Exports from the A.C. of the Basque Country reported a nominal rise of 13.8% in the third quarter of 2008, according to EUSTAT data. They totalled 4.940 million euros compared to 4.343 million last year. This increase in exports in the third quarter places the accumulated rate of the first nine months of 2008 at 12.9%.

Total imports experienced a 20.0% rise in the third quarter of the current year and totalled 5,354 million euros. If only non-energy imports are considered, they performed more moderately (6.4%) between July and September. The accumulated total for imports over these nine months accounted for 18.3% growth in relation to the same period of the last year and 6.1% for non-energy ones.

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

Source: Eustat

The trade balance of the third quarter showed a deficit of 414 million euros and, as a result, the coverage rate of total exports in relation to imports fell to 92.3%. However, if imported and exported energy products are excluded, the non-energy trade balance registered a surplus of 1,236 million euros, 375 million higher than in the third quarter of 2007. The coverage of non-energy exports in relation to imports of the same type rose from 129.3% in the third quarter of 2007 to 138.1% this year.

Exports whose destination was the European Union registered an 8.7% increase with respect to the figures of the third quarter of 2007. In terms of their volume and year-on-year growth, special mention should be made of the exports to France (23.6%), Germany (12.4%) Portugal (9.3%) and Belgium (9.0%). Exports to the United Kingdom (-8.0%) and the Netherlands (-19.% ) dropped. Exports to the USA (26.1%) and Japan (76.9%) grew significantly, but those to Mexico fell (-24.9%).

Imports coming from the European Union grew by 3.8%, while imports of energy products (mainly from Russia and Iran) increased by over 40%.

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, particularly Metal and Manufactured, which increased sales abroad by 41.2%, and Electrical Material by 9.7%. There was also important growth registered by Mineral Products (6.0%) and Plastic and Rubber (11.6%), to name the most important ones. However, Transport Material fell in the duty tariff section by 7.0%. In the areas of exports, Metal and Manufactured increased by 17.7% and Mineral Products by 49.3%, while special mention should be made of the fall in imports of Transport Material, down by 28.8%.

Exports grew at the greatest rate in Gipuzkoa. They grew at 15.9% in the third quarter and by 12.5% for the first nine months of 2008 as a whole, thanks to the performance of Metal and Manufactured (58.1%) and Electrical Material (18.4%) over the last three months. However Transport Material fell by 19.4%. Imports headed for Gipuzkoa grew by 9.5% in the third quarter of 2008, with the best figures registered by Metal and Manufactured (33.2%)

Exports from Bizkaia rose by 15.3% in the third quarter of the year, which meant the growth rate for the first nine months of 2008 remained constant (15.7%). The most active positive duty tariff sectors in this quarter were: Metals and Manufactured (31.3%), Electrical Material (19.4%), Plastic and Rubber (13.6%) and Mineral Products (6.0%). The greater increase in imports was recorded in Bizkaia, with an increase of 29.7%, mainly due to the positive performance of Mineral and Energy Products (50.8%).

Exports from Álava in July, August and September grew by 8.4% with respect to the same months of 2007, which was slightly down on the first nine months of 2008 (9.3%). This more modest performance of exports from Álava was partly due to the fall in exports of Transport Material (-6.9%), which account for 40% of exports from this province. The most outstanding exports were Metals and Manufactured (41.7%) and Electrical Equipment (12.9%). Quarterly imports fell by 4.5%, which was mainly caused by the drop in imports of Transport Material (-46.5%).

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

Source: Eustat