El Ministerio de Economía, Comercio y Empresa It was confirmed that Spain's trade deficit fell by 24% during January and February 2026, reaching €7.306 billion. This technical improvement is mainly due to the 34% contraction in the overall energy deficit.
Analysis of the trade balance and reduction of the energy deficit
In the first two months of 2026, Spain's trade balance showed a notable improvement. According to declared trade data from Aduanas, processed by the Secretaría de Estado de ComercioThe deficit narrowed significantly compared to the same period of the previous year. The determining factor has been the energy bill, whose deficit fell to 4.116 millones de euros.
Spanish exports of goods They demonstrated their strength by achieving the 60.647 millones de euros in the two-month period. On the other hand, imports totaled 67.952 million euros, representing a year-on-year decrease of 4,8%. This dynamic has allowed the coverage rate rises to 89,2%, gaining 2,7 percentage points compared to the previous year.
| Trade Indicator (Jan-Feb 2026) | Value (Millions €) | Year-on-year variation |
|---|---|---|
| Total exports | 60.647 | Stable resilience |
| Total imports | 67.952 | -4,8% |
| Total Trade Deficit | 7.306 | -24,0% |
| Energy Deficit | 4.116 | -34,0% |
| Coverage Rate | 89,2 % | +2,7 pp |
Export drivers and business base
The growth in exports was driven by strategic sectors that maintain an upward trend despite the complex international environment:
- Capital goods: With sales of 12.122,5 million euros, this sector grew by 5,3%, driven by electrical appliances and transport.
- Raw Materials: They registered an increase of 13%, reaching 1.816,6 million euros thanks to the dynamism of minerals.
- Food, drinks and tobacco: They contributed to a sector surplus of 1.947 billion euros in February.
A key factor for competitiveness is the consolidation of the regular exportersUp to February, the following were counted 36.117 exportadores These companies operate on a recurring basis (more than €1.000 in the current year and in the three previous years). They represent more than 99% of the total value exported, amounting to €58.641 million, which guarantees the structural stability of the foreign trade sector.
Geographical context and international comparison
Spain maintains a strong trade surplus with the Unión Europeareaching €4.021 billion in the first two months. At the EU level, the largest positive balances were recorded with Portugal (2.886 million), Francia (2.816 billion) and outside the Unión Europea, with the Reino Unido (2.467 million).
During February 2026, Spanish exports showed more stable performance than those of its main trading partners. While sales of the Euro zone fell by 3,4% and those of the Unión Europea-27 2,7%, while Spain's only fell by 0,8%. In contrast, countries like Estados Unidos (+16,4%) and China (+36,1%) showed strong growth, while the Reino Unido It suffered a 21,5% drop.
| Main Surpluses by Country (Jan-Feb) | Millions of Euros |
|---|---|
| Portugal | 2.886 |
| Francia | 2.816 |
| Reino Unido | 2.467 |
Records in non-EU markets
Market diversification continues to advance. In February, the following was achieved: all-time highs of exports for that month to highly relevant destinations such as Canadá, Indonesia y UcraniaLikewise, within the European Union, record figures were recorded in Italia, Polonia y República Checa.
Key points and frequently asked questions about foreign trade in 2026
What is the main reason for the reduction in the trade deficit?
This is essentially due to the 34% drop in the energy deficit and a 26% decrease in energy product imports, which has eased the trade balance compared to the previous year.
Which sectors are leading export growth?
The best performing sectors are capital goods, with a 5,3% increase driven by transport, and raw materials, which have grown by 13% due to demand for minerals.
What is the situation of regular exporters in Spain?
The export base is solid, with 36.117 regular exporters who account for more than 99% of total sales abroad, reflecting a continuity and professionalization of the Spanish business fabric in international markets.
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