Press Release 30/06/2023
FOREIGN TRADE UNIT VALUE INDICES - IVU. I/2023
The rate of export prices grew by 6.7% in the first quarter of 2023 in the Basque Country
Imports recorded 1.1% growth
During the first quarter of 2023, the prices of exports posted an increase of 6.7% compared to the same quarter of 2022, according to Eustat data. If we compare this with the previous quarter, there was an upturn of 2.6%.
Prices of imports also followed this trend, as they increased by 1.1% in year-on-year terms and 0.3% in respect of the first quarter of 2022.
Prices for energy exports rose by 8.3% compared to the previous year, whereas prices for non-energy exports were up by 7.3%. Compared to the previous quarter, prices of energy products increased by 7.7% and those of non-energy products rose by 2.9%.
The year-on-year rate of the price index for imports of energy products fell by 6.1% and that of non-energy products was up 3.3%. In comparison with the previous quarter, there was a 1.4% drop in energy prices and an increase of 1.2% in non-energy prices.
Unit value index of Foreing Trade for the Basque Country by economic destination (%). 2023/I
| | EXPORTS | IMPORTS |
| | t/t-1 | t/t-4 | t/t-1 | t/t-4 |
| General index | 2,6 | 6,7 | 0,3 | 1,1 |
| | | | | |
| Energetic products | 7,7 | 8,3 | -1,4 | -6,1 |
| Non energetic products | 2,9 | 7,3 | 1,2 | 3,3 |
| Consumer goods | 3,3 | 13,2 | 0,0 | -0,1 |
| Capital goods | 1,6 | 3,8 | 3,3 | 13,7 |
| Intermediate goods | 2,5 | 5,8 | 0,1 | 0,4 |
(t / t-1) Variation rate of the last quarter observed with regards to the immediately preceding quarter
(t / t-4) Year-on-year variation rate of the last quarter observed with regards to the same quarter of the previous year
Date June 30, 2023
Source: Eustat. Foreign trade unit value indices-IVU
As regards classification of goods by economic destination, it is worth highlighting the increase in the prices of exports of Consumer Goods (13.2%), Intermediate Goods (5.8%) and Capital Goods (3.8%), compared to the previous year. Regarding the fourth quarter of 2022, growth was also seen in export prices for all three sectors: Intermediate Goods were up 2.5%, Consumer Goods rose by 3.3% and Capital Goods increased by 1.6%.
Analysing imports, it can be observed that prices of Consumer Goods were the only ones that decreased in the year-on-year comparison (-0.1%), while in respect of the previous quarter, they recorded a rate of 0.0%. As for the other two types of goods, Intermediate Goods and Capital Goods, these increased in comparison with both the previous year, by 0.4% and 13.7% respectively, and the previous quarter, by 0.1% and 3.3%, in the same order.
Taking into account the economic areas exports are sent to, prices in relation to the previous quarter rose in all areas. They increased by 2.2% in the OECD, in the EU-28 and the Eurozone by 2.1% and by 4.2% in the Rest of the World. The trend repeats with regards to the first quarter of 2022: there were significant price increases in all the economic areas; with Rest of the World (7.1%) and the OECD (6.7%) being especially noteworthy. The remaining areas were not far behind, with the EU-28 registering a growth rate of 5.9% and the Eurozone an increase of 5.5%.
Unit value index of Foreing Trade for the Basque Country by economical area (%). 2023/I
| | EXPORTS | IMPORTS |
| | t/t-1 | t/t-4 | t/t-1 | t/t-4 |
| General index | 2,6 | 6,7 | 0,3 | 1,1 |
| | | | | |
| Euro zone | 2,1 | 5,5 | -0,6 | 3,5 |
| EU-28 | 2,1 | 5,9 | -1,3 | 2,0 |
| OECD | 2,2 | 6,7 | -0,7 | 0,4 |
| Rest of the world | 4,2 | 7,1 | 2,9 | 3,3 |
(t / t-1) Variation rate of the last quarter observed with regards to the immediately preceding quarter
(t / t-4) Year-on-year variation rate of the last quarter observed with regards to the same quarter of the previous year
Date June 30, 2023
Source: Eustat. Foreign trade unit value indices-IVU
For imports, all the geographical areas showed decreases in prices compared to the previous quarter, with the exception of Rest of the World where they rose by 2.9%. In relation to the same quarter of the previous year, the growth rates were positive in every economic area, especially Rest of the World (3.3%) and the Eurozone (3.5%).
For further information:
Eustat - Euskal Estatistika Erakundea / Basque Statistics Institute
C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz
Press Service: servicioprensa@eustat.eus Tel.: 945 01 75 62
Further press releases on foreign trade unit value indices - IVU of the Basque Country
Databank on foreign trade unit value indices - IVU of the Basque Country