Spain Trade Shortfall Narrows in March

Spain's trade gap shrank to €4.4 billion in March 2026 from €5.5 billion in the same month a year ago, reflecting improved export performance relative to imports. Exports advanced by 5.1% to €36 billion, boosted by shipments of raw materials (31.2%); manufactured consumer goods (8.3%); capital goods (5.2%); automotive products (5.4%) and food, beverages & tobacco (4.7%). Among key partners, exports increased to Italy (14.6%), Portugal (12.7%), Germany (10.2%), France (7.3%), the UK (8.3%), China (12.7%) and the US (3.4%). Meanwhile, imports rose 1.6% to €40.2 billion, as higher purchases of automotive products (8.4%), non-chemical semi-manufactures (6%), and consumer manufactures (5.7%) were offset by declines in raw materials (-12.2%) and chemical products (-7.4%). Imports rose mostly from Italy (9.2%), France (5.5%) and China (14.7%) but fell from Germany (-.5.8%) and the US (-16.6%). The country’s trade deficit fell to €11.7 billion in Q1 2026 from €15.1 billion a year ago.

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%).