Exports from the A.C. of the Basque Country registered 10.7% nominal growth in the fourth quarter of 2004, according to Eustat data. Overseas sales totalled 3,496.5 million euros over the last three months of 2004, compared to 3,158.0 million in the fourth quarter of the previous year.

Total imports, which came to 3,454.6 million euros, presented an inter-annual rise of 22.0%, although imports of non-energy products experienced slightly less growth, 20.6%.

The trade balance (exports minus imports) suffered a reduction in the fourth quarter of 2004, falling from the previous year’s figure of 326.0 million to 41.9 million. Consistent with the above, the coverage rate fell from 111.5% in the fourth quarter of 2003 to 101.2% in the fourth quarter of 2004. The evolution in both cases was directly due to the growth of imports being greater than that of exports.

If the analysis is limited to the transactions with non-energy products, the trade balance came to 653.1 million euros compared to 793.8 million a year previously, with the coverage rate at 124.5%, when it had been 135.9% in the fourth quarter of 2003.

Exports to the European Union increased by 10.7%. There was outstanding growth in the case of exports to Germany (24.4%) and the United Kingdom (54.4%), and, to a lesser extent, France (7.8%) and the Netherlands (5.5%). Although their volume was slighter, exports to Denmark (27.3%) and Luxembourg (79.3%), also grew at a significant rate. Exports to the United States of America grew 5.0%.

Imports coming from the European Union increased by 11.9%, with 10.4% growth for those originating in France, 31.0% for those coming from the Netherlands, 6.7% for those from Germany and 9.3% for those from Italy. Imports coming from the United States grew by 27.2%.

The trade balance with the European Union, contrary to the results of the total balance, improved slightly, rising from 469.8 million euros in the fourth quarter of 2003, to 498.0 million in the last quarter of 2004, thanks to the improved exchanges with our principal customers, France and Germany, but the impact made by this was not sufficient to compensate for the loss of coverage in other areas.

As for the performance of the customs duty sections, the three major sectors in the area of exports underwent the following evolution in the fourth quarter of 2004 in relation to the same period a year earlier: a 13.3% increase in the exports of Transport material, those of Electrical material grew 0.9% and those of Metal and manufactured by 18.7%. Between the three, they accounted for 74.3% of exports.

In exports, these three customs duty sections also marked the rhythm of purchases made overseas, with 74.1% growth for Metal and manufactured, 31.2% for Transport material and 1.1% for Electrical material.

Álava and Gipuzkoa were the provinces with the highest growth in exports in the fourth quarter of 2004, with inter-annual rates of 14.8% and 14.5% respectively. Exports from Bizkaia achieved more modest growth of 4.5%. However, it was in Bizkaia (24.7%) where imports increased the most, followed by Álava (19.8%) and Gipuzkoa (17.5%).

ANNUAL BALANCE FOR 2004

In 2004, exports from the A.C. of the Basque Country achieved growth of 15.1%

Exports from the A.C. of the Basque Country in 2004 totalled 13,521.7 million euros, bettering the results of the previous year by 15.1%. Over the same period, total imports registered 19.3% growth, although those of non-energy products only grew by 15.3%.

Exports from Álava, centred mainly on Transport material, achieved a significant increase of 25.9% in 2004, those from Bizkaia experienced a 15.1% rise and Gipuzkoa obtained a much more modest increase of 6.8%.