Spain Posts Smallest Trade Gap in 6 Months

Spain recorded a trade deficit of €4 billion in January 2026, the smallest since July last year, down from €6.2 billion a year ago. Imports slipped 8.4% to a five-month low of €32.9 billion, largely driven by a 33.2% drop in energy purchases, including gas (-3.9%) and oil and petroleum products (-32%). Declines were also seen for chemical products (-9.4%); consumer goods (-10.3%); non-chemical semi-manufactured goods (-8.8%); raw materials (-15.3%) and food, beverages & tobacco (-8.8%). Among key partners, imports fell from the US (-22.8%), the UK (-15.8%), Germany (-1.8%) and France (-1.2%) but rose from China (0.9%). Meanwhile, exports fell 2.9% to a five-month low of €28.9 billion, mainly on account of chemical products (-10.3%); food, beverages & tobacco (-7.3%), notably oils & fats (-21.1%) and meat (-10%) and non-chemical semi-manufactured goods (-6.8%), primarily iron and steel (-22%). Among key partners, exports declined mostly to the US (-11.4%) and China (-7.8%).

Spain's trade deficit rose to €5.57 billion in December 2025 from €4.12 billion in the same month of 2024. Imports climbed 5.5% yoy to €35.7 billion, largely on purchases of non-chemical semi-manufactured goods (26%), automotive (12.1%) and capital goods (4.8%). Meanwhile, exports rose 1.4% to €30.2 billion, with robust shipments of raw materials (31.1%), consumer manufactured goods (5.4%) and food, beverages & tobacco (5.1%) offset by declines in energy (-12.5%) and chemical products (-7.6%). The country posted a trade shortfall of €57.1 billion in 2025, marking a 47.1% increase from €40.3 billion a year earlier, as imports climbed 4.6% to €444.2 billion while exports rose only 0.7% to €387.1 billion. A key feature of the year was the diversification of export markets. Exports to Africa, Asia, and other EU countries increased by 6%, 3%, and 5%, respectively, while shipments to the US dropped 8%. The EU-27 accounted for 62% of exports, generating a trade surplus of €19.762 billion.

Spain's trade gap rose to €5.7 billion in November 2025 from €5.1 billion in the same month of the previous year. Exports fell by 1.5% year-on-year to €32.2 billion, as declines in automotive products (-8.9%) and non-chemical semi-manufactured goods (-2.8%) outweighed an 8% rise in raw materials. Imports rose by 0.2% to €37.8 billion, with gains in consumer manufactured goods (9.4%) and capital goods (7.9%) outweighed by a 22.1% slump in energy products. Spain posted a €730 million trade surplus with the EU and a €6.41 billion deficit with non-EU countries in November, with the largest surpluses recorded with Portugal, the UK, and France. The deficit with the US fell by 19.3% to €0.80 billion compared to €0.99 billion in November 2024, as exports and imports declined 8% and 12.6%, respectively. Year-to-date, Spain’s exports reached €356.93 billion, up 0.6% year-on-year, while imports climbed 4.5% to €408.41 billion, driving the trade shortfall up 42.4% to €51.48 billion.