The seasonally adjusted merchandise trade balance was in another sizeable €6.10 billion surplus in February, up from a slightly smaller revised €6.44 billion in January.

The monthly decline masked a 3.8 percent spurt in exports and an even steeper 5.1 percent jump in imports, their first increase since last October. The bounce in exports, which now stand at a 4-month high, was quite broad-based with consumer goods up 1.0 percent, intermediates 2.5 percent and capital goods fully 8.8 percent. Only energy (minus 2.4 percent) lost ground. All the main import categories also posted solid advances.

Even so, the 3-monthly change in exports was only zero and, in imports, minus 4.8 percent. International trade remains soft.

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.