The seasonally adjusted merchandise trade balance was in a €4.54 billion surplus in December following an upwardly revised €2.97 billion in November. This was by some way the largest surplus posted in 2023.

The monthly improvement reflected a 1.2 percent monthly rise in exports and a 1.9 percent fall in imports, the latter's third decline in the last four months. At 1.4 percent and 0.9 percent respectively, the quarterly changes in exports and imports both show a modest upturn. However, in the bigger picture, exports are still down an unadjusted 7.8 percent on the year and imports a much steeper 17.6 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.