Exports from the A.C. of the Basque Country registered 18.1% growth in the third quarter of 2004, according to Eustat data. The amount came to 3,088.7 million euros compared with 2,615.3 million last year. This growth in Basque exports over the third quarter confirms the positive evolution of export sales over the year, which accumulated a 16.6% increase over the first nine months.

Total imports rose by 26.7% over the third quarter of the year and came to 3,079.3 million euros. If we take into consideration only non-energy imports, the growth was lower, 21.9% in relation to the same period the year before. The accumulated figure for total imports over the nine months represented 18.4% growth with regard to the same period the year before and 13.3% for non energy imports.

As a result of the evolution of both figures, the trade surplus has suffered, falling from 185.2 million the third quarter of 2003 to 9.4 million euros this year and, as a result, the coverage rate of exports over imports has fallen from 107.6% a year ago to 100.3% this third quarter of 2004.

However, if we exclude energy products, the trade surplus has increased, coming to 592.5 million euros in the third quarter of 2004, slightly over 10 million more than the same period the year before. The coverage rate fell from 130.8% in the third quarter of 2003 to 125.7% in 2004.

Exports destined to the European Union surpassed, as a whole, the figures for the same period a year before by 15.3%, with increases to Germany (33.8%), Italy (21.6%), the UK (20.5%), Ireland (75.1%) and Denmark (23.7%), while exports to France, our main client, increased by a more moderate 3.3%.

Imports from the European Union grew at a similar rate to exports, rising 15.6%, while the main imports came from France (26.6%), Germany (27.8%) and Italy (18.2%).

Among the different customs groups the main growth corresponded to (due to the rise in oil prices) Mineral and energy products, which increased by 34.7%. High inter-annual growth was also registered by Chemical products (26.1%), Metal and manufactured (25.4%) and Capital goods (19.3%). The last two groups represent over 70% of exports.

With regard to imports, a similar pattern occurs; imports of Mineral and energy products increased 43.7%, Metal and their manufactured increased 38.4%, Capital Goods rose 30.7% and Chemical Products went up 19.4%.

The highest growth in exports corresponded to the province of Alava (28.7%), followed by Bizkaia (17.2%) and, thirdly, Gipuzkoa, also with positive results (11.3%). Alava Exports were based on the sale of Transport material (64.6%); Bizkaia exported Metal and manufactured (12.1%) and Capital goods (12.6%), and Gipuzkoa Metal and manufactured (37.4%) and Capital goods (6.5%).

Imports which registered high inter-annual growth corresponded to Bizkaia (32.7%), followed by Alava (30.7%) and thirdly Gipuzkoa (11.2%). The movement in customs groups was practically the same for imports as for exports, bar some small differences.