Spain’s trade deficit dropped to -€5.48 billion in March from -€3.42 billion in February, the largest March deficit in over a decade.

• Export jumped 6.7% MoM and 8.5% YoY, but that was more than offset by imports up 11.9% MoM and 18.3% YoY.
• In Q1 2025, exports fell -1.8% QoQ while imports were basically flat. Non-energy imports increased 10.0% YoY and energy imports were up 5.3% YoY.
• Primary materials imports surged 45.7% YoY, and chemical products imports jumped 26.6% YoY.