Spain’s trade deficit fell from -€4.1 billion in December to -€6.2 billion in January.

• Exports edged up 0.1% MoM but were down -1.2% YoY, and imports jumped 6.2% MoM and 6.2% YoY.
• January 2025 is the largest January deficit since 2022, and the largest deficit for any month since October 2022.