An improvement in the deficit with structural nuances
Spanish foreign trade closed the first quarter of 2026 with a 23% reduction in the trade deficit, reaching 11.677 billion euros. According to COMEX data published by the Secretaría de Estado de ComercioThis improvement is mainly due to a 2,5% drop in imports, to 108.183 million, and not to a boost in exports, which registered a growth of just 0,7%, reaching 96.506 million euros.
From the Club de Exportadores, Its president, Antonio Bonet, has expressed concern about the sluggishness of exports. “The data for the first quarter shows some relief in the deficit, but we must not lose sight of the fact that our goods exports remain stagnant in real terms, discounting inflation.”he said. Bonet He insists that "exports have not recovered their previous dynamism for several quarters, which points to a stagnation of a more structural than cyclical nature."
| Indicator | Q1 2025 (M€) | Q1 2026 (M€) | Variation |
|---|---|---|---|
| Exports of goods | 95.835 | 96.506 | + 0,7 % |
| Imports of goods | 110.934 | 108.183 | -2,5% |
| Trade Deficit | 15.099 | 11.677 | -23,0% |
Energy and capital goods, key to sectoral performance
The fundamental explanation for the improvement in the trade balance lies in the collapse in energy product importswhich fell by almost 17% compared to the first quarter of 2025. However, analysts warn that this trend could soon reverse, as the value of these imports is expected to increase considerably as a result of the war in Irá.
On the positive side, the equipment goods They are consolidating their position as the main export driver, accounting for 20% of the total and showing a growth of 5,3%. Imports in this segment also increased by 3,1%, indicating strong investment activity. Furthermore, automotive sector Exports grew by 2,7%, although imports skyrocketed by 11%. Conversely, two key sectors, such as... Chemicals and food, beverages and tobacco They recorded declines in their foreign sales of 7,5% and 0,6%, respectively.
“The improvement in the trade deficit is welcome, but it is largely due to a contraction in import demand, not a real boost to our exports. We still need more companies exporting more products to more markets.”he pointed out Bonet.
Europe remains the top destination as trade with the US and China declines
The export geography of España shows few changes. Europa It continues to absorb 75,5% of sales, with a slight increase of 2,4%. Unión Europea It represents 63% of the total, with a growth of 2,2%. This high dependence on mature and low-growth markets underscores the strategic need to diversify destinations.
The business relationship with Estados Unidos, under the presidency of Donald TrumpThe situation continued to deteriorate. Spanish exports to this market fell by 6,4%, while imports decreased by 19%. “The reduction of the deficit with Estados Unidos This is not good news in itself if it is accompanied by a drop in our exports. That we sell less to EE. UU. "Tariff uncertainty is a problem we cannot ignore."the president of Club de Exportadores.
Respecto a ChinaExports fell by 3,6%, while imports grew by 3,5%. The bilateral deficit with the Asian giant remains one of the main structural imbalances, reaching €10.590 billion in the quarter.
The number of regular exporters is growing, but the base remains small.
One positive fact is the 2,9% increase in the number of regular exporterswhich reached 46.469 in the first quarter. However, this base remains very small for the size of the Spanish economy. Antonio Bonet clarifies the data: “It is worrying that the number of regular exporters remains almost stagnant. It is worth remembering that 66% of our country's exports are concentrated in just 1.000 companies. Expanding the export base is a necessary condition.”.
Key points and frequently asked questions about Spanish foreign trade in 2026
Why is the stagnation of exports worrying if the deficit is improving?
Because the improvement in the deficit stems not from increased competitiveness or exports, but from a drop in imports (especially energy imports). Stagnant exports in real terms (adjusted for inflation) indicate a loss of dynamism in the external sector, a key driver of the Spanish economy. If energy import prices rise again, the deficit could worsen rapidly without solid export growth to offset it.
What impact does dependence on the European market have on Spanish companies?
Concentrate 75,5% of exports in Europa This exposes companies to the region's economic cycles, which are currently characterized by low growth. This dependence limits expansion opportunities in more dynamic emerging markets and increases risk in the event of any crisis or slowdown. Unión EuropeaGeographic diversification is a key strategy to mitigate this risk and ensure long-term sustainable growth.
What are the main risks to Spanish foreign trade in the coming quarters?
The main risks identified are three: rising energy costs due to geopolitical conflicts such as the war in Irá; The tariff uncertainty in key markets such as Estados Unidoswhich is already affecting exports; and the persistence of economic stagnation in the eurozone, which could continue to weigh down demand for Spanish products.
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