Andorra Imports Drop 6.4% in Early 2026 on Energy Slump

Andorra's imports fell 6.4% in January-February 2026 to €295.61 million compared with the prior year, driven by a 51.3% drop in energy products in February alone, when total imports stood at €149.99 million, down 5.2%. Electronics imports declined 19.6%, transport equipment 9.2%, and beverages and tobacco 13.7% that month. Jewellery imports provided an offset, surging 222.4% in February and 119.1% over the two months. Excluding energy, February imports held steady year-on-year.

Fuel imports totalled 30.38 million litres over the period, down 5.2%, with February at 13.81 million litres, a 6.6% decrease. Locomotive diesel fell 24% month-on-month, unleaded petrol 15.7%, though domestic fuel rose 20.4%. Over 12 months, fuel imports dipped 0.5% to 162.33 million litres.

February pump prices rose modestly from January: locomotive diesel to €1.228 per litre (+4.3%), improved diesel €1.259 (+4.1%), unleaded 95 octane €1.280 (+1.4%), and 98 octane €1.341 (+1.3%). Heating diesel increased 2.9-3.3%. Year-on-year, however, prices remained lower, with 95 octane down 8.7-9.0% and locomotive diesel 7.0-8.3%.

By early March, amid escalating Middle East conflict—including the Strait of Hormuz closure since last week, attacks on Tehran refineries, and Persian Gulf supply fears—Brent crude surged over 50% in a week, peaking above $118 before moderating to around $108. Pump prices climbed further, with 95 octane at €1.344-1.394 (5-9% above February averages) and 98 octane €1.404-1.454. The average rise since the conflict's start stood at about nine cents per litre, milder than 20-30 cents in Spain and France.

David Porqueres, president of the Andorran Fuel Importers and Distributors Association (Asidca), attributed Andorra's restraint to stable supplier contracts, unlike low-cost stations chasing daily lows. "Andorra remains much cheaper than Spain—whether low-cost or traditional—and France," he said, with differentials at 25-30 cents versus Spain and 55 cents under French hypermarkets for 95 octane. He cautioned against panic buying by communities stocking heating fuel prematurely, noting ample global supply despite speculative swings and no shortages foreseen. Prices could fall sharply if the conflict ends, Porqueres added.

Exports rose 10.7% in February to €17.69 million, led by jewellery's 704.1% jump, though miscellaneous goods dropped 66.2%. January-February exports totalled €30.77 million, up 6.4%, with jewellery +232.8% and electronics +23.4%. Over 12 months, imports hit €1,977.05 million (+6.6%, or +8% excluding energy), exports €199.06 million (+2.5%). Seasonally adjusted, February imports were flat, exports up 0.6% over five months.