Spain’s trade deficit widened to €8.245 billion in May 2026, which was €5.702 billion higher than in the same month of 2025.
This increase was mainly caused by a sharp rise in energy imports.
Total imports grew by 14.4% to €42.939 billion, while exports fell slightly by 0.9% to €34.694 billion.
The cost of imported oil almost doubled because the closure of the Strait of Hormuz disrupted global crude oil transport.
During the first five months of 2026, the country's trade deficit reached €25.094 billion, up 16.6% compared with the previous year.
Although exports increased by 1.3%, imports rose faster, by 3.1%, largely due to higher energy costs.
Despite the overall deficit, sectors such as food, beverages and tobacco recorded strong trade surpluses.
Spain also maintained a growing trade surplus with the European Union, especially with France, Portugal, and the United Kingdom, which remained key export markets.