Spain Trade Gap at 9-Month Low

Spain's trade deficit fell to €3.3 billion in February 2026, the smallest in nine months, from €3.4 billion in the same month of 2025, as exports decreased less than imports. Exports fell by 0.8% yoy to €31.7 billion, amid lower shipments of energy products (-21.8%), mainly coal and electricity (-85.7%) and gas (-32.2%); chemical products (-9.2%), particularly medicines (-20.6%); and durable consumer goods (-6.2%). Among key partners, exports fell to the US (-12.7%), the Netherlands (-15.2%), Turkey (-5.1%) and China (-13.5%), but rose to Germany (9.7%), Italy (7.9%), the UK (4.6%) and Portugal (1.7%). Meanwhile, imports dropped by 1.1% to €35 billion, largely due to reduced purchases of energy products (-17.8%); chemical products (-2%); durable consumer goods (-6.6%) and manufactured consumer goods (-4%). Imports fell mainly from the US (-19.7%), China (-5.4%), Italy (-3.4%) and Portugal (-1.8%), while rising from France (10.8%), Germany (2.9%), the UK (17.1%) and Turkey (15.4%).

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.