Trade data show mixed signals: ECO reports exports contracted 1.7% year‑on‑year in November, hit by fuels, with imports down 7.9% that month; RTP presents a cumulative view, saying exports were up 0.6% and imports up 4.3% through November 2025. The discrepancy reflects month‑on‑month weakness in fuels while year‑to‑date totals remain modestly positive; both sources use INE data but focus on different timeframes. The figures affect expectations for industrial demand and the trade balance heading into 2026.