Water column pCO 2 and air-sea CO 2 fluxes were studied during an 18-month period (May 1994–September 1995) in a coastal embayment affected by upwelling, located in the northwestern Iberian Peninsula (Ria de Vigo and adjacent shelf). Overall, the region acted as a net annual atmospheric CO 2 sink, with magnitude ranging from 0.54 mgC m −2d −1 in the Ria estuary to 22 mgC m −2d −1 offshore. During moderate upwelling and upwelling relaxation conditions the sampling area was a sink for atmospheric CO 2. By contrast, during winter conditions and during intense upwelling the flux reversed towards the atmosphere. The relative influence of physical and biological processes on pCO 2 was evaluated using two different approaches: firstly, statistical analysis of physico-chemical correlations, and secondly, a thermodynamic analysis in the oceanic CO 2 system. Both methods yielded consistent results, showing that the main processes controlling seasonal and spatial pCO 2 variability were the production and remineralization of organic matter, explaining ca. 70 % of the total variability. In the inner part of the embayment, air-sea CO 2 exchange was mainly modulated by CO 2 partial pressure gradient, whereas in the adjacent shelf, wind speed largely contributed to CO 2 fluxes between the ocean and the atmosphere.