In January 2026, exports and imports of goods recorded nominal year-on-year changes of -14.1% and -2.5%, respectively (-0.2% and -2.4%, in the same order, in December 2025). When transactions without transfer of ownership (TTE) are excluded, both flows showed a milder contraction (-5.1% in exports and -0.7% in imports; -0.3% and -3.8%, respectively, in December 2025). The trade deficit in goods reached EUR 2,510 million, worsening by EUR 778 million compared to January 2025. Excluding TTE, the trade deficit went up by EUR 257 million to EUR 2,372 million.

In January 2026, unit value indices (prices) remained negative for both exports (-3.0%) and imports (-4.1%). These changes compare with -2.6% in both flows in December 2025 and with -0.4% in exports and -0.8% in in imports in January 2025.

This press release includes an update of the analysis of international trade flows in goods with the United States in 2025, based on the most recent data collected.