Spain’s trade deficit narrowed to €3.3 billion in February 2026, the smallest gap in nine months, from €3.4 billion in February 2025, as exports declined less sharply than imports.
Exports slipped 0.8% year-on-year to €31.7 billion, weighed down by lower sales of energy products (-21.8%), especially coal and electricity (-85.7%) and gas (-32.2%); chemical products (-9.2%), led by medicines (-20.6%); and durable consumer goods (-6.2%). Among major trading partners, exports decreased to the US (-12.7%), the Netherlands (-15.2%), Turkey (-5.1%) and China (-13.5%), but increased to Germany (9.7%), Italy (7.9%), the UK (4.6%) and Portugal (1.7%).
Imports fell 1.1% to €35 billion, primarily reflecting lower purchases of energy products (-17.8%); chemical products (-2%); durable consumer goods (-6.6%); and manufactured consumer goods (-4%). By origin, imports declined from the US (-19.7%), China (-5.4%), Italy (-3.4%) and Portugal (-1.8%), while they rose from France (10.8%), Germany (2.9%), the UK (17.1%) and Turkey (15.4%).
