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Italy's imports & exports increase in February 2024

19 Apr '24

2 min read

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Insights

In February 2024, Italy's exports rose by 3.8 per cent and imports by 5.1 per cent, with notable increases in non-EU trade.
Despite this, the country's quarterly figures show exports static and imports down by 4.8 per cent.
The trade surplus reached €6.03 billion (~$6.43 billion).
Import prices dropped by 0.2 per cent MoM and 5.5 per cent YoY.

Italy recorded a notable increase in both exports and imports in February 2024, according to seasonally adjusted data from the Italian National Institute of Statistics (Istat). Exports saw a rise of 3.8 per cent, driven by a significant 7.5 per cent increase to non-EU countries, while EU exports grew by a modest 0.3 per cent. Imports followed a similar upward trajectory, increasing by 5.1 per cent overall, with a 4.9 per cent rise from EU countries and a 5.5 per cent increase from non-EU countries.

Despite the monthly gains, the quarterly overview presents a contrasting picture. Over the last quarter, exports remained stationary, whereas imports showed a decline of 4.8 per cent compared to the previous period.

Year-over-year (YoY) data for February indicates a 1.7 per cent increase in exports, with non-EU countries recording a higher increase of 2.8 per cent compared to EU countries at 0.6 per cent. Imports in the same period decreased by 6.1 per cent, with a steeper drop of 10.3 per cent from non-EU countries and a 3 per cent decrease from EU countries, as per Istat.

The trade balance for February 2024 showcased a significant surplus of €6.034 billion (approximately $6.43 billion), an improvement from the deficit seen in EU countries at €851 million but offset by a substantial surplus of €6.885 billion with non-EU countries. Excluding energy, the trade balance surplus widened further to €9.782 billion.

Regarding import prices, Italy experienced a slight decline of 0.2 per cent on a monthly basis, reflecting more pronounced decreases outside the eurozone at 0.5 per cent, compared to a minimal 0.1 per cent increase within the eurozone. The three-month comparison shows a broader decrease in import prices by 1.5 per cent, with non-eurozone prices falling more sharply by 2.5 per cent, contrasted with a 0.5 per cent decrease within the eurozone.

YoY, import prices in February fell by 5.5 per cent, with non-eurozone areas experiencing a significant drop of 7.8 per cent, compared to a 2.9 per cent decrease within the eurozone, indicating varied inflation pressures across different regions.

Fibre2Fashion News Desk (DP)

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