Press release 20/12/2019
Total exports of goods from the Basque Country decreased by 7.1% in October 2019, and imports by 8.9%
Foreign trade in goods from the Basque Country from January to October 2019 had a positive balance of 4,334 million euros
In October 2019 there was a 7.1% drop in exports of goods from the Basque Country, in year-on-year terms, according to EUSTAT data. They totalled 2,362 million euros compared to 2,543 million in the same month of the previous year. Exports of Energy products fell by 34.0% and Non-energy product exports by 2.8%.
Bizkaia is the province that registered the largest downturn, 20.4%, due to the decrease both in exports of Energy products (-33.4%) and Non-energy products (-14.6%). In Álava, exports were up by 0.4% and in Gipuzkoa by 6.8%.
Imports of goods to the Basque Country experienced a drop of 8.9%, and stood at a total of 1,757 million euros. Energy imports decreased by 26.4% and Non-energy imports rose by 0.2%.
By province, imports were down in Bizkaia (-14.6%) and Gipuzkoa (-8.3%), whereas they were up 8.8% in Álava.
Analysing the largest A86 branches of activity, and in relation to exports, of particular relevance this month was a stabilisation in exports of products relating to the Manufacture of motor vehicles, which rose by 0.3%; this was also the branch with by far the highest volume of exports (23.3% of the total). The sixth largest (5.7% of the total), Other Transport Material, registered a significant increase (113.2%); the second, General Use Machinery was down 2.1%, and the third, Iron and Steel products, fell by 30.3%. Coke Plants & Oil Refining decreased by 36.7% and Metal Products by 17.6%.
A more detailed look at the main export duty groups reveals notable increases in, Passenger cars with fewer than 10 seats, up 31.7%, Diesel and electric motor units for railway tracks and motorised trams, with an increase of 436.9%, and Insulated electrical conduction wires and cables and optical fibre cables, (166.8%); there was also significant growth in Railway or tramway vehicle parts (48.5%). By contrast, also of note is the sharp drop in Refined Petroleum Oils (-29.1%), Vehicle Parts and Accessories (-12.4%) and Goods transport vehicles (-23.0%).
This month five countries (Germany, France, United Kingdom, United States and Portugal) absorbed over 50% of total exports from the Basque Country (51.9%). This development stems from Portugal supplanting nations such as Italy, Belgium and the Netherlands, which have traditionally occupied fifth place. The EU-28, with 1,638.1 million exported, accounts for 69.3% of exports.
Analysing imports by A86 branches of activity reveals that the largest, Extraction and Petroleum Industries (25.7% of the total), saw a drop of 23.8%. There was also a decrease in imports of Iron and Steel products (-23.0%) and General Use Machinery (-1.4%). By contrast, imports of Motor vehicles and parts thereof posted an increase of 17.9%.
ACCUMULATED BALANCE FOR THE FIRST TEN MONTHS OF 2019
For the first ten months of 2019 as a whole, exports from the Basque Country (21,237.7 million) registered a decrease of 1.9% compared to the same period of the previous year, which translated into a reduction of 421.2 million euros. Energy exports were the reason for this drop, given that they were down 20.0%, whereas Non-energy exports were up by 0.1%.
Accumulated imports for the Basque Country as a whole during the period in question amounted to 16,903.7 million euros. Looking at this figure in year-on-year terms we see that it represents 51.9 million less than that registered in the same period of 2018, which translates into a decrease of 0.3%. Imports of Energy Products rose by 6.0% and those of Non-energy Products fell by 2.0%.
Foreign trade in goods in the Basque Country from January to October 2019 had a positive balance of 4,334 million euros, which is equivalent to a coverage rate of 125.6%.