Spanish exports of goods totalled 34.694 billion euros in May, up 3.3% on a seasonally adjusted basis

Spain's foreign trade sector continued to show resilience in May despite the challenging international climate. Spanish exports of goods in November reached 34.694 billion euros. Although they recorded a slight year-on-year decline of 0.9%, on a seasonally and calendar-adjusted basis, Spanish exports grew 3.3%, according to customs trade data included in the Monthly Foreign Trade Report of the Ministry of Economy, Trade and Enterprise, compiled by the State Secretariat for Trade.

Furthermore, the export figures for May 2026 were affected by the base effect resulting from a one-off transaction in May 2025 involving pharmaceutical inputs exported to the Netherlands worth over 1.3 billion euros. Excluding that transaction, exports would have risen 3.1% year-on-year.

Spanish exports over the last twelve months exceeded 389.296 billion euros, representing a year-on-year increase of 0.9%, two tenths of a percentage point more than at the end of 2025, which reinforces the view that Spain's foreign trade sector remains strong despite a highly complex environment.

Imports reached 42.939 billion euros with a rise of 14.4%. In seasonally adjusted and calendar adjusted terms, imports grew 19% year-on-year. Of particular note is the strong growth in imports of capital goods and motor vehicles, as well as the impact of rising energy import costs due to the closure of the Strait of Hormuz. Oil imports cost almost twice as much as in May 2025.

This rise in prices has contributed to the worsening of the trade deficit, which widened by 5.702 billion euros in May compared with the same month last year. Meanwhile, the coverage ratio (ratio of exports to imports as a percentage) stood at 80.8%, which is 12.4 percentage points less than the same month of the previous year.

In May, Spain continued to record a trade surplus with the European Union, which stood at 2,075 million euros and has continued uninterrupted since January 2017, reflecting the sustainable strength of trade with the EU market.

The destination markets where the largest surpluses were achieved in May were Portugal (1.777 billion euros), France (1.647 billion euros), and the United Kingdom (567 million euros).

Outside the European markets, the increase in trade with the United States is particularly noteworthy. Spanish exports to the United States rose 2.5%, continuing this trend for the third consecutive month. On a seasonally adjusted basis, non-energy exports rose by 6.5 per cent, with semi-manufactured goods leading the way. Imports from this country also rose 19.9% in May. Meanwhile, exports to China rose 15.3% compared with the same month last year.

It is worth noting that May was the first month of the provisional application of the EU-Mercosur interim agreement, and trade with the region has shown a positive trend: Spanish exports to the Mercosur countries (Argentina, Brazil, Paraguay and Uruguay) rose by 4.2 per cent year-on-year, whilst imports from this region grew by 1.8 per cent.

Sectors and destination markets

In May, the sectors with the largest positive contributions to the annual rate of change of exports (4.1 percentage points) were: energy products (0.8 percentage points), other goods (0.5 points) and capital goods (0.1 points).

The most notable surpluses were in food, beverages and tobacco (almost 1.538 billion euros), non-chemical semi-manufactures (478 million euros), and other goods (452 million euros). The automotive and chemicals sectors, which had recorded a surplus in May 2025, posted a deficit.

By destination market, exports to the EU27 accounted for 62.4% of the total. Record figures for the month were achieved in 11 EU destinations, including: Portugal, Italy, Poland and Czechia.

Exports to non-EU destinations accounted for 37.6% of the total, rising by 1.2% compared to the same month of the previous year. Record highs were achieved for the month in key markets for Spain such as Canada, Ukraine, Andorra and Libya. 

Foreign trade data January to May 2026

In the year to May 2026, Spanish exports of goods totalled 165.588 billion euros, the second-highest figure for the period, representing year-on-year growth of 1.3% over the period. Meanwhile, imports totalled 190.682 billion euros, representing an increase of 3.1%.

The trade deficit rose 3.570 billion euros in the first five months of the year, reaching 25.094 billion euros, due both to the growth in the non-energy deficit, which rose 3.018 billion euros, and to the energy deficit, which grew 552 million euros. The coverage rate stood at 86.8%.

The sectors with the largest surpluses were: food, beverages and tobacco (8.386 billion euros), non-chemical semi-manufactures (2.599 billion euros) and other goods (2.492 billion euros).

The trade surplus with the European Union reached 11.190 billion euros in the period. The countries with which the Spanish economy recorded the largest surpluses were: France (7.931 billion euros), Portugal (7.825 billion euros) and the United Kingdom (5.681 billion euros).

Also noteworthy is the strong growth in exports to less traditional markets such as Africa (+5.5 per cent), Canada (+16.5 per cent), Vietnam (21.7 per cent) and Australia (+65.8 per cent). By contrast, exports to the Middle East, which were very buoyant in 2025, are now in decline.

The number of regular exporters - those that have exported more than 1,000 euros in the reference year and in each of the three immediately preceding years - rose 0.6% in the year to May 2026 to 42,605 exporters. These exports were worth 159.503 billion euros, 96.3% of the total and 1.1% more than in the same period of the previous year.

Non official translation