Spain’s trade deficit dropped from -€3.59 billion in June to -€4.01 billion in July as imports grew faster than exports.

• Exports increased 1.9% MoM and were up 3.5% YoY to €34.4 billion, and imports increased 2.9% MoM and 5.3% YoY to €38.4 billion.
• The YTD deficit of -€29.12 billion is the largest since the same period in 2022, as export growth of 1.4% has trailed import growth of 5.4%.
• The non-energy deficit was a narrower -€1.39 billion in July as it excludes a sharp -21.3% YoY drop in energy exports.