FX.co ★ Spain Trade Gap Rises in May

Spain’s trade deficit widened to €8.245 billion in May 2026, an increase of €5.702 billion compared with the same month in 2025. The deterioration was driven primarily by a sharp rise in energy imports. Total imports expanded by 14.4% to €42.939 billion, while exports edged down by 0.9% to €34.694 billion. The cost of imported oil nearly doubled after the closure of the Strait of Hormuz disrupted global crude oil shipments.

In the first five months of 2026, the trade deficit reached €25.094 billion, up 16.6% year-on-year. Although exports grew by 1.3%, imports increased at a faster pace, rising 3.1%, largely due to higher energy prices. Despite the overall deficit, Spain recorded robust trade surpluses in sectors such as food, beverages, and tobacco. The country also continued to post a growing trade surplus with the European Union, particularly with France, Portugal, and the United Kingdom, which remained key export destinations.