Press Release 28/06/2024

FOREIGN TRADE UNIT VALUE INDICES - IVU. I/2024

The rate of export prices grew by 3.5% in the first quarter of 2024 in the Basque Country

Imports recorded 4.2% growth

During the first quarter of 2024, the prices of exports posted an increase of 3.5% compared to the same quarter of 2023, according to Eustat data. If we compare this with the previous quarter, there was an upturn of 1.3%.

Prices of imports also followed this trend, as they increased by 4.2% in year-on-year terms, although they decreased by 0.3% in respect of the fourth quarter of 2023.

Prices for energy exports rose by 11.9% compared to the previous year, whereas prices for non-energy exports were up by 3.0%. Compared to the previous quarter, prices of energy products increased by 10.2% and those of non-energy products rose by 0.9%.

The year-on-year rate of the price index for imports of “energy” products rose by 10.4% and that of “non-energy” products increased by 2.0%. In comparison with the previous quarter, there was a 0.5% drop in energy prices and a decrease of 0.4% in non-energy prices.

As regards classification of goods by economic destination, it is worth highlighting the increase in the prices of exports of Consumer Goods (1.5%), Intermediate Goods (3.2%) and Capital Goods (6.9%), compared to the previous year. Regarding the fourth quarter of 2023, growth was also seen in export prices for all three sectors: Intermediate Goods were up 0.9%, Consumer Goods rose by 2.0% and Capital Goods increased by 1.4%.

Analysing imports reveals that in the year-on-year comparison, all three types of goods recorded increases ranging from 3.3% in Intermediate Goods to 9.0% for Consumer Goods and 9.7% for Capital Goods. With regards to the previous quarter, the only price increase was in Consumer Goods (4.7%).

Taking into account the economic areas exports are sent to, prices in relation to the previous quarter rose in all areas. They increased by 0.4% in the OECD, 1.4% in the EU-27, 2.3% in the Eurozone and by 6.9% in the Rest of the World. Regarding the first quarter of 2023, the trend repeats: there were price increases in almost all economic areas, most notably the Rest of the World (18.5%), the OECD (1.1%) and the EU-28 (0.5%).

For imports, almost all the geographical areas showed increases in prices compared to the same quarter of the previous year, with the exception of Rest of the World where they fell by 0.4%. Regarding the previous quarter, the rates were negative for the OECD (-2.3%) and the EU-28 (-1.5%) and positive for the Rest of the World (3.4%) and the Eurozone (0.4%).

For further information:

Eustat - Euskal Estatistika Erakundea / Basque Statistics Institute C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz Press Service: servicioprensa@eustat.eus Tel.: 945 01 75 62 Further press releases on foreign trade unit value indices - IVU of the Basque Country Databank on foreign trade unit value indices - IVU of the Basque Country