The seasonally adjusted merchandise trade balance was in a €2.76 billion surplus in November following a downwardly revised €3.77 billion in October. This was the smallest excess since last June.

The deterioration reflected a 2.4 percent monthly fall in exports, their second decline in the last three months. The slide here was mainly attributable to energy where sales were down fully 18.8 percent. However, intermediates also declined 4.0 percent and consumer goods were off 1.4 percent. Capital goods were unchanged. Imports dropped a more modest 0.6 percent. On the year, exports decreased an unadjusted 4.4 percent and imports 8.9 percent.

Despite the falls, the November data leave a broadly flat trend in both sides of the balance sheet.

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.