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Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Robert Brusca January 21, 2009
Deterioration in trade is becoming a global theme as exports
and imports both falter in its widespread global slowdown. For Italy
the trade and current account positions also have deteriorated. The
current account deficit is winder and the trade surplus has turned to
deficit in November.
Italy’s exports are dropping but the pace of the drop is not
accelerating. For imports the pace of decline is accelerating. Not
surprisingly transportation equipment is the weakest flow on both the
export and import side. All main trade categories are slowing declines
on both the export and import side.
Italy’s exports made their largest Yr/Yr drop since 1991.
Italy's trade balance with European Union countries shrank to a surplus
of EUR151 million from EUR291 million a year ago.
| Italy's Trade Trends | |||||||
|---|---|---|---|---|---|---|---|
| m/mo % monthly rate | Period Specified saar | ||||||
| Nov-08 | Oct-08 | Sep-08 | 3-MO | 6-Mo | 12-Mo | Yr-Ago | |
| Current Account Bal | €€ (4,787) | €€ (3,854) | €€ (4,742) | €€ (4,461) | €€ (3,962) | €€ (4,070) | €€ (2,938) |
| Goods Balance | €€ (676) | €€ 716 | €€ (17) | €€ 8 | €€ (469) | €€ (38) | €€ 358 |
| Exports | -10.6% | 1.3% | 9.6% | -2.8% | -18.2% | -6.9% | 6.6% |
| Imports | -6.4% | -1.0% | 3.5% | -15.3% | -10.8% | -3.1% | 3.9% |
| Services Balance | €€ (849) | €€ (1,747) | €€ (919) | €€ (1,172) | €€ (790) | €€ (587) | €€ (616) |
| Exports | -12.3% | 3.8% | 9.7% | -0.5% | 3.9% | 0.5% | 3.8% |
| Imports | -19.4% | 13.1% | 12.5% | 10.7% | 2.0% | 5.5% | 6.7% |
| Not Seasonally Adjusted | All Yr/Yr | ||||||
| Exports | Nov-08 | Nov-07 | Nov-06 | Nov-05 | |||
| Food&Bev | -2.2% | 8.4% | 5.0% | 8.9% | |||
| Capital Gds | -13.5% | 11.7% | 16.0% | -0.5% | |||
| Transport | -25.7% | 19.4% | 20.3% | -16.4% | |||
| Consumer Gds | -10.1% | -1.0% | 7.9% | 12.0% | |||
| Other Gds | -13.3% | -9.6% | 11.8% | 34.0% | |||
| Imports | Nov-08 | Nov-07 | Nov-06 | Nov-05 | |||
| Food&Bev | -6.5% | 3.4% | 5.1% | 8.7% | |||
| Capital Gds | -19.2% | 6.5% | 3.0% | 6.5% | |||
| Transport | -30.3% | 12.9% | 3.4% | 3.7% | |||
| Consumer Gds | -7.2% | -0.4% | 6.7% | 11.8% | |||
| Other Gds | 2.3% | -4.6% | 22.0% | 19.4% | |||
| Balances in Mlns of euros | |||||||
