Spain’s trade deficit decreased by 35.2% in January 2026, reaching €4.01 billion, mainly due to a significant reduction in energy imports. This improvement reflects a more balanced external trade performance, influenced by lower energy costs and changing demand dynamics.

Total imports amounted to €32.937 billion, representing an 8.4% year-on-year decline, while exports reached €28.927 billion and remained stable in seasonally adjusted terms. The energy deficit fell sharply by 49.2%, largely driven by a 33.2% drop in energy imports.

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The non-energy deficit also showed improvement, decreasing by 18%, indicating positive developments across multiple economic sectors. The coverage ratio rose to 88%, increasing by five percentage points compared to the previous year.

Within the European context, Spain’s export performance remains relatively strong, with a smaller decline than the eurozone average. The country continues to maintain a trade surplus with the European Union, with notable results in markets such as France and Portugal, as well as the United Kingdom outside the EU.

Key sectors contributing positively to export performance include capital goods, the automotive industry, raw materials, and other goods. Additionally, significant surpluses were recorded in food, beverages, and industrial products.

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Europe remains the primary destination for Spanish exports, accounting for 77% of the total, although growth is also evident in non-EU markets, where record figures were achieved in several international destinations. This trend highlights the increasing diversification of Spain’s export markets.

Overall, these results demonstrate a strengthening of Spain’s external sector, supported by reduced energy dependency, stable exports, and competitive industries, marking a positive start to 2026.