Spain’s trade deficit improved for the second month in a row, up from -€3.88 billion in April to -€2.54 billion in May, the lowest trade deficit since June 2024.

• Exports increased 7.7% MoM and 0.8% YoY, partially offset by imports up 3.2% MoM and 1.3% YoY.
• In the first five months in 2025, exports are up 0.8% YoY, and imports are up 4.3% YoY.
• The energy trade in May was down significantly due to lower prices: exports dropped -32.7% YoY, imports dropped -29.8% YoY.
• Non-energy exports increased 3.5% YoY, offset by a 6.8% YoY rise in imports.