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Press Release 28/08/2015

FOREIGN TRADE STATISTICS (ECOMEX). II/2015

Exports of goods from the Basque Country grew by 4.3% in the second quarter of 2015

Imports were up by 6.7% over the same period

There was a rise in exports of goods from the Basque Country of 4.3% in the second quarter of 2015, according to EUSTAT data. They reached 5,815 million euros compared to 5,576 million the previous year. The increase in energy products was even greater, reaching 12.4%; there was 3.2% growth for non-energy products.

The imports of goods to the Basque Country reported a 6.7% rise, standing at 4,529 million euros. This growth is very notable if we only consider the non-energy imports, up by 22.7%. On the other hand, nominal energy imports fell 18.4% due to the sharp drop in prices recorded in energy products, which has led to a decrease in the nominal value of the these imports.

The net balance was positive and showed a trade surplus of 1,286 billion euros, with a coverage rate of exports over imports of 128.4%. Considering only non-energy-related products, the trade balance generated a surplus of 1,877 million, which is equivalent to a coverage rate of 159.1% for these products.

Exports destined for the European Union were up by 6.5%, representing 63.1% of the total exports. Amongst these, exports to Italy (19.7%) and France (13.4%) stood out. As for exports to countries that do not belong to the European Union, the decreases in exports to China (-48.1%) and Brazil (-16%) and the increase in exports to Mexico (19%) are particularly noteworthy.

Imports originating from the European Union rose by 27.1% largely as a consequence of the increases seen in a series of countries including Ireland, which increased its imports fivefold, followed by the United Kingdom (80.6%), the Netherlands (56%), Germany (25.3%) and France (14.3%). As for imports from outside the European Community, China holds first place on the list, with an increase of 28.8% for this quarter; the other key positions are held by countries that purchase energy goods, with strong growth in imports from Nigeria (151.8%) and Iraq (29%) and significant declines in imports from Russia (-63.2%) and, to a lesser extent, Mexico (11.3%).

For the export customs duty groups, a growth in Transport Material (22.9%) and Mineral Products (14.4%) and a drop in Metals & Manufactured (-10.2%) stood out. Analysing imports, it is worth mentioning the increases in Chemical Products (151.8%) and Electrical Material (32.4%) and the 18% drop in Mineral Products.

By province, Álava holds first place in the generalised upward trend, with a 9.4% increase in exports as a consequence of the rise in Transport Material (38.2%) and Plastics & Rubber (20.8%) In this province, imports also rose notably, by 41.4%, with the increases in Transport Material (118.2%) and Electrical Material (65.1%) being particularly noteworthy.

Exports from Bizkaia saw a 3.8% advancement, due to the growth that occurred in the exports of Mineral Products (13.9%), Transport Material (15.8%) and Electrical Material (13.6%). Imports suffered a 4% drop, mainly due to the decreases in Mineral Products (-18.3%) and Metals & Manufactured (-5.1%).

In Gipuzkoa, exports saw less dynamism, with overall growth of 0.8%. Specifically, Transport Material grew by 0.7% and Metals & Manufactured, by 0.3%, while Electrical Material fell by 0.3%. Imports from Gipuzkoa grew by 18.4% and among the most important sections were Electrical Material, which increased by 36.3%, and Metals & Manufactured, which saw a 12.5% rise.

In the first quarter of 2015 as a whole, exports fell by 1.3% and imports were down by 2.4%, despite the fact that the evolution of non-energy products was positive in both cases, 2.0% and 15.9%, respectively.

In the accumulated rate for the first six months of 2015, exports from the Basque Country stood at 10,810 billion euros, 1.3% down on the first quarter of 2014. On the other hand, imports totalled 8,356 million, which was a decrease of 2.4%. Excluding energy products, which were affected significantly in their nominal value by the drop in prices, the evolution of the quarter as a whole, including both exports and imports, has been positive with a 2.0% growth for non-energy exports and a 15.9% growth for imports.

The foreign trade balance for the first sixth months showed a surplus, with a positive trade balance of 2,454 million, 69 million euros higher than the previous year. The non-energy foreign balance stood at 3.715 billion euros, which was a decrease of 14.6%. The coverage rate of total exports over imports rose from 127.9% last year to 129.4% in 2015. The coverage rate of non-energy products was 161.5% for the first quarter of 2015 compared with 183.5% for the same period in the previous year.