Europe

The European continent continues to be the main destination of Basque exports and which is even more attractive given the sophistication of its demand, the higher standard of living in Eastern Europe, and geographical proximity. The European single market continues to be an advantage for Basque companies.

The natural market for Basque business

Europe is home to some of the largest and most developed economies of the world, including Germany and the United Kingdom. It is noted for being a market with industries with high added value, such as the automotive and aerospace industries, and a highly developed R&D sector. Thanks to these industries, Europe has become one of the major global exporters of services and manufactured goods, as well as being one of the main export destinations of over 80 countries.

After multiple crisis such as the coronavirus or the war in Ukraine, which led to disruptions to the supply chain, European countries are aiming to strengthen their economies, by reducing their dependency on other world powers and offshoring to countries within the continent.

Even though the European economy has experienced some difficult years, with rising inflation and the slowing down of its main economies, the outlook for the European market is good, mainly due to its advanced infrastructure and to a highly-skilled workforce.

European regional integration, with agreements such as the Eurozone and the many trade agreements with non-member countries, makes Europe a highly accessible market. Basque companies have strong ties with the main European economies, such as Germany, France and the United Kingdom, and operate within the eurozone, meaning they have many competitive advantages on this market.