The seasonally adjusted trade balance was in a €3.85 billion surplus in November, up from October's smaller revised €3.29 billion.

Exports to the Eurozone declined 2.9 percent versus October but rose 6.1 percent to non-EU countries, enabling total exports to rise 1.4 percent. Imports from EU countries fell 3.3 percent but rose 5.4 percent from non-EU countries, putting total imports up 0.4 percent versus October.

Year-over-year, total exports were down 2.7 percent while imports were down 3.2 percent. Exports to EU countries decreased 6.0 percent, while exports to non-EU markets rose 0.9 percent. Imports from the EU decreased 6.4 percent, imports from non-EU countries increased 1.4 percent.

Import prices increased 0.2 percent on the month in November but were down 1.4 percent versus November a year ago.

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.