Despite the complexities of the international context, the Spanish external sector has shown notable resilience during the month of May. Merchandise exports reached 34.694 billion euros, representing a growth of 3.3% in seasonally adjusted terms.
However, in year-on-year comparison, a slight decrease of 0.9% was recorded due to a base effect related to an exceptional operation in May 2025. Without this operation, the year-on-year growth would have been 3.1%.
In the accumulated total of the last twelve months, exports exceeded 389.296 billion euros, representing a year-on-year increase of 0.9%. Meanwhile, imports reached 42.939 billion euros, with an increase of 14.4%. This increase is partly attributed to the rising costs of energy imports, which doubled compared to May 2025, leading to a deterioration of the trade deficit, which widened by 5.702 billion euros.
Trade with the European Union remains favorable, with a surplus of 2.075 billion euros in May, which has been maintained since January 2017. Surpluses with countries such as Portugal, France, and the United Kingdom. are noteworthy. Additionally, there is an increase in trade with the United States, where exports grew by 2.5% and imports by 19.9%. The initial results of the interim EU-Mercosur agreement are also positive, reflecting growth in exports to this region.
