamism of the Spanish economy helped maintain road freight rates in 2024. In 2024, prices stabilised in the contract market. On the spot market, however, they have started to rise again after the low in the 4th quarter of 2023, reflecting healthy demand and a certain tension in the market which requires contracting through the spot market.
Content source : Upply Freight Index
2/ International market
On international lanes, the evolution of freight rates can be more disparate, depending on the economic health of trading partners. Our report presents the evolution of freight rates on the international routes that connect Spain to its three main European economic partners, namely Germany, France, and Italy (...)
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