Press Release 17/06/2024

FOREIGN TRADE STATISTICS (ECOMEX). April 2024

Exports of goods from the Basque Country were up 4.9% in April 2024

In the first four months of 2024 as a whole, exports fell by 11.5%, but there was still a positive trade balance of over 900 million euros

In April 2024, exports of goods from the Basque Country recorded a year-on-year increase of 4.9%, according to EUSTAT data. They totalled 2,537 million euros compared to 2,419 million in the same month of the previous year. Exports of Energy products were up 38.4% and those of Non-energy products increased by 3.6%.

Álava saw exports decline by 9.9%, while they grew by 15.9% in Bizkaia, and were up 7.0% in Gipuzkoa.

Imports of goods to the Basque Country rose by 18.1%, reaching a total of 2,644 million euros. Energy imports increased by 21.1%, and Non-energy imports were up 16.9%.

The trade balance was negative (-106.8 million) and the coverage rate stood at 96.0%. This is the first negative balance since December 2022 (when it was negative for three months). The highest negative balances were recorded in 2006 (when imports predominated for nine months).

Imports grew by 4.3% in Álava, 20.8% in Gipuzkoa and 22.4% in Bizkaia.

Analysis by product

A more detailed look reveals that the five main export duty groups this month were: “Vehicle parts and accessories” (191.9 million in exports, up 19.6 million on the previous year, an increase of 11.4%), “Passenger cars with fewer than 10 seats” (168.6 million, but down 38.6 million or -18.6%), “Goods transport vehicles” (110.4 million, down 37.9 million on the same month of 2023 and -25.6%), “Refined petroleum oils” (104.8 million, up 36.4 million and 53.2%) and “New rubber tyres” (90.3 million, down 24 million and -21.0%). These groups accounted for 26.2% of the total in April, with a combined value of 665.9 million euros.

In Álava, the two main customs duty groups, “Passenger cars with fewer than 10 seats” (-18.7%) and “Goods transport vehicles” (-25.7%), registered decreases in respect of the previous year, with a decline in exports of 38 million euros each. There was also a decrease in exports of “Seamless tubes and hollow profiles made of iron or steel” (-50.9%, down 32.7 million). Four of the ten main customs duty groups belonged to the vehicle sector and accounted for 53.6% of the total.

In Bizkaia, only “New rubber tyres” (-51.6%, down 34.3 million) posted a negative rate, while the other groups recorded positive variations. Of particular note were “Refined petroleum oils” (59.1%, up 38.1 million), “Transmission shafts, bearings, gear units, clutches, etc.” (730.1%, up 24.3 million) and “Fishing vessels and factory ships for processing marine products” (21 million in exports, 0 in the same month of the previous year).

Standing out in Gipuzkoa were the rises in exports of “Vehicles for transporting 10 or more people, including the driver” (153.5% and 11.7 million more than in the same month of the previous year), “Lifts, Escalators, Transporters, etc.” (127.2% and 11.4 million more) and “Vehicle parts and accessories” (16.2% and 11.6 million more). In contrast, there were decreases in exports of “Diesel and electric motor units for railway tracks and motorised trams” (-36.5%, down 18.3 million euros) and “Taps, valves and similar appliances for pipes” (-17.8%, down 5.7 million).

Source/destination countries, April 2024

This month, five countries occupied the top positions in the export ranking:

- France: 386.3 million euros’ worth of exports were sent to this country and it had a coverage rate of 193.1%. Standing out among the 686 types of products received were “Vehicle parts and accessories” (32.7 million), “Goods transport vehicles” (19.6 million) and “New rubber tyres” (19.2 million).

- Germany: received products from the Basque Country worth 355.5 million euros, with a coverage rate of 106.3%. Of particular note were “Passenger cars with fewer than 10 seats” (73.3 million), “Vehicle parts and accessories” (37.3 million), “Goods transport vehicles” (28.9 million) and “New rubber tyres” (14.6 million).

- United Kingdom: exports amounted to 199.8 million euros, with a coverage rate of 518.5%. The customs duty groups that stood out were “Refined petroleum oils” (30.6 million), “Turbo-reactors, turbo-propellers and other gas turbines, and their parts and components” (18.8 million) and “Iron or non-alloy steel sections” (18.2 million).

- Italy: a customer worth 172.3 million euros, with a coverage rate of 160.5%. Most exports were in “Passenger cars with fewer than 10 seats” (11.6 million), “Soya-bean oil” (10.6 million) and “New rubber tyres” (9.1 million).

- Belgium: where 141.7 million euros’ worth of Basque exports were sent, achieving a coverage rate of 280.0%. In this country, the most sought-after products this month were “Goods not specifically covered by the customs tariff” (39.4 million - 59,774 tonnes), “Refined petroleum oils” (17.3 million)” and “Unrefined copper and copper anodes for electrolytic refining” (16.4 million).

These countries absorbed 49.5% of total exports; four of them belong to the EU27, which accounted for nearly two thirds of exports (63%).

Looking at imports, it can be seen that the most significant group, “Petroleum oils or oils obtained from bituminous minerals” (22.3% of the total), registered an increase of 67.0%. The subsequent groups in terms of size also experienced growth, as was the case for “Refined petroleum oils” (27.0%), “Vehicle parts and accessories” (30.7%), and “Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, hot-rolled, not clad, plated or coated” (53.8%).

Foreign trade of goods in the Basque Country had a positive balance of 914.9 million euros for the accumulated period from January to April 2024

For the first four months as a whole, and for exports from the Basque Country, a drop of 11.5% was registered compared to the same period of the previous year, which represented a decrease of 1,309 million euros. The total amount of exports in this period was 10,066.4 million.

Bizkaia exports were the largest in the Basque Country, with a total of 3,896.9 million euros. Gipuzkoa accounted for 3,173.9 million and Álava 2,995.5 million. In terms of the type of product, “Non-energy products” were the most numerous, with 9,432.7 million in exports.

A more detailed look reveals that the main customs duty group, “Vehicle parts and accessories” (788.3 million), saw growth of 5.9%, but the remaining groups in the top ten registered a downturn in exports that ranged from -41.2% for “Seamless tubes and hollow profiles made of iron or steel” to -1.2% for “Refined petroleum oils”.

Within this top ten, the most dramatic declines were recorded for “Passenger cars with fewer than 10 seats” (-26.0% and 275.5 million less than in the same period of the previous year) and “Goods transport vehicles” (-27.2% and 208.2 million less).

The export ranking for the first four months of 2024 placed France as the prime receiver country of Basque exports, with 17% of the total exported. France was followed by Germany (15%) and the United Kingdom (7%). Between them, these three countries accounted for almost 40% of Basque exports.

Cumulative imports for the Basque Country as a whole during the period in question amounted to 9,151.4 million euros. The year-on-year comparison of this figure revealed that it was 214.6 million euros down on the equivalent for the same period of the previous year. This decrease was largely due to the fact that in this period the province of Álava (with cumulative imports of 1,903.8 million) registered a downturn of 9.1%, i.e. 190 million less than during the same period of 2023. Imports also fell in Gipuzkoa (down 36 million for a total of 1,756.8 million), but grew in Bizkaia (up 11.6 million, with a total of 5,490.8 million). Imports of “Non-energy products” fell by 6.6% and those of “Energy products” rose by 10.3%.

Foreign trade of goods in the Basque Country from January to April 2024 had a positive balance of 914.9 million euros and the coverage rate reached 110.0%.

96.5% of Basque exports in this period had some degree of “technological level”, which was “high” or “medium-high” in 52.5% of cases. In terms of imports, 71.4% had a technological level. These “technological” products are those whose manufacture has a certain degree of complexity and in many cases, especially at the higher levels, requires ongoing research effort and a solid technological base.

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