Spain's trade gap shrank to €4.4 billion in March 2026 from €5.5 billion in the same month a year ago, reflecting improved export performance relative to imports. Exports advanced by 5.1% to €36 billion, boosted by shipments of raw materials (31.2%); manufactured consumer goods (8.3%); capital goods (5.2%); automotive products (5.4%) and food, beverages & tobacco (4.7%). Among key partners, exports increased to Italy (14.6%), Portugal (12.7%), Germany (10.2%), France (7.3%), the UK (8.3%), China (12.7%) and the US (3.4%). Meanwhile, imports rose 1.6% to €40.2 billion, as higher purchases of automotive products (8.4%), non-chemical semi-manufactures (6%), and consumer manufactures (5.7%) were offset by declines in raw materials (-12.2%) and chemical products (-7.4%). Imports rose mostly from Italy (9.2%), France (5.5%) and China (14.7%) but fell from Germany (-.5.8%) and the US (-16.6%). The country’s trade deficit fell to €11.7 billion in Q1 2026 from €15.1 billion a year ago.