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Press Release 27/05/2016

FOREIGN TRADE STATISTICS (ECOMEX). I/2016

Exports of goods from the Basque Country grew by 2.4% in the first quarter of 2016

There was significant growth in exports of Transport Material (25.0%) and the drop in Metals & Manufactured (-15.9%)

There was a rise in exports of goods from the Basque Country of 2.4% in the first quarter of 2016, according to EUSTAT data. They totalled 5.115 billion euros compared to 4.996 billion in the same quarter of the previous year. Exports of energy goods increased by 18.3% compared to the previous year.

Imports of goods, for their part, experienced a fall of 7.6%, reaching the figure of 3.536 billion euros. This decrease is even greater if we only consider energy imports (-36.3%), the value of which has fallen to 614 million. Non-energy imports, on the other hand, grew by 2%.

Evolution of the foreign trade of the Basque Country. Thousands of eurosI/2016
Source: Eustat. Foreign trade statistics (ECOMEX)

The net balance was positive and showed a trade surplus of 1,579 million euros, with a coverage rate of exports over imports of 144.7%. If energy-related products are excluded, the non-energy trade balance generated a surplus of 1.845 billion, which is equivalent to a coverage rate of 163.1% for these products.

Exports destined for the European Union were up by 7.6%, representing 67.2% of the total exports. There were significant rises in exports to Belgium (35.9%), Germany (7.7%), Portugal (7.5%) and France (7.4%), and decreases in those to Italy (-3.8%) and the United Kingdom (-0.6%). As regards exports to non-EU countries, there were increases in those to Turkey (24%), China (22.3%) and the United States (15.3%), and exports to Mexico decreased (-16%).

Imports from the European Union were down 4.5% as a result, in large part, of the decreases in imports from the United Kingdom (-56.6%), essentially energy-related, the Netherlands (-18.5%) and France (-12%). The only major country from which imports did not decline in this way was Germany, with a 23% increase. As regards the rest of the world, imports from China fell (-5.9%) and those from Russia (23.4%) and Nigeria (96%) increased, the latter two being clearly energy-related.

By customs duty groups, and in relation to exports, special mention should be made of the downturn in Metals & Manufactured (-15.9%) and the increase in Transport Material (25.0%) and Mineral Products (15.6%). Looking at imports, it is worth noting the increase in Electrical Material (23.1%) and the drops in Mineral Products (-36.3%) and in Metals and Manufactured (-16.7%).

By province, it is worth pointing out that in Álava there was 26.6% increase in exports due to the significant rise in its main export product, Transport Material (69.6%). Imports to Álava increased by 31% as a result of the upturns in Transport Material (79.8%) and Electrical Material (48.9%).

Exports from Bizkaia fell by 8.3% due to the drop in exports of Metals & Manufactured (-17.8%), Transport Material (-11.3%) and Electrical Material (-9.8%). Mineral Products (15.6%) were the only ones of the largest sections to soften the downward trend. Imports in Bizkaia experienced a 20.4% reduction as a result of the significant drop in Mineral Products (-36.8%) and Metals & Manufactured (-21.3%). On the other hand, Electrical Material imports were up 19%.

In Gipuzkoa, exports also fell (-4.1%) but to a lesser extent than in Bizkaia. Among the most important sectors were Transport Material, which fell by 12.3%, as well as Electrical Material and Metals & Manufactured which posted decreases of 2.2% and 10.1% respectively. Imports in Gipuzkoa also registered downturn of 6.5%. The drop in Metals & Manufactured (-21.1%) was the most significant among the largest sections.