July 19, 2024 | 11:34


Euskadi resumes growth in exports, breaking negative streak

Euskadi resumes growth in exports, breaking negative streak

Jeickson Sulbaran

June 18, 2024 | 8:30 a.m.

Basque exports rose 4,9% in April, according to Eustat, breaking the negative trend of the first three months of the year

The growth of Basque exports in April has marked a turning point after several months of consecutive falls. According to the Basque Institute of Statistics, Eustat, Euskadi's exports reached a value of 2.537 million euros in April, which represents an increase of 4,9% compared to the same month of the previous year. This rebound has been driven primarily by the 38,4% increase in exports of energy goods and a growth of 3,6% in non-energy goods.

Despite the increase registered in April, the balance for the first quarter of 2024 continues to show a decrease in total exports of 11,5%, cwith an accumulated value of 10.066,4 million euros, which represents 1.309 million less than in the same period of the previous year. However, the trade balance remains positive, with a surplus of 914,9 million euros, which is an indication of the relative strength of the Basque export sector.

Basque imports also grew in April, increasing the trade deficit

Imports in the Basque Country also experienced significant growth in April, increasing by 18,1% to reach 2.644 million euros. This increase was driven both by energy purchases, which grew by 21,1%, as well as non-energy, which rose 16,9%. This growth in imports resulted in a negative trade balance of 106,8 million euros for the month of April, a situation that had not been seen since December 2022.

Euskadi resumes growth in exports, breaking negative streak (2)

By territory, imports in Álava grew by 4,3%, in Gipuzkoa by 20,8% and in Bizkaia by 22,4%. This disparity in the growth of imports reflects the different economic and commercial dynamics that exist within the Basque provinces.

Regarding specific exports, the sectors of Parts and accessories of motor vehicles, Refined petroleum oils and Fishing boats stood out for their notable increases. Exports of Motor Vehicle Parts and Accessories grew by 11,4%, while those of Refined Petroleum Oils increased by 53,2%. In Bizkaia, exports of fishing boats and factory boats for the treatment of marine products were especially notable, with a significant increase compared to the previous year.

Uneven performance between the Basque provinces in the export sector

Basque exports showed uneven behavior between the different provinces. In Bizkaia, exports increased by 15,9%, driven mainly by refined petroleum oils and other industrial products. However, exports of new rubber tires fell by 51,6%.

In Gipuzkoa, exports grew by 7%, with a notable increase in sales of motor vehicles for transporting ten or more people, which rose by 153,5%. Exports of Elevators, escalators and conveyors also stood out, with a growth of 127,2%, and those of Parts and accessories of motor vehicles, which increased by 16,2%. However, sectors such as Automotive for railways and self-propelled trams and Taps, valves and similar components for pipelines recorded significant drops of 36,5% and 17,8%, respectively.

April has been a positive month for Basque exports, rbreaking a negative trend and showing signs of economic recovery. However, the global context and the variations in the different provinces underline the need for adaptive strategies to consolidate this recovery in the immediate future.

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