Spain Trade Deficit Deepens in July

Spain’s trade deficit widened to €5.22 billion in July 2026 from €4.01 billion in the same period a year earlier. Imports rose 5.9% year-on-year to €40.68 billion, driven by higher purchases of vehicles and motorcycles (19.8%), energy products (13.4%), namely oil and derivatives (9.9%), electronic equipment (22.7%), and minerals (45.8%). In contrast, purchases of chemical products fell 2.8%. Among key trading partners, imports rose from China (9.9%), Algeria (61.7%), Italy (8.7%), and the UK (26.4%). Meanwhile, exports rose at a slower pace of 3% to €35.45 billion, supported by higher shipments of energy products (60.8%), particularly oil and derivatives (62.8%). Shipments of general-use equipment increased 16.5%, while exports of non-ferrous metals and minerals rose 22.2% and 26.2%, respectively. By destination, shipments were mainly directed to eurozone countries, particularly Italy (14.4%), Portugal (8.4%), and Germany (5.6%), as well as the US (19.2%).

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.