The seasonally adjusted trade balance was in a €3.51 billion surplus in January, down from December's revised €4.71 billion.

Exports to the European Union increased 1.8 percent versus December but fell 0.6 percent to non-EU countries, curbing the rise in total exports to 0.6 percent. Imports from EU countries grew 2.8 percent and increased 3.6 percent from non-EU countries, putting total imports up 3.2 percent versus December.

The unadjusted year-over-year data showed total exports were up 2.5 percent while imports rose 8.8 percent. Exports to EU countries increased 1.9 percent, while exports to non-EU markets rose 3.3 percent. Imports from the EU increased 2.2 percent, and imports from non-EU countries surged 18.0 percent. Meanwhile, the unadjusted trade balance was in a €0.26 billion deficit in January, down from December's €5.8 billion surplus.

Month-over-month, import prices increased by 0.4 percent, and by 1.4 percent year-over-year.

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.