A.C. of the Basque Country exports increased by a nominal 8.3% in the fourth quarter of 2002, according to Eustat data, thus confirming the upturn registered in the third quarter with 4.5% inter-annual growth.

Imports, on the other hand, registered 10.3% growth in comparison with the fourth quarter of the previous year, surpassing the 3.4% rate reached in the third quarter of 2002.

If the analysis is limited to non-energy products, exports corresponding to these products increased by 8.5% over the inter-annual period and imports developed more moderately with a 6.3% rise, when compared with data from the last quarter of 2001.

The volume of foreign trade transactions, the sum of exports and imports over the last quarter of 2002, came to 5,972 million euros and represents a 9.3% increase with regard to the total figures for the same period in 2001. However, coverage fell from 113.3% in the last quarter of 2001 to 111.2% in the last three months of 2002. Therefore, the surplus for the fourth quarter was reduced, falling from 340 million euros the previous year to 317 million in 2002, due to higher relative growth in imports (10.3%) compared to exports (8.3%).

Exports have evolved differently in the three Provinces, reaching a significant rate of growth in Bizkaia (21.7%), a more reduced percentage increase in Gipuzkoa (6.8%) and falling in Álava (-5.8%).

Imports also presented differing figures according to provinces; the highest quarterly increase corresponded to Álava, 35.6%, followed by Bizkaia with 11.3% growth and, finally Gipuzkoa where imports fell to 7.7%.

A.C. of the Basque Country exports reached a figure of 11,540 million euros in 2002, 0.3% more than the previous year. Data for the last two quarters of the year, with inter-annual growth of 4.5% and 8.3%, compensated and even surpassed the negative results of the first six months (-5.5%) of the year, resulting in slight growth in the annual balance (0.3%).

Imports registered a 1.9% increase, reaching a figure of 10,074 million euros.

In addition, both non-energy exports and imports increased by almost identical rates of around 1.9%.

The trade balance, exports minus imports, fell from 1,621 million euros in 2001 to 1,466 million in 2002. If the analysis is limited exclusively to non-energy transaction, the trade balance of non-energy products improves, rising from 3,021 million the year before to 3,084 million euros in 2002.

From the above it may be deduced that the coverage of total exports over imports fell almost two points, from 116.4% in 2001 to 114.6% in 2002, as a consequence of higher relative growth in imports than in exports. On the other hand, the coverage of non-energy exports over imports of non-energy products remained practically stable: 138.4% in 2001 and 138.5% in 2002.

With regard to the geographic destination of A.C. of the Basque Country exports, an initial impression indicates that sales in the European Union increased in nominal value by 1.4%. Increases in exports to our main clients in France (1.9%) and Germany (2.3%) are important for their weight in quantity, as well as to the United Kingdom (7.1%). In contrast exports have fallen to Italy (-2.0%) and Portugal (-5.4%), the most significant of decreases.

Imports from the European Union have increased 6.8%, particularly from our three main suppliers: Germany (9.8%), France (3.0%) and the UK (12.4%). Imports fell, however, from Italy (-2.7%) and the Rest of the OECD countries (-11.3%).

By types of goods, "Capital Goods" cover slightly over half A.C. of the Basque Country non-energy exports and increased sales by 2.9%. The following group is "Metals and their manufactured", representing almost 25% of non-energy exports, which fell 1.1%. The group "Other manufactured" increased by 9.7% and there was a sharp 3.0% fall in "Plastic and Rubber".

Imports of "Capital Goods" increased by 2.3% and "Metals and their manufactured" fell almost by the same proportion (-2.2%).

The highest growth in total exports in the year 2002 corresponded to Gipuzkoa (4.5%), with increases for Bizkaia (3.0%) and a reduction for Álava (-7.8%). If we refer only to non-energy exports the highest growth is registered in Bizkaia (8.4%), followed by Gipuzkoa (4.4%) and Álava (-7.8%) with practically identical rates as those for total exports.

The three items that influenced most the negative performance of Álava exports were: "Transport material" (-13.0%), "Metals and their manufactured" (-7.4%) and "Electric material" (-3.6%). Exports of "Capital Goods" performed web in Gipuzkoa (6.2%) and above all Bizkaia (18.4%), while "Metals and their manufactured" grew 3.0% in Gipuzkoa and fell 0.3% in Bizkaia.

Imports also followed a varied evolution in the three provinces, increasing by 14.6% in Álava, only 0.9% in Bizkaia and falling 4.5% in Gipuzkoa. The increase in Álava imports may be explained by a sharp growth in "Transport material" (56.1%). In Gipuzkoa and Bizkaia imports fell for the two items with highest volume: "Capital goods" (-13.4% and –7.4%) and "Metals and their manufactured (-0.3% and –3.1%) respectively.

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