Spain Trade Gap Rises in May

Spain’s trade deficit rose to €7.69 billion in June 2026 from €3.59 billion in the same month a year ago. Imports climbed by 15.7% yoy to an all-time high of €43.23 billion, driven mainly by a 43.8% surge in energy-product purchases, reflecting the continued impact of disruptions to energy flows through the Strait of Hormuz. Imports also increased significantly for non-chemical semi-manufactured products (18.7%); food, beverages & tobacco (16.6%); consumer manufactures (11.3%) and autos (8.4%). Among key partners, imports rose from the EU (9.5%), particularly Germany (12.1%), France (13.5%) and Portugal (6.6%); the US (24.7%) and China (24.1%). Meanwhile, exports advanced by 5.3% to €35.55 billion, the highest figure ever recorded for June, boosted by shipments of energy products (49.9%); raw materials (12%) and non-chemical semi-manufactured products (8.1%). Exports increased mostly to Germany (9%), Italy (10.5%), Portugal (14.5%) and the US (4.4%), but fell to France (-1.8%).

Spain’s trade deficit widened to €8.245 billion in May 2026, which was €5.702 billion higher than in the same month of 2025. This increase was mainly caused by a sharp rise in energy imports. Total imports grew by 14.4% to €42.939 billion, while exports fell slightly by 0.9% to €34.694 billion. The cost of imported oil almost doubled because the closure of the Strait of Hormuz disrupted global crude oil transport. During the first five months of 2026, the country's trade deficit reached €25.094 billion, up 16.6% compared with the previous year. Although exports increased by 1.3%, imports rose faster, by 3.1%, largely due to higher energy costs. Despite the overall deficit, sectors such as food, beverages and tobacco recorded strong trade surpluses. Spain also maintained a growing trade surplus with the European Union, especially with France, Portugal, and the United Kingdom, which remained key export markets.

Spain's trade deficit widened to €5.2 billion in April 2026 from a deficit of €3.9 billion in the period last year, as imports continue to outweigh exports. Imports increased by 8.7% to €39.6 billion, due to higher purchases of energetic products (32.2%), mainly from Kazakhstan, Nigeria, the US and Libia. Increases were seen for Nigeria (167.9%) but purchases fell from the US (-1.3%). Additionally, higher imports were recorded for automotive products (10.1%), non-chemical semi-manufactured products (7.3%), equipment goods (4.3%) and raw materials (2.7%), while a fall was seen for durable consumer goods (-4%). Meanwhile, exports increased by 5.8% to €34.4 billion, with higher shipments of energetic products (26.3%), raw materials (24.8%), chemical products (11.6%) and equipment goods (10.4%). Export growth was particularly strong to Germany (16.3%), Belgium (11%), Portugal (6.4%), France (9.9%) and the UK (2.9%).