Data published by the Ministry of Economy, Trade and Business show that Spain’s trade deficit has increased significantly so far this year.
Between January and August, the trade deficit rose by 30.5% compared to the same period of the previous year, standing at €45,818.2 million. Although goods exports set a historical record by reaching €264,182 million (up 3.2%), import volumes grew at nearly double that pace, widening the trade balance gap.
A relevant factor in this uptick in the deficit is the negative trade balance with key partners, particularly China, which accounts for a significant portion of the country’s global trade imbalance.
Regarding the latest recorded month, August, the Spanish trade deficit stood at €7,810 million, compared to €5,980 million recorded in the same month of the previous year—representing a 30.6% increase.
In August, imports rose by 16.7% year-on-year to €35,400 million, driven mainly by purchases of energy products, which surged by 41.9%. Significant gains were also recorded in imports of raw materials (+38.3%), automobiles (+14.7%), chemical products (+14.3%), and consumer manufactures (+12.1%).
On the other hand, Spanish exports grew by 13.3% compared to August 2025, reaching €27,600 million. This increase was led by sales of energy products, which surged by 79.3%. Furthermore, exports of raw materials (+42.7%), chemical products (+14.6%), and consumer manufactures (+11.8%) also experienced notable growth.
Overall, as in the rest of the year, import growth outpaced export growth, widening the trade imbalance. This trend also reflects strong momentum in energy product trade on both the import and export sides.
