TRADE BALANCE AND INTERNATIONAL BUSINESS IN MAY 2026
The surge in imports, driven by the blockade in the Middle East, weighed down Spain's trade balance in May. However, international sales remained strong, exceeding €34.600 billion thanks to the strength of the food industry, the consolidation of the European market, and the initial benefits of the new agreement with Mercosur.
Spanish businesses continue to weather the volatility of global markets with remarkable resilience. During the past month of May, Spanish exports of goods They stood at 34.694 million euros. While the gross figure reflects a slight year-on-year decrease of 0,9%, the seasonally and calendar-adjusted figure shows a seasonally adjusted growth of 3,3%, a clear indicator that external competitiveness is not losing traction.
To understand the slight drop in the raw data, it is necessary to look at historical records. As the State Secretariat for Trade points out, the month of May 2026 was influenced by a step effectIn May 2025, an exceptional sale of pharmaceutical products to the Netherlands worth more than €1.300 billion was recorded.Excluding that specific transaction, exports would have increased by 3,1% year-on-year."," the sources explain. Monthly Foreign Trade Report.
The cost of crude oil and the bill for the Strait of Hormuz
The main destabilizing factor this month has come from purchasing activity. Imports surged by 14,4% (19% in seasonally adjusted terms), reaching €42.939 billion. While part of this increase is due to the strong dynamism in the acquisition of equipment goods and components of the automotive sector, the real culprit behind the rise has been the energy sector.
El closure of the Strait of Hormuz This has caused a severe increase in freight and crude oil prices, leading to oil imports costing almost twice as much as a year ago. This external shock has had a major impact on the Spanish trade deficitwhich has increased by 5.702 billion euros compared to May of the previous year. With this, the coverage rate It has fallen by 12,4 percentage points, settling at 80,8%.
Food leads and Mercosur makes a successful debut
At the sectoral level, export strength has been led by the industry of food, beverages and tobaccoThe sector that contributed a surplus of €1.538 billion was followed by non-chemical semi-manufactured goods and other merchandise. On the other hand, sectors that are usually profitable, such as automotive and chemicals, ended May in negative territory.
On the map of the destination marketsSpain continues to assert its influence in Europe. The trade surplus with the European Union reached €2.075 billion, marking an uninterrupted positive balance since January 2017. Portugal, France, and the United Kingdom emerged as the most profitable trading partners for the month. Furthermore, record sales were achieved in eleven EU markets and in strategic non-EU destinations such as Canada and Ukraine.
Outside of Europe, the month of May has marked a milestone in the internationalization of the Spanish economyThis has been the first month of provisional application of interim EU-Mercosur agreementThe immediate impact has been positive, with a 4,2% increase in exports to Argentina, Brazil, Paraguay, and Uruguay. Likewise, trade with the United States (+2,5%) and China (+15,3%) continues to show a strong upward trend.
Year-to-date total: record number of regular exporting companies
In the balance of the first five months of 2026 (January-May), the cumulative exports Exports totaled €165.588 billion (+1,3%), the second highest figure in the historical series for this period. Imports grew by 3,1%, raising the year's accumulated trade deficit to €25.094 billion.
Beyond the sales volumes, the structural base of Spanish international business continues to expand. Through May, the number of regular exporters —companies that have sold abroad for four consecutive years exceeding €1.000— grew by 0,6%, reaching 42.605 companies. This core group of business elites is responsible for 96,3% of all of Spain's international sales, demonstrating that the commitment to foreign markets is a long-term strategy firmly rooted in the country's productive fabric.
Any questions about this news?
Talk to Coexia, the AI of the foreign trade
