Press release 21/08/2020
Exports of goods from the Basque Country were down 14.4% in June 2020
In the first six months of 2020, there was an overall decrease in exports of 22.9% compared to the previous year
There was a 14.4% decrease in exports of goods from the Basque Country, in nominal year-on-year terms, according to EUSTAT data. Although these percentages are negative, they are notably lower than those recorded in the previous three months (-21.8% in March, -53.2% in April and -36.0% in May). Total exports stood at 1,890.6 million euros compared to 2,209.2 million in the same month of the previous year. Exports of Energy products decreased by 48.9% and exports of Non-energy products were down 12.1%.
The three provinces shared the pattern indicated above, though it was sharpest in Gipuzkoa, given that it saw a downturn of 28.0%, followed by Álava (-7.9%) and Bizkaia (-6.3%). In the case of Bizkaia, if we exclude Energy Products, we would see a 3.4% growth in non-energy products.
Imports of goods to the Basque Country, with a total of 1,214.7 million euros, fell by 25.5% in relation to June 2019. Energy imports fell by 62.0% (-36.0% if we consider tonnes imported) and Non-energy imports were down 15.6%. At a provincial level the largest decrease was registered in Bizkaia, with 30.1%, followed by Álava (-20.0%) and Gipuzkoa (-19.3%).
There was a positive trade balance of 675.9 million euros. This figure represents an increase in the trade surplus of 16.7% in respect of the same period of the previous year (579.0 million). Analysing solely the Non-energy trade balance reveals that this was equally positive and reached 736.1 million, which represents, if we compare it with the previous year (785.6 million), a decrease of 6.3%.
The coverage rate of exports over imports was down 20.1 percentage points, going from 135.5% to 155.6%. The same rate for Non-energy products went from 161.2% to 167.9%.
This June, ten countries – Germany, France, the United States, Italy, the United Kingdom, Portugal, Belgium, the Netherlands, Poland and Sweden – accounted for 69.5% of our exports. Only two do not belong to the EU-27, which with 1,227.1 million, accounted for 64.9% of Basque Country exports.
SECTOR LEVEL ANALYSIS OF EXPORTS (JUNE 2020)
Analysing the branches of activity (A86), a recovery in exports was observed compared to previous months; thus, in 15 of them – for a total of 48 – more or less pronounced increases were registered. Of the 10 largest, only two increased compared to the same month of the previous year: Electrical Material & Equipment by 4.6% (91.3 million in June 2020) and Rubber Products, by 33.2% (132.7 million). In the remaining cases there were negative percentages ranging from -2.1% in Paper Industry to -50.2% in Other Transport Material.
In addition to the decrease in the aforementioned category, the branches of Iron and Steel Products (-37.5% and 157.5 million in exports) and Coke Plants and Oil Refining (-40.9% and 65.1 million) stood out due to the scale of the downturn in exports.
During June 2020, of the 25 main customs duty groups, 9 registered increases and 16 experienced decreases compared to the same period of the previous year.
The two most important Basque export groups during the aforementioned period were Passenger cars with fewer than 10 seats and Goods Transport Vehicles. The former, with 205.8 million, accounted for 10.9% of the monthly total, after having dropped 16.4%; the latter registered an increase of 46.8% and, in this case, the 159.2 million exported accounted for 8.4% of the aforementioned total.New Rubber Tyres attained third place in the export ranking, with an increase of 44.6% and a sales volume of 112.4 million euros.
The next group on this scale, Vehicle Parts and Accessories, was down 21.0% and Refined Petroleum Oils fell 48.2%. Taps, valves and similar appliances for pipes, which took sixth place, was down 1.2%, and Diesel and electric motor units for railway tracks and motorised trams, which took seventh place, fell 61.3%.
Within this classification and in terms of positive trends, there were significant increases in Electric generating sets and rotary converters (645.4%), Plastic items for transport, packaging or fastening (683.1%) and Bread, cake, biscuit, cone and wafer products (314.9%)
ÁLAVA. Exports during June 2020
Exports from Álava were down by 7.9%. Of the ten main groups, which make up 75.0% of the total, only two saw positive growth rates, the most significant of which was the vehicle sector, Goods Transport Vehicles (46.2%). However, other groups in the same sector experienced major downturns, such as Vehicle Parts and Accessories (-23.5%), New Rubber Tyres (-15.1%) and Passenger cars with fewer than 10 seats (-17.1%).
BIZKAIA. Exports during June 2020
In Bizkaia exports fell by 6.3%. The biggest contributor to this phenomenon was Refined Petroleum Oils (-48.7% and 47.2 million decrease), together with Aluminium sheets and strips of a thickness exceeding 0.2 mm (-34.8% and a 9.0 million downturn) and Vehicle Parts and Accessories (-13.6% and down 7.4 million), among others. Of particular note was the good performance of New Rubber Tyres, with 82.5% growth (38.7 million up on June 2019) and Electric generating sets and rotary converters (3,003.4%) with an increase of 28.7 million.
GIPUZKOA. Exports during June 2020
Gipuzkoa, like the other provinces, also registered a decline in exports this month (-28.0%), which is not surprising if we take into account that eight of its ten main export duty groups were down compared to the same month of the previous year. Standing out were the decreases in Diesel and electric motor units for railway tracks and motorised trams (-61.3% and -65.0 million), Railway or tramway vehicle parts (-66.3% and down 24.3 million), Iron or non-alloy steel sections (-48.3% and -23.5 million) and Vehicle Parts and Accessories (-26.3% and -17.7 million).
ANNUAL ACCUMULATE (FIRST SIX MONTHS OF 2020): the foreign trade balance generated a surplus of 2,227 million euros and the coverage rate stood at 128.4%
For the first six months of 2020 as a whole, and for exports from the Basque Country, a decrease of 22.9% was registered compared to the same period of the previous year, which translated into a fall of 2,993.5 million euros. The total amount of exports this period stood at 10,061.4 million euros; the greatest contributor to this figure was Bizkaia, with 3,892.8 million (38.7% of the total), followed by Gipuzkoa (3,265.0 million) and Álava (2,903.5 million).
Bizkaia exports decreased by 20.5% in year-on-year terms (down 1,006.6 million on 2019). In Álava exports decreased by 22.1% (down 826.1 million) and they fell by 26.2% in Gipuzkoa (down 1,160.8 million).
Considering the type of exported product, it was Non-energy products, with a decrease of 2,565.5 million, which accounted for the majority of the aforementioned drop, although Non-energy products were also down compared to the same quarter of the previous year (-428.0 million).
The ten most exported products (export duty groups) during the first six months of 2020 accounted for 40.2% of exports, reaching a total of 4,040.4 million. All registered decreases in respect of the same period of 2019. Half of these decreases stood above 100 million euros, with three of them standing out with downturns of around 300 million; specifically, these were products connected to the vehicle sector: Diesel and electric motor units for railway tracks and motorised trams were down 54.8% (-305.9 million euros);Passenger cars with less than 10 seats dropped 25.3% (-297.7 million); Goods Transport Vehicles decreased by 25.2% (-193.9 million); and Vehicle parts and accessories fell by 30.8% (-277.5 million).
The export ranking in these first five months of 2020 situates Germany as the prime receiver country of Basque exports, with 17.1% of the total exported. Germany is followed by France (15.7%), the United States (7.0%) and the United Kingdom (6.3%). Between them, these four countries accounted for almost 46.1% of Basque exports.
Accumulated imports for the Basque Country as a whole during the period in question amounted to 7,834.3 million euros. Comparing this figure in year-on-year terms we see that it is 2,592.8 million down on that registered in the same period of 2019. This decrease (24.9%) is largely due to the fact that the province of Bizkaia (with imports of 4,382.4 million) registered a downturn of 26.9%, that is, 1,613.2 million down on the same period of the previous year. Imports decreased in Bizkaia (-22.2% and down 499.7 million) and also in Álava (-22.1% and down 479.9 million); the value of imports in these two provinces stood at 1,756.1 and 1,695.8 million euros, respectively. Imports of Energy Products fell by 41.6% and those of Non-energy Products were down 19.0%.
Foreign trade in goods in the Basque Country during the first six months of 2020 had a positive balance of 2,227.1 million euros, maintaining a positive coverage rate of 128.4%.
For further information:
Eustat - Euskal Estatistika Erakundea / Basque Statistics Institute
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