Spain’s trade deficit improved to -€3.42 billion in February from -€6.19 billion in January, the largest February deficit since 2022.

• Export jumped 7.4% MoM and 0.4% YoY, and imports fell -1.6% MoM and were up 3.5% YoY.
• In February 2025 and the first two months of the year, imports were the highest for those respective periods on record.
• So far this year, non-energy imports increased 5.7% YoY and energy imports are down -0.3% YoY.