Gipuzkoa exports maintain their strength and register a new record

Euskadi’s sales abroad reached 16,531 million up to June, 32.6% more than in the same period of the previous year. / arizmendi

The industry does not lose its good tone and pulls foreign sales, which reach 4,965 million until June, 543 more than the 2019 mark

Imanol Lizasoain

With skyrocketing inflation and a supply crisis affecting many sectors, everything suggested that foreign sales by Gipuzkoan companies would show little hope. Nothing could be further from the truth. The territory’s exports registered record sales in the first half of the year for a value of 4,964.3 million, which translates into an increase of 27.6% compared to the same period of the previous year, when they reached 3,889 million, according to the data provided by the Foreign Trade Institute (ICEX).

If the comparison is made with 2019 – when sales abroad reached the last record in the accumulated figure for the entire year and exports amounted to 4,421 million during the first six months of the year – the difference with that pre-pandemic situation is 543 million. above, which speaks of the strength of the Gipuzkoan fabric despite all the disruptions caused by the war in Ukraine, and breaks a new record.

The territory continues to break records of foreign affiliation while waiting for the effect of the reform

Faced with the uncertainty that threatens the global economic fabric and that of Gipuzkoa, the companies in the territory have opted during this first half of the year to have the money in their pockets and not deliver it on account to the treasury. And it is that after the outbreak of the conflict in Ukrainian lands, companies launched to request VAT refunds with which to fill their boxes. According to the latest collection data offered by the Provincial Treasury last Friday, returns increased by 20.3% (especially those linked to VAT with 23.9%) until July compared to last year. Specifically, the regional entity has returned 1,032 million (174 more than in the same period of 2021).

If we look closely at the two neighboring territories, Bizkaia’s exports were the most active, with 6,768.8 million up to June and an increase of 36%. In Álava, growth was 33.5% (4,806.6 million). With the figures for the three territories on the table, Euskadi’s foreign sales reached 16,531.4 million in the first half, 32.6% more than in the same period of the previous year. In 2019, the number of exports in the first six months rose to 13,054 million, 3,477 below that of this first semester, which registered a new maximum driven by energy exports from Bizkaia.

Sector sales

How did the different Gipuzkoan export sectors go? If we bring the magnifying glass closer to some of the specific sections that arouse the most interest due to their special roots and specific weight in the territory, we can see, for example, that industrial products and technology – a key sector in the territory’s economy – represents 88 .7% of the total value of foreign sales. Iron and steel foundry products recorded an increase of 51.7%, with 636.2 million euros exported. Trains –in this section CAF’s orders take the whole piece of the cake– shows an increase of 443.1%, with 189.8 million.

The big buyers in Gipuzkoa are France, Germany, the United Kingdom, Italy and the United States The companies have launched to request VAT refunds with which to fill their boxes

The largest buyers from companies in Gipuzkoa between January and June were once again the French, with a share of 19.3%, followed by Germany (10.1%), the United Kingdom (8.1%), the United States (6 .5%) and Italy (6.5%). Between these five countries they bring together 50.5% of exports.

For its part, imports increased by 33% in Gipuzkoa between January and June, with 2,934.8 million purchased abroad, compared to increases of 59.3% in Bizkaia (8,358.5 million) and 33.5% in Álava (3,002.5 million). Thus, the trade balance of the territory is 2,029.4 million euros, 20.6% more than in 2021.

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