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Economy in Brief
U.S. Mortgage Applications Continued to Slide Amid Higher Rates
The biggest declines have been in refinancing activity, while applications for purchase are just starting to crack...
UK Inflation Jumps
Inflation is at the highest rate since the series began in January of 1989...
U.S. Industrial Production Much Stronger than Expected in April
The increase in manufacturing output in April was once again led by motor vehicle and parts production...
U.S. Retail Sales Posted Solid Rise in April
Notwithstanding falling real incomes and declining confidence measures, consumer spending posted a solid increase...
U.S. Home Builder Index Took a Steep Drop in May
This is the fifth straight month that builder sentiment has declined...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & Fed Policy: A Relationship Which Should Worry The Fed And Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
by Robert Brusca March 18, 2008
Italy’s export and import rise in January and continue to show
good momentum despite forecasts of slowing in the Euro Area and a
continually rising euro. While MFG readings have showed slowing the
export picture remains surprisingly strong.
After declines in the year ago period Italy’s exports have
come back to life with strong growth across the export categories.
Capital goods exports remain especially strong. On the import side
growth has also been quite strong. Year over year both export and
imports up by just about 10%.
However the chart provides a different perspective. Despite
all the solid growth rates the time series of Yr/Yr growth rates shows
that apart from a sharp drop and recovery over the past year Italy’s
export and import Year-over-year growth rates are still locked in a
broad declining trend.
| Italy's Trade Trends | |||||||
|---|---|---|---|---|---|---|---|
| m/mo % monthly rate | Period Specified saar | ||||||
| Jan-08 | Dec-07 | Nov-07 | 3-Mo | 6-Mo | 12-Mo | Yr-Ago | |
| Current Account Balance | €€ (3,670) | €€ (3,589) | €€ (2,763) | €€ (3,341) | €€ (3,311) | €€ (3,060) | €€ (3,299) |
| Goods Balance | €€ 288 | €€ (1,255) | €€ 455 | €€ (171) | €€ 174 | €€ 171 | €€ (762) |
| Exports | 16.2% | -9.1% | -3.3% | 8.9% | 8.7% | 9.9% | 13.3% |
| Imports | 10.3% | -3.6% | -2.7% | 14.4% | 3.3% | 9.9% | 9.0% |
| Services Balance | €€ 247 | €€ (40) | €€ (415) | €€ (69) | €€ (392) | €€ (476) | €€ (180) |
| Exports | 3.6% | 8.0% | -2.6% | 40.6% | 27.5% | 10.0% | 2.4% |
| Imports | -0.3% | 2.4% | -2.9% | -3.3% | 5.4% | -1.0% | 18.3% |
| Not Seasonally Adjusted | All Yr/Yr | ||||||
| Exports | Jan-08 | Jan-07 | Jan-06 | Jan-05 | |||
| Food & Beverages | 18.3% | -- | -2.0% | -- | 10.9% | -- | 7.2% |
| Capital Goods | 14.2% | -- | 5.3% | -- | 14.4% | -- | 8.8% |
| Transport | 12.1% | -- | -3.1% | -- | 24.0% | -- | 8.5% |
| Consumer Goods | 12.3% | -- | -2.7% | -- | 10.8% | -- | 8.6% |
| Other Goods | 7.2% | -- | 18.1% | -- | 9.2% | -- | 22.6% |
| Imports | Jan-08 | Jan-07 | Jan-06 | Jan-05 | |||
| Food & Beverages | 6.4% | -- | -5.2% | -- | 14.7% | -- | 4.9% |
| Capital Goods | 10.6% | -- | 5.7% | -- | 7.2% | -- | 4.2% |
| Transport | 11.2% | -- | 11.2% | -- | 4.4% | -- | 3.8% |
| Consumer Goods | 8.1% | -- | -1.2% | -- | 18.8% | -- | 2.8% |
| Other Goods | 17.8% | -- | 3.0% | -- | 37.2% | -- | 17.2% |
| Balances in Mil of Euros | |||||||
