Spanish merchandise exports grew by 5.1% year-on-year in March 2026, reaching the remarkable figure of 35.859 billion euros, which represents the second highest historical figure for a month of March.
This growth has been accompanied by a reduction in the trade balance, which decreased by 4.371.9 million euros compared to March 2025. This decline is attributed to the decrease in the non-energy deficit, which fell by 1.066 million euros, as well as a slight reduction in the energy deficit.
In the first quarter of 2026, the trade deficit decreased by 11.677 million euros compared to the same period of the previous year, mainly thanks to the drop in the energy deficit. Non-energy exports increased to 91.166 million euros, representing a 1.2% increase. Meanwhile, imports stood at 108.183 million euros, with a decrease of 2.5%, which has strengthened the coverage rate and improved Spain’s external position.
Regarding the most prominent sectors, raw materials led the increase in exports with a growth of 18.8%, followed by capital goods and the automotive sector. On the other hand, imports of automobiles grew by 11.1%, while the most significant declines were recorded in energy and chemical products. This scenario indicates a strengthening of trade relations, both within the European Union and with non-EU markets, where record figures have been reached in destinations such as the United Kingdom, Turkey, and Mexico.
