Exports from the Autonomous Community of the Basque Country reached 4,772.1 million euros in the first quarter, which means a nominal increase of 5.0%, according to data provided by Eustat.

Total imports for this first quarter came to 5070.6 million euros, which meant they were up by 18.5% on the same period of the previous year.

The rate obtained by Spanish exports (5.1%) was similar to the Basque one, whereas in terms of imports a slightly higher rate was registered, 18.5% compared to the Spanish 10.1%

Table 1.- Evolution of the foreign trade of the A.C. of the Basque Country. First Quarter 2007-2008. Thousands of euros.

Source: EUSTAT

If the analysis is limited to non-energy products, exports of this category were up 3.1% on the previous year and imports posted a 7.1% increase, compared to the figures for the first quarter of 2007.

The total volume of foreign transactions (imports plus exports) rose from 8,822.7 in the first quarter of 2007 to 9,842.7 million for the same period in 2008.

Foreign trade post a deficit of 298.5 million euros for the third quarter and, as a result, the coverage rate of total exports over imports fell to 94.1%. However, non-energy exports exceeded non-energy imports by 985.5 million in the first quarter of 2008 and the coverage rate stood at 129.5%, five points lower than the same period of the previous year.

Exports destined to the European Union registered a 4.1% increase with respect to the figures of the first quarter of 2007. Due to their volume and year-on-year growth, special mentions should be made of the exports to Belgium (26.5%), Portugal (14.4%) and Poland (31.3%). Exports to France (1.3%) or the United Kingdom (-0.9%) remained study and those to Italy (-4.2%) and Germany (-2.1%) dropped. Outside the EU-27, exports to the USA and South America performed well and were up 7.8%.

Imports from the European Union were up by 13.4%, while the countries supplying energy products increased by 49.0%.

The most important export section by import duty groups was Metals and Manufactured, which fell by 1.0% year-on-year in the first quarter of 2008. This was followed by Transport Material and Electrical Material, which grew by 3.6% and 9.5%, respectively. Mineral Products also performed well with a year-on-year growth of 28.5%.

As far as imports were concerned, Mineral Products, which grew by 49.0%, became the most important import section by import duty groups, accounted for 34% of all imports. The following import duty sections in terms of volumes, performed unevenly: Metals and Manufactured fell by 0.3%, Electrical Material was up by 5.3% and Transport Material, by 44.7%.

By provinces, exports from Álava posted the highest year-on-year growth rate (6.4%) in the first quarter 2008, thanks to the good performances recorded by Electrical Material (19.3%), Metals and Manufactured (8.4%) and Transport Material (4.0%). Imports to Álava were up by 22.9%, with significant year-on-year growth registered by Transport Material (74.5%) and Chemical Products (53.8%)

Bizkaia exports were up 5.0% in the first quarter of the year. Mineral Products (29%) and Electrical Material (16.2%) were the most active import duty group. Special mention should be made of the 9.1% decrease recorded by Metals and Manufactured. As far as imports are concerned, the 25.5% increase recorded in Bizkaia puts it ahead of the other two provinces, as a result of the increase in Energy and Mineral Products, which came to 50% in the first half of 2008. The non-energy products posted a nominal rate of 5.%, where Electrical Material (11.5%) and Plastics and Rubber (17.3%) performed particularly well.

Exports from Gipuzkoa grew at a slower rate (3.8%). This has been basically generated by the three most important export duty sections in terms of volume: Electrical Material (3.6%), Metals and Manufactured (5.0%) and Transport Material (6.7%). Imports by this province over the quarter fell by 2.2%. Transport Material (-35.4%), Wood and Manufactured (-28.3%) and Electrical Material (-3.2%) posted the worst results. On the other hand, Metals and its Manufactured grew by 2.3% and Paper and its Manufactured by 11.3%.

Graph 1.- Foreign trade of the A.C. of the Basque Country. (Trend)

Source: EUSTAT