Exports of goods reached EUR 35,454 million in July, its highest historical figure for the month of July, after growing 3% year-on-year, while imports rose by 5.8% year-on-year to EUR 40,678 million, also a record figure for a month of July. As a result, Spain’s trade deficit stood at EUR 5,224 million in July, compared to the EUR 4,010 million deficit generated in the same month of the previous year.
In the accumulated period from January to July (7M2026), exports also set a record, reaching EUR 236,587 million, against imports of EUR 274,592 million. Consequently, during this period, Spain generated a trade deficit of approximately EUR 38,000 million, a figure 30% higher than that of the same period in 2025.
Regarding the latest month reported, July, the advance in exports was mainly driven by energy products, whose foreign sales increased by 60.8%, fostering a year-on-year improvement of EUR 625 million in the energy deficit.
Meanwhile, the non-energy deficit stood at EUR 3,225.8 million. By destination, shipments were primarily directed to Eurozone countries, particularly Italy (4.7%), Portugal and Germany (6%), as well as the US (12.5%).
On the other hand, the increase in imports was mainly due to higher purchases of vehicles and motorcycles (19.8%), energy products (13.4%), and capital goods (5.7%). In contrast, purchases of chemical products decreased by 2.8%.
Among main trading partners, imports from China increased by 21.2%, those from Italy by 4.6%, and those from the United Kingdom by 7.5%.
By sector, surpluses were notable in food, beverages, and tobacco (EUR 1,250.4 million), non-chemical semi-manufactures (EUR 735.4 million), and other commodities (EUR 647.2 million).
The trade surplus with the European Union (EU) was maintained for the seventh consecutive month, reaching EUR 1,740 million in July. Portugal (EUR 1,810 million), France (EUR 1,541 million), and the United Kingdom (EUR 1,298 million) were the markets where the largest surpluses were generated.
