In the second quarter of 2003, exports from the A.C. of the Basque Country came to 3,092.7 million euros, according to EUSTAT data. This data reflects 7.1% growth in relation to exports during the second quarter of last year. Imports between the months of April, May and June came to 2,666.8 million euros, which represents an 8.6% increase with regard to the same period in 2002. With this data, the coverage rate of exports over imports came to 116.0% for the second quarter of the year.

The evolution of exports and imports followed differing trends in the three provinces in the second quarter. In the area of exports, the highest growth rate corresponded to Gipuzkoa (12.5%), followed by Bizkaia (6.1%) and Alava (1.4%). The inter-annual increase in exports from Gipuzkoa was fundamentally based on the performance of the following: Transport material, Electric material and Metals and Manufactured. Transport material and Electric material made a positive contribution to growth in Bizkaia, while in Alava the lower nominal growth was due to Electric material and Metals and Manufactured.

In the case of imports, provincial differences are also important: In the second quarter, Alava experienced an inter-annual rise of 21.4%, while Gipuzkoa and Bizkaia followed with 6.6% and 5.5%, respectively. The increase in imports in the case of Alava comes basically from Transport material (119.7%), while in Bizkaia and Gipuzkoa the greatest quarterly growth corresponded to Metals and manufactured.

SIX MONTHLY BALANCE

In the first six months of 2003 overall 5,979.6 million euros in exports and 5,190.6 in imports have been carried out. Therefore, exports registered growth of 5.9% in the period January - June 2003, with regard to the first half of last year and imports experienced a rise of 6.3% in relation to the first half of 2002.

The total volume of transactions (the sum of exports and imports) rose from 10,532.5 million euros in the first half of 2002 to 11,170.2 million in the first six months of this year, which is to say 6.1% more than in the same immediately preceding period.

The trade surplus for the first half-yearly period came to 789.0 million, in comparison to 764.7 million a year before and the coverage rate of exports over imports reached 115.2%, a five point difference from the position reached in the period January-June 2002. Despite the positive evolution of exports, the trade surplus and coverage rate are at practically the same level as the previous year, because imports reached a slightly higher inter-annual rate of growth in the first half of 2003.

By geographical destination, an appreciable difference can been seen in exports to the European Union, with an inter-annual growth of 10.1%. There was a rise in half-yearly exports to our two major customers, France (6.9%) and Germany (10.3%). There was an important growth in exports to Italy (26.0%) and, to a lesser extent, to the United Kingdom (5.6%). Exports also grew in this period to Belgium (6.6%) and Sweden (24.7%), while on the other hand, there was a decrease in those headed for the Netherlands (-1.3%), Portugal (-0.1%) and Austria (-2.1%).

Outside the European Union there was an improvement in the position of exports to the USA (15.2%), although not to Japan (-29.6%) and Developing Countries (-38.2%).

In the case of sectors, all the import duty groups, with the exception of Plastics and rubber (-1.1%), improved their position with regard to export levels from the first half of 2002. The Capital goods group, which covers 46% of the total exports in the half-yearly period, registered 2.7% growth. The following import duty group, in terms of importance, Metals and manufactured, with 23% of the total, grew 7.1%. In the imports sector, there was a setback for Mineral and energy products (-2.5%) and Paper (-2.4%). Imports of Capital goods hardly varied from the first half of last year (0.2%). On the other hand, there was a sharp 22.1% increase for Metals and manufactured. Other manufactured rose 4.1% and Agricultural Products 1.8%.

Both imports and exports differed in the three Provinces of the A.C. of the Basque Country in this half-yearly period. The best growth rate in exports was in Gipuzkoa, with a rise of 10.9%, prompted by the positive evolution of its two main import duty groups, Capital goods and Metals and manufactured, which cover 70% of exports and which grew by over 10%. Imports in this Province grew by 12.6%.

Exports in Bizkaia had a positive evolution of 5.3% based on the growth of Metals and manufactured (4.7%) and Mineral and energy products (26.3%). Imports in this province experienced a growth of 6.4%.

Exports from Alava, on the other hand, increased by a mere 0.3% in the first half of the year, and that thanks to the important growth of Metals and manufactured (8.1%), since the Capital goods group, which alone represents over 50% of the exports of Alava, receded by -3.4%. Imports to Alava over this half-yearly period reduced in value by 1.4%.