Exports from the A.C. of Euskadi decreased by a nominal inter-annual rate of 6.4% in the fourth quarter of 2001, confirming and even accentuating the slow-down that started in earlier quarters of the year, according to data prepared by the Eustat.

Imports registered a 12.0% reduction in its quarterly evolution, due to a sharp reduction in energy imports, with a 45.0% fall in the last quarter of 2001.

If we analyse the non-energy products exclusively, it can be seen that exports decreased 5.2% with regard to the fourth quarter of 2000 and imports stayed at practically the same level as the previous year (-0.4%).

The volume of foreign trade, the sum of exports and imports, for the last quarter of 2001, came to 5,465 million euros altogether and the rate of coverage of exports over imports improved from 106.5% the last quarter of 2000 to 113.3% for the same period in 2001. As a result, the trade surplus also increased for the quarter to 340 million euros, compared with 189 million a year before, as a result of a higher fall in imports than in exports.

By provinces, in the fourth quarter of 2001, only Gipuzkoa exports grew, advancing 2.5%, while exports from Bizkaia and Alava fell by 11.1% and 10.3%, respectively.

With regard to imports, the same scene is reflected: imports increased in Gipuzkoa (2.0%) and fell in Alava (-7.3%) and Bizkaia (-19.9%).

The volume of foreign trade in the A.C. of Euskadi reached a figure of 21,390 million euros in 2001, 2.2% lower than the previous year. The trade balance came to 1,621 million euros, improving on the result obtained the previous year by 3.0%, but far from the figures reached in earlier years.

In addition, the trade balance of non-energy products fell from 3,299 million euros in 2000 to 3,021 million euros in 2001, as non-energy imports grew by 1.5% compared with a 1.5% fall in non-energy exports.

The coverage of total exports on imports rose from 115.5% the previous year to 116.4% in 2001, almost one percent higher. On the other hand, the opposite was the case for non-energy products, where the coverage rate fell from 142.6% in the year 2000 to 138.4% last year.

If we analyse the geographic destination of A.C. of Euskadi exports, it may be seen, firstly, that sales to European Union countries remained at the same level in 2001 as the previous year (-0.2%): exports to France (5.3%) and the UK (10.7%) increased, there was a fall in exports to Germany (-8.4%) and the Netherlands (-27.0%) and exports to Italy remained stable (0.0%). Sales to the rest of the OECD countries fell by 14.4% and sales to the rest of countries grew 5.5%.

By type of goods, "Capital goods", which account for over slightly more than half of non-energy exports from the A.C. of Euskadi, saw their sales fall by 4.1%. The "Common metals and manufactured" sector, also important for Basque industry, lost 2.2% of its volume in exports. "Agricultural products" (11.5%), "Paper" (12.8%) and "Other manufactured" (9.8%) improved data on the previous year.

With regard to imports, figures fell for "Energy products" (-15.7%) and, to a lesser extent, "Capital goods" (-4.6%). Imports increased for "Metals and their manufactured" (2.4%), "Other manufactured" (26.8%) and "Agricultural products" (4.6%).

Over the whole of 2001 exports fell in Álava (-6.6) and Bizkaia (-4.7%), but rose 6.6% in Gipuzkoa. These trends repeated, although with differing intensities, both in total exports and non-energy expopts. Sales of "Capital goods" decreased in Álava (-13.7%) and Bizkaia (-7.0%) and increased in Gipuzkoa (11.3%). "Metals and their manufactured", second group in order of importance, presented negative evolutions in Bizkaia (-5.6%) and Gipuzkoa (-2.1%) and a positive variation in Álava (4.7%).

With regard to imports, there was an important reduction in Álava (-17.8%), caused mainly by the fall in imports of "Capital goods" (-32.6%). In Bizkaia the figures of the previous year were practically the same for total imports (-0.9%), but there was a significant reduction in energy imports (-16.3%), an appreciable increase in "Capital goods" (11.2%) and a slightly lower rise in "Metals and their manufactured" (2.4%). In the case of Gipuzkoa imports also increased, due to the sharp growth in foreign purchases of "Capital goods" (25,3%), "Other manufactured" (13.5%), "Chemical products" (15.4%) and "Agricultural products" (5.4%).

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