In January, EU27 exports fell by 5.2%, while those of the Eurozone dropped by 5.5%. German exports decreased by 2.7% and Italian exports by 4.6%, whereas French exports rose by 1.3%.
More striking in January are the sharp declines in British exports (30%) and the strong increases in those of the United States (13.1%) and Japan (16.8%).
In January, Spanish exports of goods reached €28.927 billion, representing a 2.9% decrease compared to the same month in 2025. Meanwhile, imports stood at €32.937 billion, reflecting an 8.4% year-on-year decline, according to the Ministry of Industry, Trade, and Tourism.
Consequently, Spain’s trade deficit in January was €4.010 billion, a 35.2% year-on-year reduction. This improvement was primarily driven by a sharp drop in the energy deficit, which recorded a decrease of nearly 50% due to a significant reduction in energy imports. The coverage rate—which measures the ratio of exports to imports—stood at 88%. This represents a five-percentage-point improvement compared to January 2025.
Spain’s trade deficit in January settled at €4.010 billion, reflecting a 35.2% year-on-year decrease. This improvement was mainly due to the sharp decline in the energy deficit, which saw a reduction of nearly 50% thanks to a considerable drop in energy imports. In January, the energy deficit fell by 49.2% to €1.7362 billion, resulting from a 33.2% year-on-year decrease in energy imports during the month. Simultaneously, the non-energy deficit fell by 18% in January year-on-year, reaching €2.2738 billion.
Among the most relevant trading partners, it is worth noting that Spanish imports decreased from the USA (down by 22.8%), the United Kingdom (15.8%), Germany (1.8%), and France (1.2%) in January, while imports from China increased (0.9%). Regarding Spanish exports, there were declines in shipments to both the USA (11.4%) and China (7.8%).
