Exports from the Autonomous Community of the Basque Country reached 18,834.3 million euros in 2007, that is to say, 2,320.4 million above the amount of 2006, which means a nominal increase of 14.1%, according to data provided by Eustat.

Imports reached 18,762.1 million euros annual period, which was 9.4% above the data registered for 2006. On the other hand, imports of non-fuel commodities registered a higher growth of 17.1%, brought about by the fall in prices of fuel commodities that reached an annual rate of 5.2%.

Basque exports of goods in 2007 doubled the rate obtained by Spanish exports (6.8%), whereas in terms of imports a slightly higher rate was registered, 9.4% compared to the Spanish 8.0%.

Evolution of the foreign trade of the Autonomous Community of the Basque Country. 2006-2007. In millions of euros.

Source: Eustat

The Basque commercial balance (exportations minus importations) for 2007 reached a 72,1 million-euro surplus, which re-initiates the profitable trend that had been interrupted two years ago. In this sense, the import-export coverage improved by 4%, going from 96.3% in 2006 to 100.4% in 2007. On the other hand, the Spanish import-export coverage reached 64.7% in 2007, with a long-standing commercial deficit, which nearly reached 99.000 million euros in 2007.

The balance of non-fuel commodities was above that of the previous year, and amounted to 4,258.1 million euros, as compared to 3,941.0 million in 2006. The import-export coverage for non-fuel commodities, however, decreases nearly 3%, going from 135.2% in 2006 to 132.5% in 2007.

In terms of geographical areas, there is a noteworthy decrease in the commercial balance of the Autonomous Community of the Basque Country with the European Union, which has worsened its position in comparison with that of a year before, going from a surplus of 2,787.5 million in 2006 to 2,624.3 million one year later. On the other hand, the import-export coverage of 132.2% in the previous year became 126.0% in 2007.

In terms of the transactions of non-fuel commodities, there is an improvement with respect to its previous position, going from a positive balance of 3,389.8 million with the European Union in 2006 to 3,443.0 million in 2007, albeit with a 5% loss in import-export coverage: this amounted to 144.2% in 2006 and reached 139.1% in 2007.

Main countries of destination and origin of foreign trade of the Autonomous Community of the Basque Country. 2007. In Millions of euros.

Source: Eustat

In terms of countries, five countries absorbed over half of the exports of the Autonomous Community of the Basque Country: France (17.0%), Germany (15.1%), Italy (7.2%), United Kingdom (6.7%) and the United States (6.3%). Likewise, there are five countries of origin of our imports that account for over half of the total: Germany (15.3%), Russia (14.8%), France (10.3%), Italy (7.3%) and China (6.1%).

Over 30% of total imports correspond to fuel commodities, of which 40% come from Russia, followed by countries such as Iran, Germany, United Kingdom, Nigeria, Mexico or Iraq, among others.

Main categories exported by the Autonomous Community of the Basque Country. 2006-2007. In millions of euros.

Source: Eustat

In an analysis by products, it is important to point out that the first 10 products in the ranking account for 41% of the exports. Among them, three belong to the tariff section corresponding to Transport equipment: Parts and accessories of vehicles, Automobile vehicles for the transport of goods and private cars for 5 to 10 people which amounts to 16.4% del total exported. Second place in the ranking was occupied by the chapter on Petroleum oils in the tariff section on Mineral products. The fourth place is occupied by the New rubber tyres in the Plastics and rubber section. The section on Metals and manufactures thereof places four of its items amongst the first ten: structures, tubes and iron or steel bars. Lastly, Tap fittings and similar items from the tariff section on Machines and apparatus, Electric material, occupy the eighth place in the ranking.

Imports have been favoured by the impulse of Transport equipment (35,9%), Metals and manufactures thereof (21,6%) and Electric material (9,9%) among others, whereas Mineral products have diminished imports (-5,2%).

From a territorial point of view, in 2007 exportations from Gipuzkoa were most noteworthy, reaching a nominal increase of 18.2%. Their growth is based basically on the imports of Metals and manufactures thereof (39,2%) and Transport equipment and Electric material, both with a similar growth of 14%.

The second place in terms of growth rate is occupied by the exportations from Bizkaia, with an annual growth of 15.3%. This growth is supported by the revolution of exports of Transport equipment (43.0%), which includes the exportation of a tanker ship to Qatar; Metals and manufactures thereof (16.1%) and Electric material (14.7%).

In Alava exports had a more moderate revolution in 2007, amounting to 7.5%, partly induced by the negligible growth of Transport equipment (1%) or to the crease of 1% in Plastics and rubber. Better results were registered in exports of Metals and manufactures thereof (18.5%) and Electric material (6.2%).