The energy squeeze is widening Spain’s trade gap, dimming the country’s economic balance. Surging prices for oil and natural gas this year are widening the gap between Spain’s purchases and sales of energy products. If price trends hold, the energy deficit could reach a level well beyond last year’s figures, with February’s price surge acting as a major driver.
Imports of crude oil, natural gas, and energy commodities have surged since the weeks leading up to the crisis in Ukraine, elevating totals across oil, gas, coal, and electricity. Between January and February, energy imports jumped by about 125.8% to 11.804 billion euros, while exports also rose strongly, though from a smaller base, by roughly 127.7% to 4.819 billion euros. This mismatch helps explain the substantial energy deficit in the period.
According to the latest report from the Ministry of Industry, Trade and Tourism on foreign trade, Spain spent 7.608 billion euros on oil and derivatives in the first two months, up 87.6% year over year; gas imports surpassed 3.260 billion euros, up around 270%; coal and electricity increased 221% to 935 million euros.
Exports also grew, yet at much lower absolute volumes. Shipments of petroleum derivatives to other countries reached 3.638 billion euros, up 92%; natural gas exports rose to about 213 million euros, more than sixfold; coal and especially electricity rose significantly, reaching 967 million euros.
Historical export record
Spain has long depended on energy imports, and the current price crisis highlights a vulnerability in its trade balance. In the first two months of the year, exports set a new record at 56.521 billion euros, up 28% from a year earlier. Yet import costs rose even faster, up 43.5% to 67.295 billion euros. The resulting trade deficit stood at 10.774 billion euros in two months, nearly four times the deficit seen in the same period last year.
Officials noted that exports and imports continued to grow in February, with trade in Spain expanding at a pace that outstrips several neighboring economies. Trade data also showed a notable regional performance, where exports contributed more than imports to the growth in certain sectors. The spread of growth across major economies remained uneven, underscoring the energy market’s role in shaping Spain’s external accounts.
During January and February, the strongest export contributions came from the chemical products sector, energy goods, non-chemical semi-finished products, and food, beverages and tobacco. On the import side, energy products, chemical products, capital goods, and non-chemical semi-finished products were the leading contributors to the rise in inbound shipments. These patterns reflect both Spain’s industrial structure and the global energy price environment that continues to influence trade dynamics.
Analysts emphasize that maintaining energy security and diversifying energy sources will be key to stabilizing the trade balance. Policy discussions focus on strategic reserves, diversification of suppliers, and advancing energy efficiency across industries to mitigate the impact of price volatility on Spain’s balance of payments.