Press Release 18/10/2024

FOREIGN TRADE STATISTICS (ECOMEX). August 2024

Exports of goods from the Basque Country were up 10.8% in August 2024

In the cumulative period of the first eight months of 2024, exports fell by 4.7%, but there remained a positive trade balance of 2,442 million euros

In August 2024, exports of goods from the Basque Country recorded a year-on-year increase of 10.8%, according to Eustat data. They totalled 2,123.6 million euros compared to 1,916.4 million in the same month of the previous year. Exports of energy products increased by 50.9% and those of non-energy products rose by 7.1%.

Exports were up 4.3% in Álava, 6.9% in Gipuzkoa and 16.9% in Bizkaia.

Imports of goods to the Basque Country experienced an increase of 6.0%, reaching 1,971 million euros. Energy imports were up 11.0%, and Non-energy imports grew by 4.0%. The trade balance was positive (+152.5 million) and the coverage rate stood at 107.7%.

Imports were up 22.2% in Álava, 4.8% in Gipuzkoa and 2.3% in Bizkaia.

Analysis by product (Customs Duty Group)

The five main export duty groups in August 2024 were: “Vehicle parts and accessories” (179 million with an increase of 6.2%), “Unrefined copper and copper anodes for electrolytic refining” (105.8 million, up 471.1%, representing an increase of 87.3 million euros on the same month in the previous year), “Refined petroleum oils” (88.2 million in exports, a 40.7 million drop on the previous year, amounting to a decrease of 31.6%), “Petroleum oils or oils obtained from bituminous minerals” (76.8 million, up 49.1, a rise of 177.0%) and “Oils and products derived from the distillation of coal tars at high temperatures (Benzol, Toluol, Xylol, Naphthalene, Phenol, etc.)” (71.2 million). These groups accounted for 24.5% of the total in August, with a combined value of 520.9 million euros. It is worth highlighting the decrease, most acute in Bizkaia, in “New rubber tyres” (69.5 million in sales for export, down 42.6 million and 38.0%) and the rise in exports of “Unwrought tin” (45.4 million).

In Álava the main customs duty group “Vehicle parts and accessories” registered a notable increase on the previous year (63.9%); there was also a significant rise in “Seamless tubes and hollow profiles made of iron or steel” (52.2%) and much more moderate growth in “Passenger cars with fewer than 10 seats” (2.4%) and “New rubber tyres” (1.0%). By contrast, sales of “Goods transport vehicles” fell (-22.2%).

Bizkaia saw a notable increase in “Unrefined copper and copper anodes for electrolytic refining” (471.1%), “Petroleum oils or oils obtained from bituminous minerals” (177.0%), “Oils and products derived from the distillation of coal tars at high temperatures (Benzol, Toluol, Xylol, Naphthalene, Phenol, etc.)” and “Unwrought tin”. By contrast, exports of “New rubber tyres” (-64.4%) continued their downward trend for another month, as did “Refined petroleum oils” (-32.5%).

Gipuzkoa registered significant increases in “Newsprint, in rolls or sheets” (345.2%) and “Machine tools (nailing, stapling, assembling, sawing, planing, grinding, drilling, etc.) for working wood, plastics or similar hard materials” (285.9%). There was also significant growth in “Diesel and electric motor units for railway tracks and motorised trams” (63.4%) and “Iron or non-alloy steel sections” (55.1%).

Focusing on imports, the most significant group, “Petroleum oils or oils obtained from bituminous minerals” (19.8% of the total), rose by 18.9%, with 391 million in imports. The next biggest group, “Refined petroleum oils”, fell substantially (-34.8% with 60.2 million less than the same month in the previous year). By contrast, imports of two products that are typically exported from the Basque Country grew considerably: “Passenger cars with fewer than 10 seats” (56.8 million in purchases, almost entirely from Álava), “Constructions made from iron or steel sheets, bars, sections, tubes and similar” (25.5 million in imports) 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” (38.2 million). There was also a rise (241.5%) in imports of “Petroleum gas and other hydrocarbon gases” (72.3 million)

Source/destination countries, August 2024

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

- France: 349.1 million euros’ worth of goods were exported to this country, with a coverage rate of 235.2%.

- Germany: received products from the Basque Country worth 209.3 million euros, with a coverage rate of 84.5%.

- United States: exports amounted to 191.9 million euros, with a coverage rate of 115.3%.

- Belgium: where 190.6 million euros’ worth of Basque exports were sent, achieving a coverage rate of 371.0%.

- Netherlands: sales to this country reached 130.6 million, with a coverage rate of 200.4%.

These countries absorbed 50.5% of total exports and three of them belong to the EU27, which accounted for 61.6% of exports.

Foreign trade of goods in the Basque Country had a positive balance of 2,442 million euros for the cumulative period of January to August 2024

For the first eight months as a whole, and for exports from the Basque Country, a drop of 4.7% was registered in respect of the same period of the previous year, which represented a decrease of 1,012.6 million euros. The total amount of exports in this period was 20,499.9 million euros.

Bizkaia exports were the largest in the Basque Country, with a total of 8,133.6 million euros, Gipuzkoa accounted for 6,596.4 million and Álava 5,769.9 million.

In terms of the type of product, “Non-energy products” were the most numerous, with 18,996.1 million in exports.

A more detailed analysis reveals a drop (-22.0%) in exports of “Passenger cars with fewer than 10 seats” (1,528.3 million in exports), causing this group to lose its top spot in the export ranking to “Vehicle parts and accessories” (1,555.8 million). The most drastic decreases, apart from the aforementioned cars, were recorded for “Goods transport vehicles” (-31.3%, down 434 million) “New rubber tyres” (-27.4%, down 269.4 million) and “Seamless tubes and hollow profiles made of iron or steel” (-32.2%, down 165.4 million)

Among the main export duty groups as a whole, the biggest increase in exports was registered for “Petroleum oils or oils obtained from bituminous minerals” (386.9%, up 218.5 million on the same cumulative period of 2023) and “Refined petroleum oils” (22.4% with 1,040.2 million in exports, up 190.4 million).

The export ranking for the first eight months of 2024 placed France as the prime receiver country of Basque exports, with 16.3% of the total exported (3,350.4 million). France was followed by Germany (14.0% and 2,868.5 million) and the United Kingdom (7.1% and 1,459.4 million). Between them, these three countries accounted for almost 40% of Basque exports (37.5%).

Cumulative imports for the Basque Country as a whole amounted to 18,058 million euros. The year-on-year comparison of this figure revealed that it was 285 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 Bizkaia (with cumulative imports of 10,607 million) registered a downturn of 1.8%, i.e. 191 million less than during the same period of 2023. Imports also fell in Álava, down 128 million (-3.2%) for a total of 3,894.8 million. Gipuzkoa saw a slight increase of 1.0% (up 34 million), with a total of 3,556.3 million. Imports of “Non-energy products” fell by 4.0% and those of “Energy products” rose by 5.7%.

An analysis of the products/groups imported in this period reveals that the ranking was topped by “Petroleum oils or oils obtained from bituminous minerals” (3,466.5 million, up 504 on the previous year, representing a 17.0% increase), with “Refined petroleum oils” in second place (1,156.6 million in exports, up 209.7 million and 22.1%). These groups were followed by “Vehicle parts and accessories” (640.6 million), “Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, hot-rolled, not clad, plated or coated“(428.1 million) and “Internal combustion engines, diesel or semi-diesel” (334.2 million).

Foreign trade of goods in the Basque Country from January to August 2024 had a positive balance of 2,441.9 million euros and the coverage rate reached 113.5%.

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