| Actual | Previous | |
|---|---|---|
| Level | €2.772B | €4.58B |
Highlights
The trade surplus contracted to 2.772 billion Euros in October as exports slumped 3.0 percent and imports rose a modest 0.3 percent on a seasonally-adjusted basis. Italy posted a trade deficit of 1.163 billion Euros with the 27 countries making up the European Union, while achieving a surplus of 3.935 billion with non-EU27 nations.
Trade with the United States resulted in a surplus of 1.819 billion in October, bringing the year-to-date surplus to 28.227 billion on an unadjusted basis. Exports to the US were up 9.7 percent from October of last year, while imports grew by 89.4 percent over the same period.
Import prices fell overall in October, down -0.3 percent month-on-month and 2.7 percent year-on-year. Within the Eurozone, prices were up 0.1 percent from September and down 1.5 percent from a year ago, while prices for non-Eurozone imports fell 0.6 percent and 3.6 percent year-on-year.
The contraction in exports could become a drag on fourth-quarter GDP should that continue in the coming months. To be sure, there is still some degree of trade finding its footing after the EU reached a trade deal with the US. The data also show that Italy is not importing any inflation, a trend that is likely to continue in coming months absent any major shocks.
Trade with the United States resulted in a surplus of 1.819 billion in October, bringing the year-to-date surplus to 28.227 billion on an unadjusted basis. Exports to the US were up 9.7 percent from October of last year, while imports grew by 89.4 percent over the same period.
Import prices fell overall in October, down -0.3 percent month-on-month and 2.7 percent year-on-year. Within the Eurozone, prices were up 0.1 percent from September and down 1.5 percent from a year ago, while prices for non-Eurozone imports fell 0.6 percent and 3.6 percent year-on-year.
The contraction in exports could become a drag on fourth-quarter GDP should that continue in the coming months. To be sure, there is still some degree of trade finding its footing after the EU reached a trade deal with the US. The data also show that Italy is not importing any inflation, a trend that is likely to continue in coming months absent any major shocks.
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.
