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Exports from the Basque Country increased by 6.7%, compared to 7.1% for imports, in 2008
 

Exports from the Basque Country reached 19,888.4 million euros in 2008, that is to say, 1,253.1 million more than in 2007, which meant a nominal increase of 6.7%, according to Data provided by Eustat.

Imports reached 20,102.3 million euros for the same annual period, which was 7.1% above the data posted for 2007. This figure has two opposing components: on the one hand, import of mineral and energy products grew by 25.5% compared to a -0.8% decrease in the imports of non-energy commodities.

Basque exports of goods in 2008 continued at a more dynamic rate than Spanish exports (3.7%), while there was sharper contraction in Spanish imports, which grew at 0.6%.

The 2008 Basque trade balance (exports minus imports) posted a 213.9 million-euro deficit, which was up 86 million on 2007. In this sense, the export coverage rate worsened by 0.6 percentage points and rose from 99.3% in 2007 to 98.9% in 2008. On the other hand, the Spanish coverage rate stood at 66.7% in 2008, reflecting a long-standing trade deficit, which reached 94,000 million euros in 2008.

Returning to the Basque Country, the balance of non-energy products performed better than the previous year, standing at 5,100.5 million euros compared to the 4,058.1 million of 2007. The coverage rate of non-energy products improved significantly and rose from 131.0% in 2007 to 139.2% in 2008.

In terms of geographical areas, there was a noteworthy increase in the trade balance of the Basque Country with the European Union, which rose from a surplus of 2,624.3 million euros in 2007 to 3,519.6 million in 2008. The coverage rate improved by more than ten percentage points, up from 126.0% to 136.3% in 2008.

In terms of the transactions of non-energy commodities, there was an improvement with respect to its previous position, rising from a positive balance of 3,443.0 million with the European Union in 2007 to 4,082.6 million in 2008. The coverage rate also improved from 139.1% to 147.7% in 2008.

In terms of countries, five countries absorbed over half of the exports of the Basque Country: France (17.7%), Germany (15.4%), the United States (7.5%), Italy (6.7%) and the United Kingdom (5.4%). Likewise, there were five countries of origin of our imports that accounted for over half of the total: Russia (16.5%), Germany (12.9%), France (9.9%), Italy (6.1%) and China (5.6%).

In an analysis by products, it is important to point out that the first 10 products in the ranking accounted for 41% of the exports Three of them belong to the Transport Equipment customs duty group: Vehicle Parts and Accessories, Automobile Vehicles for the Transport of Goods and Private Cars for 5 to 10 People which accounted for 16.3% del total exported. Second place in the ranking was held by Petroleum Oils, belonging to the Mineral Products customs duty section. Fifth place was held by New Rubber Tyres in the Plastics and Rubber section. The Metal and Manufactured section boosted four of its items amongst the first ten: Sections, Tubes and Iron or Steel Bars. And lastly, Tap Fittings and Similar from Machines and Apparatus, Electric Material duty section were in eighth place in the ranking.

Larger imports in terms of volume, by customs duties sections, performed in different ways, as while Mineral Products and Electrical Equipment was up 25.5% and 3.1%, respectively, Metal and Manufactured and Transport Material were down by -1.0% and -7.9%.

 

 

 

 


RELATED LINKS
EUSTAT - Comercio Exterior

 

(Source: Presidency of the Government - General Secretariat for Communication)
 

Fecha de la última modificación: 20/08/2009