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Press Release 27/11/2015

FOREIGN TRADE STATISTICS (ECOMEX). III/2015

Exports of non-energy goods from the Basque Country increased slightly and imports increased by 10% in the third quarter of 2015

When taking into account energy products in addition, exports decreased by 0.2% and imports by 5.7%

There was a drop in exports of goods from the Basque Country of 0.2% in the third quarter of 2015, according to EUSTAT data. They stood at 5,416 million euros compared to 5,429 million the previous year. However, if we only consider exports of non-energy goods, their value remained slightly above that of the same quarter of the previous year, reaching 4,647 million euros.

Imports of goods experienced a fall of 5.7%, reaching a total amount of 4,291 million euros. This decrease is even greater for energy imports (-28.8%), the value of which has fallen to 1,314 million. Non-energy imports, on the other hand, grew by 10%.

Evolution of the foreign trade of the Basque Country. Third quarter of 2015. Thousands of euros
Source: Eustat. Foreign trade statistics (ECOMEX)

The net balance was positive and showed a trade surplus of 1,126 million euros, with a coverage rate of exports over imports of 126.2%. If energy-related products are excluded, the non-energy trade balance generated a surplus of 1,670 million, which is equivalent to a coverage rate of 156.1% for these products.

Exports destined for the European Union were up by 0.9%, representing 64.1% of the total exports. In particular this includes an increase in those to the United Kingdom (16.3%) and Italy (6.7%) and a decrease in those destined for the Netherlands (-11.6%) and Germany (-7.1%). Among extra-Community exports, of particular note are the increases in those destined for Brazil (24.7%), Mexico (10%) and the United States (9.4%) and the fall in those destined for China (-32.5%).

Imports originating in the European Union fell by 3%, fundamentally as a consequence of the drops recorded in Irish imports (-41.5%) and in those coming from Estonia (-99.2%) and Latvia (-99.8%), the latter two purely of energy products. In the opposite direction, the large increase in German imports stands out (32.4%). Regarding the rest of the world, it should be indicated that there was a reduction in imports from Mexico (-35.6%) and Russia (-19.3%) along with a substantial increase in those coming from Angola, all of energy. Also significant is the increase from China (28.2%), which, for the last four quarters, has become the main source of extra-Community imports.

For the export customs duty groups, drops in Transport Material (-3.8%), Mineral Products (-2.5%) and Metals & Manufactured (-1.4%) stood out because of their magnitude. Electrical Material, however, grew by 8.2%. Regarding imports, it should be indicated that there was an increase in Electrical Material (38.4%) and a decrease in Mineral Products (-28.4%).

If we focus the analysis on the provinces, Álava was the only province that decreased its exports, by 9.4%, due to the drop in its most important products, Metals & Manufactured (-21%), Transport Material (-11.1%), Plastics & Rubber (-5.8%) and Electrical Material (-2%). Imports, on the other hand, increased by 39.8% as a consequence of the increase in Transport Material (170.8%), Electrical Material (64.6%) and Metals & Manufactured (6%).

Exports from Bizkaia grew by 2.4% due to the increase experienced by Electrical Material (11.3%), Metals & Manufactured (9.6%) and Transport Material (6.8%). In this province, imports suffered a drop of 18.5% as an effect of the substantial fall in Mineral Products (-28.6%) and Chemical Products (-34.3%).

In Gipuzkoa exports also grew, by 4.4%. Among the most relevant groups, the increases in Electrical Material (8.8%) and Transport Material (3.1%) stood out. Imports recorded a rise of 15.6%, given that Electrical Material increased by 28.9% and Metals & Manufactured by 12.9%.