A stacked bar chart showing the trend in the energy trade balance between Spain and Morocco, measured in millions of euros, between 1995 and 2025, broken down into coal, oil and oil products, gas and electricity. The balance rises particularly sharply from 2010 onwards, driven mainly by oil and its derivatives, and reaches its peak in 2022 and 2023, before falling in 2024 and 2025.

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Chart: Gonzalo Escribano, Yeray Bedate - Elcano Royal InstituteSource: compiled by the authors based on DataComex (2026). Products – Economic Sectors.Get the data