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Press release 07/06/2011

FOREIGN TRADE OF THE BASQUE COUNTRY (ECOMEX) 1st QUARTER 2011

Exports from the Basque Country were up 31.6% in the third quarter of 2011

Imports were up by 32.9% over the same period.

Exports from the Basque Country posted a nominal rise of 31.6% in the first quarter of 2011, according to EUSTAT data. They totalled 4,985 million euros compared to 3,787 million last year.

Total imports to the Basque Country reported a 32.9% nominal rise in the first quarter of the current year and totalled 4,471 million euros. If only non-energy imports are considered, there was lower growth (22.4%) valued at 2,754 million euros for the same period.

Evolution of the foreign trade of the Basque Country. First Quarter 2010-2011. Thousands of euros

The net trade balance (exports minus imports) for the first quarter was positive and showed a surplus of 515 million euros, with an export coverage rate compared to imports that rose to 114.5%. However, if imported and exported energy products are excluded, the non-energy trade balance registered a surplus of 1,759 million euros, up 372 million on the first quarter of 2010. The non-energy coverage rate for the period in question rose from 161.7% for 2010 to 163.9% in 2011.

Evolution of the foreign trade of the Basque Country. Year-on-year growth rates

Exports from the Basque Country in the first quarter of 2011 to the European Union were up 32.3% on the same period of 2010. Exports to France (29%), Germany (33.9%), Italy (15.2%), the United Kingdom (58.8%), and Portugal (16.6%) were the highest in terms of volume and year-on-year growth. However, exports were exclusively down to Ireland (-50.9%), Bulgaria (-14.8%) and Greece (-12.6%). Outside the EU-27, special mention should be made of the exports to Brazil (262.3%), the USA (113.9%) and Turkey (73.9%).

The destination of the exports of the Basque Country was mainly to mainland Europe, which absorbed 68% of the total exported, with the EU-27 countries accounting for 90% of that European trade. The Americas, which received 20% of our export, lagged far behind, followed by Asia with 7% and, finally, Africa with 4%. Oceania barely accounted for 1% of our exports.

Imports from the European Union increased by 15.5%, with imports from Germany (27.6%) and France (26.4%) standing out in terms of their volume and year-on-year growth. Purchases from the United Kingdom (0.0%) remained steady and those from Italy fell (-10.2%). In terms of the rest of the world, special mention should be made of the increase in imports from Russia (105.5%), Iran (153.8%) and China (17.4%), with the first two being mainly energy.

Most imports again came from Europe (70% of the total), followed by Asia (17%), America (7%) and Africa (5%). Imports from Oceania were insignificant.

In terms of customs duty groups, the greatest upturn in exports were by Metals & Manufactured, which was the most dynamic with growth of 40.8% and accounted for 29% of exports during the quarter. Other sections that posted significant growth were: Transport Equipment and Electrical Equipment, with increases of 25.2% and 16.2%, respectively. The strong growth posted by Mineral Products (212.8%) and which accounted for over 9% of the total exports for the quarter should also be mentioned. Among the key customs duty groups, only Plastic & Rubber posted negative year-on-year variations (-17.5%).

In terms of imports, there was widespread growth, with particularly strong performances being posted by Mineral Products (54%) and by Metals & Manufactured (45.8%), which together accounted for 63% of total imports. Transport Equipment (-16.2%) stood out due to its relative importance among the groups that posted downturns.

Exports grew at the greatest rate in Álava. This growth stood at 50% in the first quarter of 2011, with the greatest being registered by the most important customs duty groups: Mineral Products (85.2%), Metals & Manufactured (69.9%) and Plastics and Rubber (31.9%). On the other hand, Electrical Equipment fell slightly by -1.1%. In terms of imports to Álava, which posted an increase of 18.4%, special mention should be made of the Metals & Manufactured customs duty group, which was up 49.2%.

However, exports from Bizkaia were up by 30.1% compared to the previous year. This growth in exports from this province was mainly down to the strong performance of the sales of Mineral Products (228.5%), Electrical Equipment (33%) and Metals & Manufactured (26.1%), which together accounted for 67% of the exports from this province. Transport Equipment posted a slight setback of -8.8%. Imports from this province were up 42.4%, which was the highest in terms of the autonomous community overall, mainly due to the rise in the imports of Mineral Products (62.2%) and Metals & Manufactured (48.6%).

Exports from Gipuzkoa posted a 20.6% rise in the first quarter of the year, which was the lowest of the three provinces. Exports of Metals & Manufactured (43.6%), along with Electrical Equipment (11.5%) and Transport Equipment (10.5%) made the greatest contribution to the growth in exports for the quarter. Imports to Gipuzkoa grew by 17%, with the sections of Metal & Manufactured (38.4%), Electrical Equipment (26.5%), along with Paper & Manufactured (61.3%) making the greatest contribution to that result. On the other hand, Mineral Products (-45.6%) and Animal Products (-11%) posted decreases.

Foreign trade of the Basque Country. Monthly data. (Trend)