Spanish Port Activity Defies Economic Slowdown in Cantabria and Basque Country
Port statistics present a contrasting picture to the broader economic trends in Euskadi (Basque Country) and Cantabria, Spain. While regional economies face challenges reflected in declining international trade, port activity is experiencing growth, suggesting a complex interplay of factors influencing economic performance.
Regional Economic Trends
According to data from the Spanish Ministry of Economy, Commerce and Business, Cantabria experienced a 4.4 percent decrease in exports and a 2.9 percent decrease in imports compared to the same period last year. Similarly, the Basque Institute of Statistics (Eustat) reported a 4.5% decrease in exports and a 6.1% decrease in imports for the Basque Country. But, port data tells a different story.
Port Performance: A Counter-Trend
The Port of Santander in Cantabria recorded a 12.2% increase in goods movement, exceeding one million tons. The Port of Bilbao, despite a slight 1% decrease, still surpassed 5.2 million tons in cargo volume. The Port of Pasaia also showed resilience, exceeding half a million tons with a decrease of only 2.7%. It’s important to note that the negative data for Bilbao corresponds to January, while the decline for Pasaia is attributed to February.
Trade Balance Analysis
Cantabria’s foreign trade balance registered a surplus of 43.2 million euros, a decrease from the 48.1 million euros recorded in the previous year. The most significant export sector was non-chemical semi-finished products (50.1 million euros), though this represented a 3.9% decrease. Capital goods experienced a 15% decline, while the automotive sector saw a substantial 108.5% increase. Imports were primarily driven by capital goods, with a 25.9% increase year-on-year.
The Basque Country maintained a positive trade balance, with a 169.3% increase in energy product exports offsetting a 6.8% decline in non-energy exports. Overall exports decreased by 4.5%. Imports decreased by 6.1%, primarily due to a reduction in energy products, partially offset by a 2.6% increase in non-energy imports.
Territorial and Market Dynamics
Within the Basque Country, exports decreased in Álava and Gipuzkoa by 2.7%, while Bizkaia experienced growth. Imports increased in Álava but decreased in Bizkaia and Gipuzkoa. France, Germany, and the United Kingdom were the primary destinations for Basque exports, while Germany, France, and China were the main sources of imports.