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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SpainSpain Balance of Trade fell to -8.24B in May 2026
FMPMonthlyReleased July 2026
Spain Balance of Trade fell to -8.24B in May 2026, released July 2026, down 3.04B from April's -5.2B reading. The reading missed the -4.7B consensus by 3.54B. Balance of Trade has now declined for 4 consecutive months. Over the past 3 months, Balance of Trade averaged -4.8B, vs -4.29B in the prior 3-month window. Balance of Trade is now the lowest in 31 months.
Latest Release
-8.24
Actual
-4.7
Consensus
-5.2
Previous
Median Absolute Error
±1.52 billion
across last 12 releases
Last Call
Jul 2026
Predicted: -5.08
Actual: -8.24
Error: +3.17
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| BTC/USD | ▲ Direct | +0.32 | CRYPTO | Moves with | → View |
| GBP/USD | ▲ Direct | +0.27 | FOREX | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Balance of Trade (Spain) was reported at -8.24 billion in July 2026. This missed the market consensus of -4.70 billion by 3.54 billion. The reading fell from the previous value of -5.20 billion. Trailing 12-month context per ETL data through July 2026. Over the past 12 months, the indicator has averaged -5.22 billion, ranging from -8.24 billion to -3.59 billion across 11 releases. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged -5.95 billion, down from the prior three at -5.08 billion. Volatility over the past year (σ 1.25 billion) is lower than the prior year (σ 1.39 billion). In July readings over the past 3 years, Balance of Trade has averaged -4.36 billion.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with BTC/USD (Bullish BTC). Over the last 12 releases, the Sigmacast model's median absolute error is 1.52 billion.
WHAT TO WATCH NEXT
The next release is scheduled for August 18, 2026. Same-country events in the next 14 days include S&P Global Manufacturing PMI (Aug 3) and Employment Change (Aug 4).
Auto-generated from current model state · Refreshes on each release · Last update July 2026.
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Balance of Trade - ES
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About Balance of Trade — Spain
DEFINITION
The Balance of Trade is a financial indicator that measures the difference between a country's exports and imports of goods and services. It is an important measure of a country's economic health and can indicate whether a country is running a trade surplus or deficit. A positive balance of trade indicates that a country is exporting more than it is importing, while a negative balance of trade suggests the opposite. This indicator is closely monitored by economists and policymakers as it can impact a country's currency value, inflation, and overall economic growth.
WHY THIS INDICATOR MATTERS
Trade-balance and tariff data inform exchange-rate fundamentals and feed directly into GDP via the net-exports channel. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (May 2026): actual -8.24 M, consensus -4.7 M. Prior reading (Apr 2026): -5.2 M. Before that (Mar 2026): -4.4 M.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a lower reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection.
Σ
EXPECTED ZONE
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Economic Calendar - ES Events
| Thursday, July 30, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 07:00 | ES | CPI MoM | 0.2 | 0.6 | 0.2 | 0.20 | Low |
| 07:00 | ES | HICP YoY | 3.8 | 3.6 | 3.7 | 3.75 | Medium |
| 07:00 | ES | CPI YoY | 3.5 | 3.2 | 3.2 | 3.35 | Medium |
| 07:00 | ES | HICP MoM | -0.1 | 0.6 | -0.2 | -0.15 | Low |
| 07:00 | ES | Core Inflation Rate YoY | 3 | 2.9 | 2.9 | 2.95 | Low |
| 07:00 | ES | Gross Domestic Product YoY | 2.7 | 2.7 | 2.5 | 2.60 | Low |
| 07:00 | ES | Inflation Rate YoY | 3.5 | 3.2 | 3.4 | 3.45 | Medium |
| 07:00 | ES | GDP Growth Rate QoQ | 0.7 | 0.6 | 0.6 | 0.65 | High |
| 07:00 | ES | Harmonised Inflation Rate MoM | -0.1 | 0.6 | -0.2 | -0.15 | Low |
| 07:00 | ES | Harmonised Inflation Rate YoY | 3.8 | 3.6 | 3.7 | 3.75 | Low |
| 07:00 | ES | GDP Growth Rate YoY | 2.7 | 2.7 | 2.5 | 2.60 | High |
| 07:00 | ES | Gross Domestic Product QoQ | 0.7 | 0.6 | 0.6 | 0.65 | Medium |
| 07:00 | ES | Inflation Rate MoM | 0.2 | 0.6 | 0.2 | 0.20 | Medium |
| 11:00 | ES | Business Confidence | -2.6 | -2.4 | -2.7 | -2.65 | Medium |
| Friday, July 31, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 08:00 | ES | Current Account | 1.84 | 1.88 | 4.5 | 3.17 | Low |