A.C. of the Basque Country exports amounted to 13,521.7 million euros in 2004, i.e. 1,768.8 million more than in 2003, which represents a 15.1% nominal increase according to Eustat data.

Imports came to 12,474.7 million euros over the same annual period, 19.3% higher than the data for 2003. Imports of non-energy products registered lower growth, 15.2%, while energy products increased by an annual rate of 34.9%.

Basque exports of goods doubled the rate obtained by Spanish exports in 2004 (6.3%), and the A.C. of the Basque Country was the third Autonomous Community, after the Balearic Islands and Andalusia, that performed best. Imports also registered a better performance, 19.3% compared to the State figure of 12.5%.

The trade balance (exports minus imports) in the year 2004 showed a surplus of 1,047.0 million euros, below the 1,300.2 million the year before, due to the fact imports registered a higher variation rate than exports. Similarly, the coverage rate of exports was reduced by 4 percent, falling from 112.4% in 2003 to 108.4% in 2004.

The Spanish coverage rate in 2004 came to only 70.7%, with a deficit of over 60,000 million euros.

The balance of non-energy products, however, was higher than the previous year, coming to 3,201.1 million euros, compared to 2,898.4 million in 2003. The coverage rate of non-energy products, on the other hand, fell almost one and a half percent, rising from 135.5% in 2003 to 133.6% in 2004.

The trade balance with the European Union, however, improved on its previous position; it was 1,917.9 million euros in 2003 and recovered to 2,166.8 million in 2004. This improvement is mainly down to two countries, France and Germany, whose balances grew in our favour, as occurred with the UK, Portugal, Belgium or Poland.

The coverage rate with the European Union also recovered point 4 percent, rising from 129.1% a year before to 129.5% in 2004. This was the consequence of exports destined to the European Union, which increased by 11.7% and imports from the same zone increased by 11.3%.

An analysis by customs tariffs sections highlights Transport Material, which increased in exports to a rate of 38.5%. The second most important, in relative weight, is Metals and manufactured and grew 18.0%. If we add Mineral Products to these two sections, with 35.3% growth, we can conclude that the three sectors contribute part of the annual growth in exports of the A.C. of the Basque Country over the year 2004.

Something similar occurred with imports, the sections that contributed to a greater extent to the total growth being the same as in exports. Transport Material increased imports by 34.9%, Metal and manufactured rose 32.4%, Mineral products increased by 34.9%, the three practically covering the whole of the accumulated increase in imports in the year 2004.

From a provincial point of view, in the year 2004 Alava exports stood out, reaching a 25.9% nominal increase. Transport material, which represented almost half their exports, increased sales abroad by 46.8%. The second most important customs tariff sector in this province was Metal and manufactured, which obtained 27.1% growth.

In second place, by rate of growth, are Bizkaia exports, with 15,1% annual growth. This growth was sustained by the evolution of exports of Transport material (55.7%), Mineral products (36.9%) and to a lesser extent by Metal and manufactured (8.7%).

It is in Gipuzkoa where exports performed more moderately in the year 2004, despite recovering in the second half of the year. The growth is based mainly on the export of Metal and manufactured (25.3%) and Transport material (12.1%).