# Spain trade balance developments > Live situation record from CLSTR: https://clstr.news/situations/spain-trade-balance-developments > Updated: 2026-07-29T15:39:52.000Z. Sources: 28. Developments: 3. In July 2026 Spain’s trade balance widened to a €25.1 billion deficit as imports rose 3.1 % while exports grew only 1.3 %, pulling the coverage rate down to 86.8 %, its lowest since 2022. The shortfall was driven by an 8.7 % jump in energy imports after the Strait of Hormuz crisis, which nearly doubled oil prices, and by stronger non‑energy imports from China, the United Kingdom, Germany and Japan. Data a day later showed export volumes continuing to increase, with May 2026 exports up 3.3 % seasonally‑adjusted to €34.694 billion, while imports surged 14.4 % to €42.939 billion. Exports to the EU remained robust (€21.659 billion), and sales to the United States rose for a third consecutive month (+2.5 % YoY). Exports to China grew 15.3 % YoY, and the new EU‑Mercosur agreement added modest gains, with exports to Mercosur countries up 4.2 % and imports from the region up 1.8 %. Sector‑level analysis still highlighted food, beverages and tobacco, and non‑chemical semi‑manufactures as the leading surplus‑generating categories. A sector‑specific note showed Spain’s pepper export value climbing 10 % to €1.057 billion in H1 2026 despite unchanged volumes, reflecting higher unit prices amid rising fertilizer, fuel and labor costs and tighter European market conditions. Pepper shipments of about 415,000 tonnes in Jan‑May 2026 were flat year‑on‑year, yet export value rose 10 % to €1.057 billion on higher prices. In Almería output fell 4 % and greenhouse veg prices rose 12 %, while fertilizer, fuel and labour costs jumped 27 %, 50 % and 3.1 % respectively. Pepper stays Spain’s top vegetable export by revenue and second by volume after lettuce, and the HARMONY project aims to develop biopesticides through 2028. ## Claims - Spain exported 415,000 tonnes of peppers between January and May 2026, similar to the same period in 2025. (corroborated by 2 sources) - Export value reached €1.057 billion, a 10 % increase over 2025. (corroborated by 2 sources) - Higher unit prices, not volume changes, drove the increase in export value. (corroborated by 2 sources) - Pepper quantity in the Almería region fell 4 % in the 2025/26 season. (corroborated by 2 sources) - Average price of greenhouse vegetables, including peppers, rose 12 % compared with the previous season. (corroborated by 2 sources) - Fertilizer prices increased 27 %, fuel prices 50 % and labour costs 3.1 %. (corroborated by 2 sources) - Pepper is Spain’s second‑largest vegetable export by volume and the top by revenue. (corroborated by 2 sources) - The HARMONY project in Almería runs until 2028 to develop biopesticides and biological plant‑protection systems. (corroborated by 2 sources) ## Timeline ### 2026-07-29: Spain's pepper export value rises 10% in first half of 2026 Spain’s pepper export value hit €1.057 bn in early 2026, a 10 % rise despite stable volumes, as higher unit prices and rising input costs drive revenue growth. 3 sources. https://clstr.news/cluster/spains-pepper-export-value-rises-10-in-h1-2026-despite-stable-volumes ### 2026-07-20: Spain's exports climb 3.3% in May 2026, value‑added rises 3.5% in 2024 Spain’s exports grew 3.3% to €34.7 bn in May 2026, while 2024 export value‑added rose 3.5% to €342.3 bn, underscoring strong trade ties with the EU, US, China and Mercosur. 3 sources. https://clstr.news/cluster/spains-exports-climb-33-in-may-2026-valueadded-rises-35-in-2024 ### 2026-07-19: Spain's Trade Deficit Swells 16.6% in Early 2026 Amid Energy Price Surge Spain’s trade deficit hit €25.1 bn in early 2026, up 16.6 % as energy imports surged 8.7 % following the Iran‑related oil price spike. 22 sources. https://clstr.news/cluster/spains-sports-tourism-surge-boosts-travel-agencies-and-metro-service-for-world-cup-final --- Cite as: Spain trade balance developments. CLSTR, https://clstr.news/situations/spain-trade-balance-developments