Press Release 20/09/2024

FOREIGN TRADE STATISTICS (ECOMEX). July 2024

Exports of goods from the Basque Country were up 1.8% in July 2024

In the cumulative period of the first seven months of 2024, exports fell by 6.2%, but there was still a positive trade balance of over 2,289 million euros

In July 2024, exports of goods from the Basque Country recorded a year-on-year increase of 1.8%, according to EUSTAT data. They totalled 2,550 million euros compared to 2,505 million in the same month of the previous year. Exports of Energy products increased by 92.4% and those of Non-energy products decreased by 1.0%.

Álava saw exports decline by 8.3%, while in Gipuzkoa they grew by 9.5% and in Bizkaia they were up 4.7%.

Imports of goods to the Basque Country experienced a drop of 0.4%, reaching 2,267 million euros. Energy imports fell by 29.0%, and non-energy imports rose by 12.6%. The trade balance was positive (+282.9 million) and the coverage rate stood at 112.5%.

Imports were up 13.0% in Álava and 21.2% in Gipuzkoa, while in Bizkaia imports were down 10.9%.

Analysis by product (Customs Duty Group)

The five main export duty groups in July 2024 were: “Passenger cars with fewer than 10 seats” (225 million, but down 40.8 million on the same month of 2023, a decrease of 15.4%), “Vehicle parts and accessories” (181.5 million, 24.3 million more than in 2023 and an increase of 15.5%), “Goods transport vehicles” (131.8 million, 47.7 million less and a decrease of 26.6%), “Refined petroleum oils” (72 million in exports, up 34.1 million on the previous year, an increase of 90.2%) and “New rubber tyres” (71.7 million in export sales, down 37.1 million with a drop of 34.1%). These groups accounted for 26.7% of the total in July, with a combined value of 681.9 million euros.

In Álava, the two main customs duty groups, “Passenger cars with fewer than 10 seats” (-8.6%) and “Goods transport vehicles” (-26.5%), registered significant decreases in respect of the previous year, with a decline of 19.9 million for the former and 47.6 million for the latter. The group with the highest growth (54.9%) was “Boards, panels and bases for the control or distribution of electricity”.

In Bizkaia, of particular note were the increases in “Petroleum oils or oils obtained from bituminous minerals”, with 33.7 million more than in the same period of the previous year (an increase of 171.2%), and “Refined petroleum oils”, with 35.0 million euros more, up 101.5%. On the other hand, among the largest customs duty groups, there were significant decreases in exports of “New rubber tyres” (-61.9% and 41 million less) and “Goods not specifically covered by the customs tariff” (-30.2% and 10.8 million less).

In Gipuzkoa, there were considerable rises in exports of “Railway or tramway coaches for passengers, luggage, mail, etc.” and “Lifts, Escalators, Transporters, etc.”, with 37.1 and 29.9 million in exports, respectively. In contrast, there was a decline in exports of “Iron or non-alloy steel sections” (-8.7%, down 4.4 million).

Looking at imports, it can be seen that the most significant group, “Petroleum oils or oils obtained from bituminous minerals” (18% of the total), registered a decrease of 8.9%, with 408.9 million in imports. The subsequent group in terms of size, “Refined petroleum oils”, also fell significantly (down 23.6% with 28.2 million less). On the other hand, imports of three products that are typically exported from the Basque Country grew considerably: “Passenger cars with fewer than 10 seats” (33.5 million in purchases, almost entirely from Álava), “Constructions made from iron or steel sheets, bars, sections, tubes and similar” (30.6 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” (72.4 million).

Source/destination countries, July 2024

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

- France: 394.1 million euros’ worth of goods were exported to this country, with a coverage rate of 217.9%.

- Germany: received products from the Basque Country worth 365.5 million euros, with a coverage rate of 97.5%.

- United Kingdom: exports amounted to 171.9 million euros, with a coverage rate of 161.1%.

- United States: where 157.1 million euros’ worth of Basque exports were sent, achieving a coverage rate of 130.9%.

- Italy: sales to this country reached 134.4 million, with a coverage rate of 141.1%.

These countries absorbed 48% of total exports and three of them belong to the EU27, which accounted for 57.9% of exports.

Foreign trade of goods in the Basque Country had a positive balance of 2,289 million euros for the cumulative period of January to July 2024

For the first seven months as a whole, and for exports from the Basque Country, a drop of 6.2% was registered in respect of the same period of the previous year, which represented a decrease of 1,219.8 million euros. The total amount of exports in this period was 18,376.3 million euros.

Bizkaia exports were the largest in the Basque Country, with a total of 7,132.1 million euros, Gipuzkoa accounted for 5,891.2 million and Álava 5,353.0 million.

In terms of the type of product, “Non-energy products” were the most numerous, with 17,120.2 million in exports.

A more detailed look reveals that the main customs duty group, “Passenger cars with fewer than 10 seats” (1,466 million), recorded a downturn of 22.7%, leading the trend that dominated among the top ten customs duty groups in the period, with decreases ranging from 3.3% for “Other iron or steel articles” to 35.3% for “Seamless tubes and hollow profiles made of iron or steel”. In addition to the latter, the most dramatic declines were recorded for “Goods transport vehicles” (-31.6% and 425.9 million less) and “New rubber tyres” (-26.0% and 226.8 million less).

Within this top ten, the greatest increase in exports was seen in “Refined petroleum oils” (32.1%, with 952 million in exports and 231 million more than in the same period of the previous year).

The export ranking for the first seven months of 2024 placed France as the prime receiver country of Basque exports, with 16.3% of the total exported (3,001.2 million). France was followed by Germany (14.5% and 2,659.3 million) and the United Kingdom (7.3% and 1,332.8 million). 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 16,087 million euros. The year-on-year comparison of this figure revealed that it was 395.7 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 3,533.8 million) registered a downturn of 5.2%, i.e. 193.5 million less than during the same period of 2023. Imports also fell in Bizkaia, down 218.2 million (-2.3%) for a total of 9,388.3 million. Gipuzkoa saw a slight increase of 0.5% (up 16 million), with a total of 3,164.9 million. Imports of “Non-energy products” fell by 4.9% and those of “Energy products” rose by 5.0%.

Foreign trade of goods in the Basque Country from January to July 2024 had a positive balance of 2,289.4 million euros and the coverage rate reached 114.2%.

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