Press Release 19/08/2024

FOREIGN TRADE STATISTICS (ECOMEX). June 2024

Exports of goods from the Basque Country were down 4.1% in June 2024

In the cumulative period of the first six months of 2024, exports fell by 7.4%, but there was still a positive trade balance of over 2,000 million euros

In June 2024, exports of goods from the Basque Country recorded a year-on-year decrease of 4.1%, according to EUSTAT data. They totalled 2,770 million euros compared to 2,889 million in the same month of the previous year. Exports of Energy products increased by 116.6% and those of Non-energy products decreased by 7.5%.

Álava saw exports decline by 15.1% and in Gipuzkoa they fell by 6.9%, while in Bizkaia exports were up 8.8%.

Imports of goods to the Basque Country experienced a drop of 4.3%, reaching 2,266 million euros. Energy imports were down 3.5%, and Non-energy imports fell by 4.5%. The trade balance was positive (+503.5 million) and the coverage rate stood at 122.2%.

Imports were down 0.9% in Álava and 7.6% in Bizkaia, while imports to Gipuzkoa grew by 0.4%.

Analysis by product (Customs Duty Group)

A more detailed look reveals that the five main export duty groups in June 2024 were: “Passenger cars with fewer than 10 seats” (269.6 million, but down 39.2 million on the same month of 2023, resulting in a decrease of 12.7%), “Vehicle parts and accessories” (195.7 million, down 29.8 million and -13.2%), “Goods transport vehicles” (118.6 million, 83.5 million less and a decrease of 41.3%), “Refined petroleum oils” (80.1 million in exports, up 10.1 million on the previous year, an increase of 14.4%) and “Petroleum oils or oils obtained from bituminous minerals” (79.0 million traded, up 75.9 million). These groups accounted for 26.8% of total exports in June, with a combined value of 742.8 million euros.

In Álava, the two main customs duty groups, “Passenger cars with fewer than 10 seats” (-15.2%) and “Goods transport vehicles” (-41.4%), registered significant decreases in respect of the previous year, with a decline of 41 million for the former and 83.5 million for the latter. There was also a decrease in exports of “Seamless tubes and hollow profiles made of iron or steel” (-32.7%, down 20 million). The group with the highest growth (213.9%) was “Articles of aluminium: netting, nails, screws, nuts, rivets, pins and similar articles”.

In Bizkaia, of particular note were the increases in “Petroleum oils or oils obtained from bituminous minerals”, with 75.9 million more than in the same period of the previous year, and “Machining centres for working metal”, with 24.4 million euros in exports. Among the largest customs duty groups, the only significant decline was in exports of “New rubber tyres” (-67.6%, down 51.4 million).

In Gipuzkoa, there were considerable rises in exports of “Railway or tramway coaches for passengers, luggage, mail, etc.” and “Other miscellaneous machinery and mechanical appliances not included elsewhere”, with 24.1 and 19 million in exports, respectively. On the other hand, there were decreases in exports of “Vehicle parts and accessories” (-16.1%, down 14.4 million euros) and “Iron or non-alloy steel sections” (-39.4%, down 29.3 million).

Looking at imports, it can be seen that the most significant group, “Petroleum oils or oils obtained from bituminous minerals” (15.6% of the total), registered a decrease of 9.7%, with 354.1 million in imports. The subsequent group in terms of size, “Refined petroleum oils”, grew significantly (up 42.7% with 127.8 million in imports), as did “Passenger cars with fewer than 10 seats” (57.3 million in purchases, almost entirely from Álava).

Source/destination countries, June 2024

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

- France: 457.2 million euros’ worth of goods were exported to this country, with a coverage rate of 252.3%.

- Germany: received products from the Basque Country worth 418.5 million euros, with a coverage rate of 114.2%.

- United Kingdom: exports amounted to 207.5 million euros, with a coverage rate of 434.0%.

- Italy: where 174.9 million euros’ worth of Basque exports were sent, achieving a coverage rate of 154.3%.

- United States: sales to this country reached 166.4 million, with a coverage rate of 198.9%.

These countries absorbed 51.4% of total exports and four of them belong to the EU27, which accounted for 61.9% of exports.

Foreign trade of goods in the Basque Country had a positive balance of 2,006 million euros for the cumulative period of January to June 2024

For the first six months as a whole, and for exports from the Basque Country, a drop of 7.4% was registered in respect of the same period of the previous year, which represented a decrease of 1,264.8 million euros. The total amount of exports in this period was 15,826.3 million euros.

Bizkaia exports were the largest in the Basque Country, with a total of 6,217.4 million euros, Gipuzkoa accounted for 5,034.7 million and Álava 4,574.3 million.

In terms of the type of product, “Non-energy products” were the most numerous, with 14,714.1 million in exports.

A more detailed look reveals that the main customs duty group, “Passenger cars with fewer than 10 seats” (1,241 million), recorded a downturn of 23.9%, leading the trend that dominated among the top ten customs duty groups, with decreases ranging from -40.0% for “Seamless tubes and hollow profiles made of iron or steel” to -3.5% for “Other iron or steel articles”.

Within this top ten, the greatest increase in exports was seen in “Refined petroleum oils” (28.8%, with 880 million in exports and 197 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, “Goods transport vehicles” (-32.3% and 378.3 million less) and “New rubber tyres” (-24.8% and 189.7 million less).

The export ranking for the first six 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 (14.5%) and the United Kingdom (7.3%). Between them, these three countries accounted for almost 40% of Basque exports (38.3%).

Cumulative imports for the Basque Country as a whole amounted to 13,819.8 million euros. The year-on-year comparison of this figure revealed that it was 385.9 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 2,981 million) registered a downturn of 7.9%, i.e. 257 million less than during the same period of 2023. Imports also fell in Gipuzkoa, down 64.4 million (-2.3%) for a total of 2,704 million, as well as in Bizkaia (down 64.5 million, -0.8%), with a total of 8,134 million. Imports of “Non-energy products” fell by 7.4% and those of “Energy products” rose by 12.1%.

Foreign trade of goods in the Basque Country from January to June 2024 had a positive balance of 2,006.5 million euros and the coverage rate reached 114.5%.

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