According to the Monthly Foreign Trade Report published by the Ministry of Economy, Trade and Enterprise, Spain’s trade deficit widened to €5.172 billion in April, compared to €3.900 billion recorded in the same month of the previous year, as imports continued to outpace exports.
In April, imports increased by 8.7% year-on-year to €39.600 billion, driven by an increase in purchases of energy products (32.2%), mainly originating from Kazakhstan, Nigeria, the US, and Libya. The surge in imports from Nigeria was particularly notable (167.9%), while those from the US fell by 1.3%. Likewise, higher imports were recorded for automotive products (10.1%), non-chemical semi-manufactured goods (7.3%), capital goods (4.3%), and raw materials (2.7%), although this growth was partially offset by a 4% decline in purchases of durable consumer goods.
Meanwhile, exports grew by 5.8% year-on-year in April to €34.400 billion, boosted by increased foreign sales of energy products (26.3%), raw materials (24.8%), chemical products (11.6%), and capital goods (10.4%). Export growth was particularly robust toward Germany (16.3%), Belgium (11.0%), France (9.9%), Portugal (6.4%), and the United Kingdom (2.9%).
Consequently, the coverage rate—the ratio of exports to imports—stood at around 86.9%, down from the 87.2% recorded a year earlier.
Furthermore, it is worth noting that Spain’s non-energy trade deficit in April was €1.3185 billion, compared to €1.0555 billion in April 2025; thus, the non-energy deficit widened by approximately €263 million year-on-year. Therefore, although the energy deficit still accounts for nearly 75% of the total trade deficit (€3.854 billion against €5.172 billion), the non-energy balance also deteriorated compared to the previous year.
