The seasonally adjusted merchandise trade balance was in a €2.0 billion surplus at the start of the year. Following a revised €0.2 billion excess in December, this was the most black ink since September last year.

However, the headline improvement was mainly attributable to imports which fell a monthly 3.2 percent to €52.2 billion, a 10-month low. Exports edged just 0.2 percent firmer and, at €54.2 billion, only saw a 2-month high. That said, the increase here would have been much sharper but for an 18.0 percent slump in energy. Although capital goods were down 5.1 percent, consumer goods were up 4.1 percent and intermediates 3.7 percent. Compared with January 2022, unadjusted exports grew 15.3 percent and imports only 8.4 percent, the earlier boost to the latter from high oil prices having now largely run its course.

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.

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.