Spain’s exports continued to grow strongly in March 2026, reaching €35.8 billion and marking the country’s second-highest March figure on record, according to new figures released by the Ministry of Economy, Trade and Business.
The latest trade report shows Spanish exports increased by 5.1% compared with March 2025, while the country’s trade deficit improved significantly thanks to stronger non-energy exports and lower energy costs.
Trade deficit drops sharply
During the first three months of 2026, Spain reduced its trade deficit by €11.6 billion compared with the same period last year. Much of this improvement came from a major reduction in the country’s energy deficit, which fell by more than €7.3 billion.
Non-energy exports also continued to perform well, reaching more than €91.1 billion between January and March.
Overall exports for the first quarter of 2026 exceeded €96.5 billion, making it the second-best start to a year ever recorded for Spanish trade. Imports, meanwhile, fell by 2.5% to €108.1 billion.
Spain’s exports: Strongest markets
The United Kingdom continued to rank among Spain’s most important export destinations.
Between January and March, Spain recorded one of its largest trade surpluses with the UK at €3.8 billion, behind only France and Portugal.
In March alone, exports to Britain reached record levels for the month, alongside other non-EU markets such as Turkey, Mexico and Australia.
Which sectors are growing?
Some of Spain’s strongest export growth came from:
- Raw materials, up 18.8%
- Capital goods, up 5.3%
- Automotive exports, up 2.7%
- Consumer manufactured goods, up 2%
The food, drink and tobacco sector remained Spain’s strongest trade surplus contributor, generating more than €5.4 billion.
Meanwhile, car imports rose by 11.1%, while imports linked to energy, chemicals and food products declined.
Exporters continue to grow
The number of regular Spanish exporters also increased slightly during the first quarter of the year.
More than 39,400 companies now qualify as regular exporters, accounting for almost all Spanish export activity.
Strong performance compared with Europe
Spain’s export growth during March broadly matched other major European economies.
Exports rose by:
- 6.9% in Germany
- 3.3% in France
- 15.7% in the United States
- 11.5% in Japan
Only China recorded a slight export decline during the same period.
The report suggests Spain’s international trade sector remains resilient despite ongoing global economic uncertainty and rising geopolitical tensions.
