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Economy in Brief

Italy's Trade Picture Deteriorates
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
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