The Basque Country ended July with the first negative trade balance since August 2014

The Basque Country ended July with a negative trade balance of 170.2 million euros, the first month since August 2014 in which the total amount of imports exceeded that of exports.

Basque exports in July amounted to 2,687 million euros, compared to imports, which rose to 2,857 million.

According to data released this Tuesday by the Basque Statistical Institute -Eustat-, In July, exports registered an increase of 22.9% compared to the same month of 2021, an increase that was even greater, 70.6%, in the case of imports.

The volume of imports for that month broke a new record and highlighted the 334.9% increase in energy products, while non-energy products rose by 15.4%.

As for the exports, also highlighted the increases compared to July last year of energy products (215.9%), and non-energy prices increased by 12.3%.

In the accumulated figure for the year, between January and July, the foreign balance showed a surplus of 2,093.7 million, registering exports of 19,218 million compared to 17,124 million for imports.

In the first seven months of the year, exports increased by 31.2% compared to the same period in 2021 and imports increased by 50.5%.

According to year-on-year data by province, the trade balance was only negative in Bizkaia, accounting for an amount of 1,977.4 million imports (+109.7%) compared to 1,128.9 million exports (+34.1%).

In Araba, exports rose to 721.1 million (+4%) and imports to 418.8 million (12.5%), while in Gipuzkoa the former rose to 837 million (+28.5 %) and the latter to 461 million (+28%).

In July, France, Germany, the Netherlands, the United States and Belgium made up the group of the main customers in the Basque Country, by absorbing 50.8% (1,364.2 million) of the total exported.

Exports to Germany grew by 1.7%, to France by 21.3%, to the United States by 47.9%, to the Netherlands by 128.7% and to Belgium by 32.8%.

On the contrary, those directed to Russia fell by 66.1%, while exports to China fell by 35.4%.

Regarding imports, 33.9% came from the countries of the European Union, among which the interannual increase of 47.2% with Portugal and 33.4% with Italy stands out.

UK imports fell by 17.3% with those of the Netherlands they fell by 18.9%.

Imports from China also increased (21.4%) and especially those from Brazil (+544.9%), Mexico (161.4%) and the United States (353.2%).

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