energetic fracture
Spain is steadily repairing its trade balance after absorbing the blows from the energy crisis and the migration of millionaires who left the country. Exports reached record highs while imports continued to adjust. The trade deficit narrowed to 16.42 billion euros in the first half, a drop of almost half from 31.963 billion in the same period last year. The improvement comes as exports rose sharply and the overall current account shows signs of stabilization.
In the first six months of the year, exports grew by 4.7 percent, reaching 199.951 billion euros, the highest level for the period on record. The latest foreign trade report from the Ministry of Industry, Trade and Tourism notes imports declined by 2.9 percent through June, totaling 216.371 billion euros. This combination helped ease pressure on the current account and supported overall economic resilience.
June continued the pattern of export strength, with goods exports marking a fresh monthly peak even as imports fell. Exports decreased by 2.8 percent in June to 33.9825 billion euros, and imports dropped 9.9 percent to 36.3377 billion euros. Despite these shifts, the month showed a trade deficit of 2.355 billion euros, a notable improvement from 5.3936 billion euros in the same month a year earlier.
energetic fracture
Last year the energy crisis created a substantial hole in Spain’s economy as oil and gas prices rose amid geopolitical tensions. By the first half of this year, the commercial impact of energy fluctuations had significantly moderated, signaling a steadier path forward.
From January to June, the energy sector’s trade flow amounted to 16.704 billion euros, marking a substantial 35 percent reduction from the 25.893 billion euros reached in the first half of 2022. This improvement reflects a broad shift across sectors, with many reporting surpluses while the deficits seen last year diminished notably. In aggregate, several other industries posted a positive balance around 285 million euros, contrasting with the more than 6 billion euros in deficits recorded previously. This pattern suggests that Spain is diversifying its export base and stabilizing its energy-related trade dynamics.
Overall, the data indicate a recalibration of Spain’s external accounts after a challenging energy period, with stronger exports, moderating imports, and a narrowing trade deficit that supports the current account. These trends align with ongoing structural reforms and the country’s broader economic reorientation toward energy efficiency and higher-value manufacturing.