Briefing
The official trade data, published by 22 September 2026 through the Ministry of Economy, Trade and Enterprise, paint a mixed picture: in July 2026, Spain achieved a new monthly record in goods exports of €35.554 billion , while imports grew faster, reaching €40.678 billion. This resulted in a negative balance of €5.224 billion —the largest monthly trade deficit since July 2022.
Year on year, exports rose by 3.0 per cent in July, while imports increased by 6.0 per cent. For the cumulative period from January to July 2026, exports reached €236.587 billion and imports €274.592 billion, bringing the cumulative trade deficit to €38.005 billion, an increase of around 30 per cent on the previous year, as further reports by the EFE news agency note.
The sectoral analysis points to pressures in the automotive industry, parts of the chemical industry and certain capital goods, which dampened export growth. By contrast, energy exports made a significant contribution to the overall increase: according to government figures, they rose by around 61 per cent year on year in July. Regional bilateral balances also changed: the deficit with China widened, while the balance with the US improved.
Economically, imports continuing to grow faster than exports and a rising cumulative deficit mean greater dependence on overseas financing and greater vulnerability to price and supply-chain risks. The official figures come from the responsible government body’s monthly trade statistics; further assessments depend on global energy prices, worldwide demand for capital goods and potential trade disruptions.
This version corrects the previous introduction: it explicitly refers to the current publication date (22 September 2026), gives the official figures precisely and strictly distinguishes documented facts from interpretation.
Editor: Daniel Mayer (Article created with AI assistance).