Global| Jan 21 2009Italy's Trade Picture Deteriorates
Summary
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 [...]
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 | |||||||
Robert Brusca
AuthorMore in Author Profile »Robert A. Brusca is Chief Economist of Fact and Opinion Economics, a consulting firm he founded in Manhattan. He has been an economist on Wall Street for over 25 years. He has visited central banking and large institutional clients in over 30 countries in his career as an economist. Mr. Brusca was a Divisional Research Chief at the Federal Reserve Bank of NY (Chief of the International Financial markets Division), a Fed Watcher at Irving Trust and Chief Economist at Nikko Securities International. He is widely quoted and appears in various media. Mr. Brusca holds an MA and Ph.D. in economics from Michigan State University and a BA in Economics from the University of Michigan. His research pursues his strong interests in non aligned policy economics as well as international economics. FAO Economics’ research targets investors to assist them in making better investment decisions in stocks, bonds and in a variety of international assets. The company does not manage money and has no conflicts in giving economic advice.
More Economy in Brief
