Link Securities | According to the Ministry of Industry, Trade and Tourism, Spain’s trade deficit stood at €4.01 billion in January, representing a year-on-year decrease of 35.2%. This improvement was mainly due to the sharp fall in the energy deficit, which fell by nearly 50% thanks to a significant reduction in energy imports.
In January, Spanish exports of goods reached €28.927 billion, representing a 2.9% decrease compared with the same month in 2025. Meanwhile, imports stood at €32.937 billion, representing an 8.4% year-on-year fall.
Consequently, the coverage ratio, which measures the ratio of exports to imports, stood at 88%. This represents an improvement of five percentage points compared to January 2025, reflecting a greater balance in foreign trade transactions.
In January, the energy deficit fell by 49.2% to €1,736.2 million due to the 33.2% year-on-year decline in energy imports during the month. Meanwhile, the non-energy deficit fell by 18% year-on-year in January, to €2,273.8 million.
Among the most significant trading partners, it is worth noting that in January, Spanish imports fell from the US (down 22.8%), the UK (down 15.8%), Germany (down 1.8%) and France (down 1.2%), whilst they rose from China (up 0.9%). Meanwhile, with regard to Spanish exports, it should be noted that those destined for both the US (down 11.4%) and China (down 7.8%) fell.
