The seasonally adjusted merchandise trade balance was in a €2.9 billion surplus in February, up from €2.0 billion in January and its strongest post since July 2021.

The headline improvement reflected a combination of higher exports, which rose a monthly 0.4 percent, and weaker imports, which fell 1.4 percent. Exports have now increased in three of the last four months with February's gain attributable to consumer goods (3.0 percent), capital goods (0.3 percent) and, in particular, energy (12.3 percent). Imports have declined every month since August, mainly on the back of lower energy prices. Hence, energy purchases dropped a further 8.6 percent, making for a 24.2 percent decline over the last three months. Compared with February 2022, unadjusted exports grew 10.8 percent and imports only 3.1 percent.

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.