The latest data published by the INE (Spanish Statistics Institute) confirm the strong performance of exports from Navarra. From January to June 2015, exports from the region grew 9.1% against the same period in 2014, reaching €4,516.6 million, while imports were 4.3% up on 2014 (€2,247 million).
This means that Navarra’s trade balance was positive by 2,269.4 million euros, the third best result among the Spanish regions.
In Spain, exports rose by 4.9% over the same period in 2014, almost five points below the figure for Navarra.
In June, exports of goods from Navarra were valued at 827.1 million euros, an increase of 15.2% over the same month last year. The figure for Spain in the same month was an increase of 7.8%.
These figures confirm the positive evolution of trade flows (exports and imports) that has taken place since 2008. In recent years, the trade balance has been positive and the values observed this year are significantly higher than those recorded in 2013 and 2014.
Export sectors and destinations
At national level, the strongest export sectors continue to be semi-manufactured goods, capital goods, foodstuffs and automotive. In the case of Navarra, according to accumulated figures for the period from January to May, the automotive sector exports the most, representing 41.8% of all sales abroad from Navarra (28.7% vehicles and 12.6% components). The next sector is capital goods, accounting for 25.7% of exports from the region, which clearly indicates the strength of our business fabric and the major role of industry and the automotive sector in our economy.
The main destinations for exports from Navarra are, in order of value, France, Germany, the United Kingdom, Italy and Mexico. Sales have increased to the Italy (30.5%), United Kingdom (26.3%), and Germany (11.1%).
To sum up, the ability of companies in Navarra to orient their products towards more dynamic markets has had a positive effect on the level of exports, and this has a significant impact on the region’s per capita GDP.
More information on Navarra’s economy is available at Click
Sources: INE and OECD