Press Release 08/09/2017
Exports from the Basque Country accounted for 33.5% of GDP in the second quarter of 2017, 1.4 points more than in the previous quarter
The trade surplus was 1,520 million euros, with a coverage rate of exports over imports of 132.8%
Exports from the Basque Country posted a nominal increase of 5.5% in the second quarter of 2017, according to EUSTAT data. They stood at 6,150 million euros and in this quarter they made up 33.5% of the total value of GDP of the Basque Country, 1.4 percentage points more than the previous quarter. Of the total of exported goods, non-energy products increased by 2.8%, whereas energy products rose by 37.1%.
Imports, for their part, experienced an increase of 12.9%, rising from 4,099 to 4,630 million euros. As in the case of exports, there is an important distinction between energy and non-energy products. In this second quarter imports of non-energy products rose by 6.5%, whereas imports of energy goods also grew at a rate of 37.1%.
The net balance was positive and showed a trade surplus of 1,520 million euros, with a coverage rate of exports over imports of 132.8%. If energy products are excluded, the non-energy trade balance registered a surplus of 2,076 million euros and the non-energy coverage rate stood at 160.2%.
Exports destined for the European Union were up 2.2%, compared to the same period of 2016, representing 64.0% of the total exported. Special mention should be made of the exports to the Netherlands (49.4%), Belgium (14.5%), the United Kingdom (12.3%), Germany (7.6%) and Portugal (1.8%); exports to Italy and France however, decreased by 6.3% and 5.8% respectively. Outside the EU28, it is worth mentioning the increases in exports to Turkey (37.5%), Mexico (26.8%) the United States (17.4%) and China (16.5%).
Imports originating from the European Union rose by 1.1%. Of particular note are the rises posted in imports from the Netherlands (12.3%) and Ireland (12.2%). Imports originating from France were also up (1.0%), but those from Germany were down by 2.3%, as were those from Italy (-1.7%) and the United Kingdom (-1.3%). From the rest of the world, rises in imports from Brazil (297.4%) and Mexico (28.1%) were significant. Chinese imports remained fairly stable (0.2%) but there was a fall in those from Russia (-19.9%) and the United States (-13.0%).
By customs duty groups, and in relation to exports, special mention should be made of the growth in Metals & Manufactured (20.0%) and Transport Material (5.0%), whilst Electrical Material was down by 4.8%. Analysing imports, it is worth noting the increases in Mineral and Energy products (36.9%), and Metals & Manufactured (18.9%) and the 3.6% decrease in Electrical Material.
By province, Álava saw a rise in exports of 4.0%, mainly due to the increase in Metals & Manufactured (12.5%), Electrical Material (8.4%) and Transport Material (8.1%). The most sold product of this quarter (31.4% of the total exported) has been vehicles conceived principally for the transport of people (<10) with a diesel engine (from 1,500 cm3 to 2,500 cm3). Imports to Álava rose by 3.3% as an effect of the increased posted in one of its largest sections, Metals & Manufactured (24.3%). Transport Material fell by 7.5% and Electrical Material by 2.2%.
Exports from Bizkaia grew by 13.7% as a result of the increase seen in Metals & Manufactured (41.4%) and Mineral and Energy products (37.1%), among others. The main exported product (7.3% of the total) has been Petrols with a lead content of less than 0.014 g./l. of between 95 and 97 octanes, both inclusive. Imports grew 20.6%, particularly owing to the growth in Mineral and Energy products (37.6%).
In Gipuzkoa, there was a 2.3% fall in exports, given that its largest group Electrical Material was down by 7.0%. The product which accounted for 6.8% of the exports from Gipuzkoa was Diesel and electric motor units for railway tracks and motorised trams (electric), the most exported product this quarter. Imports increased by 4.2%, especially Metal and Manufactured, which posted a significant rise of 12.5%.
In the first semester of 2017 as a whole, exports rose 9.1% and imports 23.1%
In the accumulated rate for the first six months of 2017, exports from the Basque Country stood at 11,942 million euros, 9.1% up on the first quarter of 2016. Furthermore, imports totalled 9,398 million euros, which was 23.1% more than in the same period of 2016.
If we eliminate the energy component of both, we find more moderate growth of 7.8% in exports and 10.4% in imports.
The foreign trade balance for this first quarter showed a surplus, with a positive trade balance of 2,544 million euros. The non-energy foreign balance stood at 4,128 million euros. The coverage rate of total exports over imports was 127.1% in this first quarter of 2017, and the coverage rate of non-energy products was 160.7%.
For further information:
Eustat - Euskal Estatistika Erakundea / Instituto Vasco de Estadística
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