Spain's trade deficit soars 30,5% through June due to a sharp increase in non-energy imports

Spain's Trade Balance

Spain's trade deficit reached 32.781 billion euros in the first half of 2026, 30,5% higher than in 2025. This imbalance is due to a growth in imports (+5,2%) much higher than that of exports (+2,0%), with a notable increase in the non-energy deficit.

The trade deficit of España It has increased by 30,5% in the first half of 2026, reaching €32.780,9 million, compared to €25.112,7 million recorded in the same period of 2025. According to the data COMEX Published today, this increase is due to strong import growth of 5,2%, which far exceeds the 2,0% increase in exports.

This behavior has led to a drop in the coverage ratio of almost three percentage points, from 88,7% in June 2025 to the current 86,0%. Analysis of the figures reveals a worrying trend for the Spanish foreign trade sector. Although nominal exports continue to grow, their pace is lower than the inflation rate of recent years.

In this context, Antonio Bonet, President of Club de Exportadores e Inversores, warns about the real situation of foreign sales: "the fact that Spanish exports have been growing below inflation for several years (23, 24, 25), means that in practice our sales of products abroad are stagnant, or even decreasing slightly."

The non-energy deficit doubles and becomes the main catalyst

Unlike previous years, the energy imbalance was not the main cause of the overall deficit. While energy imports increased by 13,6% to €31.674,9 million, this effect was partially offset by a significant 22,2% increase in energy exports. The energy deficit stood at €17.558,4 million.

The main concern lies in the non-energy deficit , which has climbed from €8.775,7 million in the first half of 2025 to €15.222,6 million in 2026, representing an increase of nearly 75%. This figure demonstrates a greater dependence on imports of goods and services unrelated to energy to sustain national economic activity.

Analysis by geographical areas: the UE sales are holding steady while other markets are declining

La European Union It consolidates its position as the main destination for Spanish exports, absorbing 62,8% of the total with a growth of 3,7%. Imports from the UEExports from these countries, which represent 48,5% of the total, increased by 4,4%. However, trade with non-EU markets shows the opposite trend: exports to third countries fell by 0,7%, while imports from these regions grew by 6,1%, contributing significantly to the widening deficit.

Bilateral trade with Marruecos

Marruecos It remains a strategic business partner and the main one in ÁfricaSpanish exports to the Maghreb country grew by 3,5% to €6.420,5 million. Despite the fact that imports from Marruecos They also increased (+4,1%), España It maintains a positive trade balance of 625 million euros. The Moroccan market now represents 3,2% of total Spanish exports.

Bilateral trade with Estados Unidos

The business relationship with Estados Unidos continues to generate one of the largest bilateral deficits for EspañaIn the first half of the year, sales to EE.UU. They fell 1,3% to €8.639,5 million. Meanwhile, purchases at Estados Unidos They also decreased (-3,2%), but remained at a very high level of 15.337,1 million. The result is a negative balance for España of 6.697,6 million, slightly lower than that of the same period in 2025.

Digital Editorial Team eE

Continuous newsroom for Empresa Exterior. A team specializing in real-time monitoring and writing up-to-the-minute daily news on international markets, ensuring constant updates on B2B developments.

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