| Actual | Previous | Revised | |
|---|---|---|---|
| Level | €4.17B | €6.10B | €5.78B |
Highlights
The seasonally adjusted merchandise trade balance posted a healthy €4.17 billion surplus in March, albeit down from a smaller revised €5.78 billion in February.
The monthly deterioration reflected a 1.7 percent monthly fall in exports, their second drop so far this year, and a 1.5 percent rise in imports, their second straight gain following three successive declines. The slide in the former was driven by capital goods which slumped fully 7.7 percent and masked increases in both consumer goods (1.9 percent) and intermediates (0.8 percent). Energy fell 2.5 percent. Outside of energy (minus 1.4 percent), the advance in imports was broad-based.
The March update puts first quarter exports 1.1 percent below their level in the fourth quarter of last year and imports off a much steeper 4.4 percent. Accordingly, the trend in both sides of the balance sheet turned down. However, the latest data also widen the quarterly surplus from €10.95 billion to a sizeable €16.22 billion. Indeed, total net exports provided a boost to first quarter GDP growth.
The monthly deterioration reflected a 1.7 percent monthly fall in exports, their second drop so far this year, and a 1.5 percent rise in imports, their second straight gain following three successive declines. The slide in the former was driven by capital goods which slumped fully 7.7 percent and masked increases in both consumer goods (1.9 percent) and intermediates (0.8 percent). Energy fell 2.5 percent. Outside of energy (minus 1.4 percent), the advance in imports was broad-based.
The March update puts first quarter exports 1.1 percent below their level in the fourth quarter of last year and imports off a much steeper 4.4 percent. Accordingly, the trend in both sides of the balance sheet turned down. However, the latest data also widen the quarterly surplus from €10.95 billion to a sizeable €16.22 billion. Indeed, total net exports provided a boost to first quarter GDP growth.
Definition
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.
Description
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.
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.
