The seasonally adjusted merchandise trade balance was in a €5.3 billion surplus in June, up from a larger revised €3.5 billion in May and easily the strongest performance so far in 2023.

However, the headline improvement was mainly due to imports which fell 3.3 percent on the month following a 3.5 percent drop last time. Apart from April, imports have declined every month since last August. Exports rose a modest 0.4 percent, their first advance since February and reflecting gains in consumer goods (1.0 percent), capital goods (0.7 percent) and energy (0.6 percent). Intermediates (minus 0.6 percent) lost ground. Exports to other EU countries were up 0.5 percent and to non-EU countries 0.3 percent. Imports from the EU jumped 4.9 percent but fell fully 14.5 percent from non-EU states.

According to Istat's provisional report, overall net export volumes had a neutral impact on second quarter GDP growth.

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.