| Actual | Previous | Revised | |
|---|---|---|---|
| Level | €-0.5B | €-0.3B | €-0.1B |
Highlights
The seasonally adjusted merchandise trade balance was in a €0.5 billion deficit at year-end following a downwardly revised €0.1 billion shortfall in November. This was the second smallest deficit since the first red ink of the current sequence in December 2021.
Exports fell a monthly 1.9 percent to €53.9 billion after a 4.1 percent bounce in November while imports were down 1.1 percent, extending their unbroken run of declines that began in September. The weakness of the former was broad-based with consumer goods sliding 1.2 percent, capital goods 2.8 percent, intermediates 1.6 percent and energy 1.8 percent. However, compared with December 2021, unadjusted exports were up 13.5 percent and imports only 7.7 percent, the first time that the former has outpaced the latter since April 2021. As recently as August, the gap was more than 34 percentage points in favour of imports due to sharply higher energy costs. Total net exports provisionally provided a boost to GDP in the fourth quarter.
Exports fell a monthly 1.9 percent to €53.9 billion after a 4.1 percent bounce in November while imports were down 1.1 percent, extending their unbroken run of declines that began in September. The weakness of the former was broad-based with consumer goods sliding 1.2 percent, capital goods 2.8 percent, intermediates 1.6 percent and energy 1.8 percent. However, compared with December 2021, unadjusted exports were up 13.5 percent and imports only 7.7 percent, the first time that the former has outpaced the latter since April 2021. As recently as August, the gap was more than 34 percentage points in favour of imports due to sharply higher energy costs. Total net exports provisionally provided a boost to GDP in the fourth quarter.
Definition
The merchandise trade balance measures the difference between imports and exports of goods. The level of the international trade balance, as well as changes in exports and imports, indicate trends in foreign trade and can offer a guide to an economy's competitiveness.
Description
Changes in the level of imports and exports, along with the difference between the two (the trade balance) are a valuable gauge of economic trends here and abroad. While these trade figures can directly impact all financial markets, they primarily affect currency values in foreign exchange markets.
Separate reports are published for external and internal EU trade. The extra-EU trade data are compiled on the basis of customs declarations with non-EU countries. The intra-EU trade data (Intrastat) are derived from surveys and provide statistics on trade between Italy and other EU member states. The data are available monthly. World trade data are available within one month after the reference month while intra-EU trade data are available within 7 weeks after the reference month.
Separate reports are published for external and internal EU trade. The extra-EU trade data are compiled on the basis of customs declarations with non-EU countries. The intra-EU trade data (Intrastat) are derived from surveys and provide statistics on trade between Italy and other EU member states. The data are available monthly. World trade data are available within one month after the reference month while intra-EU trade data are available within 7 weeks after the reference month.
