Press Release 19/07/2024

FOREIGN TRADE STATISTICS (ECOMEX). May 2024

Exports of goods from the Basque Country were up 5.8% in May 2024

In the cumulative period of the first five months of 2024, exports fell by 8.1%, but there was still a positive trade balance of over 1,500 million euros

In May 2024, exports of goods from the Basque Country recorded a year-on-year increase of 5.8%, according to EUSTAT data. They totalled 2,990 million euros compared to 2,827 million in the same month of the previous year. Exports of Energy products increased by 170.3% and those of Non-energy products decreased by 1.2%.

Álava saw exports decline by 17.6%, while in Bizkaia they grew by 16.4%, and in Gipuzkoa they were up 18.4%.

Imports of goods to the Basque Country experienced a drop of 2.8%, reaching 2,402 million euros. Energy imports were up 36.9%, and Non-energy imports were down 13.2%.

The trade balance was positive (588 million) and the coverage rate stood at 124.5%.

Imports fell by 11.3% in Álava, they were down 6.0% in Gipuzkoa, and they grew by 1.5% in Bizkaia.

Analysis by product (Customs Duty Group)

A more detailed look reveals that the five main export duty groups this month were: “Refined petroleum oils” (285.3 million in exports, up 193.1 million on the previous year, an increase of 209.6%), “Vehicle parts and accessories” (211.4 million, with 14.3 million more and an increase of 7.2%), “Passenger cars with fewer than 10 seats” (188.8 million, but down 74.6 million on the same month of 2023 and -28.3%), “Goods transport vehicles” (115.5 million, down 86.5 million less and a decrease of 42.8%) and “New rubber tyres” (88.2 million, down 34.1 million and -27.9%). These groups accounted for 29.7% of the total in May, with a combined value of 889 million euros.

In Álava, the two main customs duty groups, “Passenger cars with fewer than 10 seats” (-30.6%) and “Goods transport vehicles” (-42.9%), registered significant decreases in respect of the previous year, with a decline of 79 million for the former and 86 million for the latter. There was also a decrease in exports of “Seamless tubes and hollow profiles made of iron or steel” (-32.9%, down 18.7 million). Meanwhile, four of the ten main customs duty groups belonged to the vehicle sector and accounted for 54% of the total.

In Bizkaia, of particular note were the increases in “Refined petroleum oils” (213.0% and 192.5 million more than in the same period of the previous year) and “Fishing vessels and factory ships for processing marine products”, with 21.3 million euros in exports. Among the largest customs duty groups, the only significant decline was in exports of “New rubber tyres” (-64.5%, down 44.4 million).

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Looking at imports, it can be seen that the most significant group, “Petroleum oils or oils obtained from bituminous minerals” (21.9% of the total), registered an increase of 32.6%, with 525.6 million in imports. The subsequent group in terms of size, “Refined petroleum oils”, also experienced growth (90.5% and 173.4 million), but the following seven groups recorded decreases ranging from 5.1% for “Vehicle parts and accessories” to 39.6% for “Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, hot-rolled, not clad, plated or coated”.

Source/destination countries, May 2024

This month, the top positions in the export ranking were occupied by:

- France: 433.7 million euros’ worth of goods were exported to this country, with a coverage rate of 238.3%. Standing out among the 667 types of products were “Refined petroleum oils” (62.9 million), “Vehicle parts and accessories” (27.8 million), “New rubber tyres” (22.9 million) and “Goods transport vehicles” (17.1 million).

- Germany: received products from the Basque Country worth 397.3 million euros, with a coverage rate of 129.0%. The most exported products were “Passenger cars with fewer than 10 seats” (110.0 million), “Vehicle parts and accessories” (38.3 million), “Goods transport vehicles” (37.2 million) and “New rubber tyres” (14.4 million).

- United Kingdom: exports amounted to 246.5 million euros, with a coverage rate of 255.3%. The customs duty groups that stood out were “Refined petroleum oils” (65.0 million), “Turbo-reactors, turbo-propellers and other gas turbines, and their parts and components” (24.9 million), “Constructions made from iron or steel sheets, bars, sections, tubes and similar” (24.1 million) and “Iron or non-alloy steel sections” (11.5 million).

- United States: sales to this country reached 227.6 million, with a coverage rate of 169.9%. Most exports were in “Refined petroleum oils” (29.1 million), “Electric transformers, static converters and inductors” (19.8 million), “Iron or non-alloy steel sections” (18.9 million) and “Seamless tubes and hollow profiles made of iron or steel” (14.4 million).

- Italy: where 185.9 million euros’ worth of Basque exports were sent, achieving a coverage rate of 160.6%. In this country, the most sought-after products this month were “Refined petroleum oils” (16.5 million), “New rubber tyres” (8.9 million), “Diesel and electric motor units for railway tracks and motorised trams” (8.6 million) and “Vehicles for transporting 10 or more people, including the driver” (7.9 million).

These countries absorbed 49.9% of total exports; four of them belong to the EU27, which accounted for 57.7% of exports.

Foreign trade of goods in the Basque Country had a positive balance of 1,503 million euros for the cumulative period of January to May 2024

For the first five months as a whole, and for exports from the Basque Country, a drop of 8.1% was registered in respect of the same period of the previous year, which represented a decrease of 1,146 million euros. The total amount of exports in this period was 13,056.3 million.

Bizkaia exports were the largest in the Basque Country, with a total of 5,112.7 million euros, Gipuzkoa accounted for 4,177.0 million and Álava 3,766.6 million.

In terms of the type of product, “Non-energy products” were the most numerous, with 12,114.6 million.

A more detailed look reveals that the main customs duty group, “Vehicle parts and accessories” (999.7 million), saw growth of 6.2%, but nearly all the remaining groups in the top ten registered a downturn in exports that ranged from -40.4% for “Seamless tubes and hollow profiles made of iron or steel” to -2.3% for “Other iron or steel articles”.

Within this top ten, the greatest increase in exports was seen in “Refined petroleum oils” (30.5%, with 800 million in exports and 187 million more than in the same period of the previous year). The most dramatic declines were recorded for “Seamless tubes and hollow profiles made of iron or steel”, as mentioned above, “Passenger cars with fewer than 10 seats” (-26.5% and 350 million less) and “Goods transport vehicles” (-30.5% and 294.7 million less).

The export ranking for the first five months of 2024 placed France as the prime receiver country of Basque exports, with 16.5% of the total exported. France was followed by Germany (14.4%) and the United Kingdom (7.3%). Between them, these three countries accounted for almost 40% of Basque exports (38.1%).

Cumulative imports for the Basque Country as a whole amounted to 11,553.3 million euros. The year-on-year comparison of this figure revealed that it was 284.4 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 2,389 million) registered a downturn of 9.5%, i.e. 251.6 million less than during the same period of 2023. Imports also fell in Gipuzkoa (down 66 million for a total of 2,223.9 million), but grew in Bizkaia (up 33.3 million, with a total of 6,940.5 million). Imports of “Non-energy products” fell by 8% and those of “Energy products” rose by 15%.

Foreign trade of goods in the Basque Country from January to May 2024 had a positive balance of 1,503 million euros and the coverage rate reached 113%.

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