According to customs data published in the Monthly Foreign Trade Report by the Ministry of Economy, Trade and Enterprise, Spain’s trade deficit widened to €8,245 million in May, representing an increase of €5,702 million compared to the same month last year. This deterioration was mainly driven by a sharp rise in energy imports, against a backdrop marked by higher crude oil prices following disruptions caused by the closure of the Strait of Hormuz.
In May, imports rose by 14.4% year-on-year to €42,939 million, while exports dropped by 0.9% to €34,694 million. The coverage ratio stood at 80.8%, compared to 93.2% in May 2025.
In the first five months of 2026 (5M2026), the cumulative trade deficit reached €25,094 million, 16.6% higher than in the same period of 2025. During this period, exports grew by 1.3%, though imports advanced at a faster pace (3.1%), primarily driven by the rising cost of energy purchases.
