Spain posted a trade deficit of €4 billion in January 2026, the smallest gap since July of the previous year and down from €6.2 billion in January 2025. Imports fell 8.4% to a five-month low of €32.9 billion, mainly reflecting a 33.2% plunge in energy purchases, including gas (-3.9%) and oil and petroleum products (-32%). Additional declines were recorded in 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%).
By trading partner, imports decreased from the US (-22.8%), the UK (-15.8%), Germany (-1.8%) and France (-1.2%), while they inched up from China (0.9%).
Exports shrank 2.9% to a five-month low of €28.9 billion, driven chiefly by lower sales of chemical products (-10.3%) and food, beverages & tobacco (-7.3%), particularly oils & fats (-21.1%) and meat (-10%). Exports of non-chemical semi-manufactured goods also fell (-6.8%), led by iron and steel (-22%). Among major destinations, exports dropped most notably to the US (-11.4%) and China (-7.8%).
