Italian trade shows mixed trends in Dec; exports rise, imports fall

17 Feb '24

3 min read

Pic: Adobe Stock

Insights

In December, Italy's exports rose by 1.2 per cent while imports fell by 1.9 per cent compared to November.
Exports to EU countries rose by 1.3 per cent and to non-EU countries by 1.1 per cent.
Both exports and imports showed positive growth in Q4 2023.
However, YoY figures revealed a decline in exports by 7.8 per cent and imports by 17.6 per cent.

In December, Italy’s exports rose by 1.2 per cent, while imports saw a decline of 1.9 per cent compared to November 2023. Exports to EU countries increased by 1.3 per cent and to non-EU countries by 1.1 per cent. Conversely, imports witnessed a decrease of 1.5 per cent for EU countries and 2.5 per cent for non-EU countries during the same period, according to the Italian National Institute of Statistics (Istat).

Over the last quarter of 2023, both exports and imports showed positive growth compared to the previous quarter, with a rise of 1.4 per cent and 0.9 per cent, respectively.

However, December 2023 figures, when compared to the same month in the previous year, revealed a concerning trend. Exports saw a significant decline of 7.8 per cent, while imports experienced an even sharper drop of 17.6 per cent. Outgoing flows decreased by 8.8 per cent for EU countries and 7.0 per cent for non-EU countries, while incoming flows saw reductions of 9.8 per cent for the EU area and a substantial 26.7 per cent for the non-EU area.

Looking at the year 2023 as a whole, compared to 2022, outgoing flows remained relatively stable, with a minor decrease of 2.3 per cent for EU countries and a slight increase of 2.5 per cent for non-EU countries. However, incoming flows took a hit, decreasing by 10.4 per cent overall, with a marginal drop of 0.4 per cent for EU countries and a more significant decrease of 20.9 per cent for non-EU countries.

On a positive note, the trade balance for December 2023 registered a surplus of €5,614 million, with a deficit of €2,750 million for EU countries and a surplus of €8,364 million for non-EU countries. Excluding energy, the trade balance surplus stood at €10,249 million.

For the entire year of 2023, the trade balance marked a notable turnaround for Italy, shifting from a deficit of €34,054 million in 2022 to a surplus of €34,460 million. Excluding energy, the surplus soared to €98,800 million compared to €76,854 million in 2022.

In terms of import prices, December 2023 saw a monthly decrease of 1.3 per cent, with import prices in the euro zone dropping by 0.3 per cent and those in the non-euro zone declining by 2.3 per cent. Over the last three months, however, import prices experienced a modest increase of 1.1 per cent, remaining unchanged for the euro zone but rising by 2.1 per cent for the non-euro zone.

Comparing import prices to the same month a year ago, there was a significant decrease of 9.4 per cent overall, with a decline of 2.8 per cent for the euro zone and a sharper drop of 14.8 per cent for the non-euro zone. Looking at the entire year of 2023, import prices decreased by 7.4 per cent compared to 2022, with a marginal decrease of 0.2 per cent for the euro zone and a substantial drop of 13.1 per cent for the non-euro zone.

Fibre2Fashion News Desk (KD)

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