Spain recorded a trade deficit of €4 billion in January 2026, the smallest since July last year, down from €6.2 billion in the same month a year ago, as imports fell more than exports. Imports slipped 8.4% to a five-month low of €32.9 billion, largely driven by a 33.2% drop in energy purchases. Declines were also seen for chemical products (-9.4%); consumer goods (-10.3%); non-chemical semi-manufactured goods (-8.8%); raw materials (-15.3%) and food, beverages & tobacco (-8.8%). On the other hand, auto imports surged by 10.6%. Meanwhile, exports fell 2.9% to a five-month low of €28.9 billion, mainly on account of chemical products (-10.3%); food, beverages & tobacco (-7.3%) and non-chemical semi-manufactured goods (-6.8%).