Spain Commodity Terms of Trade stands at -1.43% as of May 2026, down from 0.52% a year earlier. The reading sits in the 6th percentile of its history back to 1981.
| Latest (May 2026) | -1.43% |
| One year ago | 0.52% |
| 10-year range | -3.41% – 3.25% |
| Percentile vs. full history | 6th |
| History | 1981–2026 (545 observations) |
Year-over-year change in Spain's commodity terms of trade: the IMF's commodity net-export price index, which weights world commodity-price moves by what Spain actually exports and imports, scaled by the size of its economy. A rising line is an income windfall - the things Spain sells are getting more valuable relative to the things it buys. For commodity exporters this series can swing the whole macro picture; for importers it works in reverse, and for economies with little commodity trade it stays quiet by construction. It feeds the commodities pillar of the tailwinds score.
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<a href="https://www.tacticalassetallocation.com/charts/spain-commodity-terms-of-trade/">Spain Commodity Terms of Trade — Cambria Chart Lab</a>
Data: download CSV (source: IMF Commodity Terms of Trade (CTOT) database).