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Press Release 29/08/2014

FOREIGN TRADE STATISTICS OF THE BASQUE COUNTRY (ECOMEX). II/2014

Exports from the Basque Country were down by 0.6% in the second quarter of 2014

However, in the first quarter of 2014 as a whole, exports grew by 5.4%

There was a nominal drop in exports from the Basque Country of 0.6% in the second quarter of 2014, according to EUSTAT data. They stood at 5.576 billion euros compared to 5.609 billion the previous year. The drop for non-energy products was the greatest, at 3.6%.

Imports to the Basque Country reported a 10.2% nominal rise in the second quarter of the current year and totalled 4.246 billion euros. If only non-energy imports are considered, for the same period there was a decrease (-0.1%), valued at 2.587 billion.

From these data it can be gathered that in this period the trade balance was positive and showed a surplus of 1.330 billion euros, with a coverage rate of exports over imports of 131.3%. If energy products are excluded, the non-energy trade balance registered a surplus of 2.311 billion, 182 million less than that registered in the second quarter of 2013. The non-energy coverage rate went from 196.3% in 2013 to 189.3% in 2014.

Exports destined for the European Union grew by 3.6% with regards to the same period of 2014, and stood at 62% of the total exported. Although exports to the two main European customers, France and Germany, diminished by 7.8% and 1.6% respectively, they were compensated for with year-on-year increases of exports to United Kingdom (11.1%), Italy (4.9%), the Netherlands (76.2%), Portugal (1.1%) and Belgium (8.8%), among others. Outside the EU28 increases in exports to USA (19.3%), China (54.6%), Algeria (64.4%) and Morocco (36.0%) were significant, as were the decreases in exports to Brazil (-20.1%) and Mexico (-12.6%).

Imports from the European Union increased by 13.5%, growth which is essentially based on increased energy imports, mostly from Latvia and Estonia. If the energy effect is discounted, imports from the EU28 grew by 0.6%, and those from the Netherlands (19.2%) and Italy (11.6%) stand out due to their volume and year-on-year increases. There were decreases in imports from Germany (-3.0%) and France (-0.2%). From outside of the EU28, the growth in imports from China (6.5%) stand out. Although primarily energy-related, there was also significant growth in those from Iraq, Algeria, Angola and Nigeria.

By customs duty sections, from among those of the greater weight, export growth in Mineral Products (28.3%) and Metals & Manufactured (9.4%) and decreases in Transport Material(-18.3%) and Electrical Material, (-2.7%) stand out. These four sections accounted for 79% of total exports for the quarter.

Analysing the imports, the growth of Mineral Products (30.5%), which accounted for 40% of imports, stands out. Growth in Transport Material(10.5%)and Metals & Manufactured (2.0%) also stands out. By contrast, Electrical Material (-5.5%) and Plastics and Rubber (-11.7%) both fell.

The quarterly performance of foreign trade of the Basque Country in terms of exports changed according to the Province in question. They were thus up by 4.9% in Gipuzkoa, whereas Álava and Bizkaia registered negative rates of 2.0% and 3.5%, respectively. The increase in exports from Transport Material(16.9%) has substantially contributed to export growth in Gipuzkoa. In the case of Álava, the growth of Metals & Manufactured (12.4%) was not able to compensate for drops in Electrical Material (-23.4%) andFats & Oils (-46.9%). In Bizkaia the drop in exports in Transport Material (-55.9%) was a determining factor in the reduction of its exports, and were not compensated by the increases posted in Mineral Products (28.3%) and Metals and Manufactured (12.3%). In terms of imports, Bizkaia and Gipuzkoa registered growth of 16.3% and 5.6% respectively, while Álava recorded a negative rate of 7.6%.

In the first quarter as a whole exports rose 5.4% and imports 10.5%

In the accumulated rate for the first six months of 2014, exports from the Basque Country stood at 10.948 billion euros, 5.4% up on the first quarter of 2013. Furthermore, imports stood at 8.563 billion, having increased by 10.5%.

The total transaction volume (exports + imports) of the first six months of the year came to 19.511 billion euros, compared to the figure of 18.137 billion for the first six months of 2013, that is, 7.6% up on the previous year.

The foreign trade balance for the first sixth months showed a surplus, with a positive trade balance of 2.385 billion, 255 million euros lower than the previous year. The non-energy foreign balance was 4.349 billion euros, which was a decrease of 3.0%. The coverage rate of total exports over imports fell from 134.1% last year to 127.9% in 2014. The coverage rate of non-energy products was 183.5% for the first six months of 2014 compared with 189.1% for the same period in 2013.