2023.05.1711:02:00UTC+00Italy's Trade Surplus Biggest Since July 2021

Italy's foreign trade balance logged its biggest surplus in twenty months in March, underpinned by a favorable trade of non-energy products, data from the statistical office Istat showed on Wednesday.

The trade balance for March came in at a surplus of EUR 7.5 billion versus a deficit of EUR 0.76 billion in the corresponding month last year. In February, there was a surplus of EUR 2.1 billion.

Further, this was the biggest trade surplus since July 2021, when it was EUR 8.17 billion.

Exports grew 4.7 percent year-over-year in March, following a 10.8 percent gain in the previous month. Nonetheless, export growth eased for the first time in more than two years.

Outgoing flows to EU countries increased by 3.0 percent, and those to non-EU countries advanced more sharply by 6.8 percent.

Exports of machinery and appliances grew 20.0 percent annually in March, and those of motor vehicles surged by 27.4 percent.

Meanwhile, imports fell 9.8 percent annually in March, reversing a 3.2 percent growth in February.

On a seasonally adjusted basis, both exports and imports declined by 2.3 percent and 6.5 percent, respectively, in March. As a result, the trade surplus increased to EUR 5.54 billion from EUR 3.5 billion in February.

During the first quarter, exports showed no variations, while imports slid 8.0 percent compared to the previous quarter.

Data also showed that import prices decreased by 1.4 percent monthly and by 2.6 percent on an annual basis in March.