Exports from the A.C. of the Basque Country registered 17.2% growth in the third quarter of 2007, according to Eustat data. They totalled 4,542.6 million euros compared to 3,876.9 million last year. This growth in Basque exports corroborates the positive evolution of sales abroad over the course of the year, accumulating 14.2% growth in the first nine months of 2007.

Total imports experienced a 5.9% rise in the third quarter of 2007 and came to 4,460.8 million euros. Despite the fact that non-energy imports showed growth of 15.2% in relation to the same period of last year, the decrease of imports of energy products, coming to 9.9%, tempered total growth. The accumulated total for imports over these nine months accounted for 7.8% growth in relation to the same period of last year and 19.1% for non-energy ones.

Evolution of foreign trade for the A.C. of the Basque Country. Third Quarter 2006-2007. Thousands of euros.

Source: Eustat

The total volume of transactions with overseas, the sum of exports and imports, rose from 8,090.9 million in the third quarter of 2006 to 9,003.4 million in the same quarter of 2007.

The trade balance of the third quarter showed a surplus, reversing the trend of the precious quarter, going from a deficit of 337.0 million in the third quarter of 2006 to a surplus of 81.9 million obtained between July and September this year. In this sense, it confirms that the coverage rate of exports in relation to imports improved its position: from 92.0% in the third quarter of 2006, it rose to 101.8% in the same period of 2007. The coverage of non-energy exports in relation to imports of the same type gained almost three points, going from 132.1% lat year to 134.8% this year.

Exports whose destination was the European Union registered inter-annual growth of 7.2%, lower than the average of the total exported (17.2%), as a result of the lower rates of the main countries that receive our exports. Those headed for France rose by 6.0% and those going to Germany by 2.5%, with slight decreases for those headed for Italy and the United Kingdom (-1.6% and -0.2% respectively). Portugal (15.2%), Belgium (31.7%) and the Netherlands (26.3%) obtained the most positive rates in exports. Outside the European Union there was notable growth for India (153.0%), Brazil (35.0%) and China (29.1%). Imports coming from the European Union grew by 7.3%: 8.2% from Germany, 2.5% those coming from France, 19.5% from Italy and 3.5% those coming from the United Kingdom.

The largest duty tariff sections, in the A.C. of the Basque Country were the ones that contributed the most to the positive evolution of quarterly exports: Metal and Manufactured increased sales abroad by 39.0%, Electrical Material by 13.3%, Transport Material by 6.4%, Mineral Products 13.1%, and Plastic and Rubber by 7.5%, to name the most important ones. In the area of imports, Metal and Manufactured increased by 17.7%, Electrical Material by 14.8%, Transport Material by 20.7%, Plastic and Rubber by 13.9%, although Mineral Products fell by 9.9%, a decrease which conditioned the evolution of imports.

The exports from Gipuzkoa were the ones to show the greatest inter-annual growth rate (32.1%) in the third quarter of 2007, thanks to the performance of Metal and Manufactured (102.1%), Transport Material (28.5%) and Electrical Material (9.3%). Imports headed for Gipuzkoa grew by 9.0%, with important inter-annual growth of Electrical Material (11.8%), Transport Material (19.2%) and Metal and Manufactured (7.9%).

Bizkaia obtained 13.6% inter-annual growth of its exports, with the most active duty tariff sections being Electrical Material (25.6%), Metal and Manufactured (14.1%) and Mineral Products (12.8%). Imports headed for Bizkaia grew by 3.2%, due to the negative impact of energy products (-10.5%) which was not compensated by imports of Metal and Manufactured (25.9%) and Electrical Material (20.1%).

The growth of exports from Álava was the most modest of the three (4.5%), as a result of the fall of exports of Transport Material (-5.5%), which accounted for 42% of exports from this province. The most notable exports were Food Products which grew by 50.5% and Metal and Manufactured by 15.3%. Imports that came to Álava in the third quarter of 2007 achieved inter-annual growth of 13.1%, with growth of imports of Transport Material (20.6%), Metal and Manufactured (10.3%) and Electrical Material (9.2%).

Foreign trade of the A.C. of the Basque Country. (Trend)

Source: Eustat