According to the latest trade balance released this Thursday by the Ministry of Industry, Trade and Tourism, Spain’s goods exports rose by 16.2 percent, reaching 30,921 million in January, while imports increased by 5.3 percent to 34,876 million. This pattern shifted the landscape of the trade flow, helping the ratio of exports that can be met by imports rise by 8.4 points versus the previous year, standing at 88.7 percent.
The January trade balance shows a persistent deficit, with energy balance contributing a notable portion of the shortfall at 2,849.1 million and non-energy imports recording a deficit of 1,106.6 million, reflecting a 65 percent reduction in the non-energy deficit from the prior period.
Among the sectors fueling export growth, energy products led the way with overseas sales expanding by 41.2 percent, followed by chemicals at 20.8 percent. Other sectors contributing to the gains included capital goods, food, and automobiles, though to a lesser extent. Conversely, exports of raw materials and other goods contracted, decreasing by 4.6 percent and 3.3 percent respectively.
On the import side, purchases of capital goods rose by 20.7 percent, while imports of food, beverages and tobacco climbed 20.1 percent and energy products by 8.1 percent. Automobiles also saw a notable increase of 15.4 percent. In contrast, imports of non-chemical semi-finished products fell by 15.1 percent, chemical products by 13.7 percent, raw materials by 10.9 percent, and durable consumer goods by 3.1 percent.
Geographically, the bulk of Spanish exports continued to go to the European Union, accounting for about 65 percent of the total. Italy led with an 18.4 percent share, followed by Germany at 15 percent, France at 13.4 percent, and Portugal at 12 percent. The region as a whole showed a recovery of 18.8 percent, with double-digit gains across several member countries.
Beyond Europe, sales to other regions also increased. Exports to Oceania surged by 32.6 percent, to the Americas by 22.5 percent, to Asia by 10.6 percent, and to Africa by 0.7 percent. Among the main trading partners outside the EU, China rose by 16 percent, while the United Kingdom increased by 2.3 percent.
Imports from the European Union also grew, by 8.9 percent, with France recording a slight decline of 0.3 percent. Italy and Portugal acted as major drivers of the EU import growth, registering increases of 19.6 percent and 11.6 percent respectively. Imports from Oceania surged by 37.4 percent, Asia by 10.1 percent despite a fall of 8 percent in Saudi Arabia, Africa by 5.3 percent, and the Americas by 1.1 percent.
There were notable shifts in partner-country dynamics: Turkey’s imports rose by 22.6 percent, whereas the United Kingdom’s imports fell by 4.6 percent. Exports to Russia dropped sharply by 66 percent, while imports from Russia decreased by 1 percent.
Overall, the January data point to a diversified export mix with energy products and chemicals driving a sizable portion of the gains, offsetting deficits driven by energy imports and certain non-energy categories. The regional distribution underscores a strong EU orientation with meaningful growth from nearby markets, alongside expansions in other global regions that hint at evolving trade patterns for the year ahead.
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