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ITALY DATA: Weak Demand From France and Germany Weighs On Italian Exports YTD

ITALY DATA
CEEMEAEurozoneData BulletItalyBulletMarketsFixed Income BulletsForeign Exchange Bullets

The Italian seasonally adjusted goods trade balance was E3.8bln in November, comprising of a E1bln deficit with EU member states and a E4.8bln surplus with non-EU states. On a 12m rolling basis (using NSA data), Italy ran a goods trade surplus of E54.5bln, up from E29.4bln in November 2023.

  • Exports totalled E161.7bln in the 12-months to November, down from E163.4bln a year ago.
  • Year to date (i.e. Jan-Nov), exports in major industries such as transport (11% of total), basic metals and fabricated metal products (10% of total) and textiles (10% of total) fell relative to Jan-Nov 2023. YTD transport exports were 11% lower than the same period last year.
  • Exports to EU states were E317.7bln from E326.1bln a year ago. Weaker demand from major trading partners is clear: Year to date, exports to Germany (12% of total) were 5.1% lower compared to Jan-Nov 2023. Similarly, French exports (10% of total) were 2.3% lower.
  • Italian exports to non-EU states were E304.3bln from E303.8bln a year ago. Strong growth in exports to non-EU European countries (14.1% share of total) offset declines to the likes of the US (11% of total) and China (3% of total).

 

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The Italian seasonally adjusted goods trade balance was E3.8bln in November, comprising of a E1bln deficit with EU member states and a E4.8bln surplus with non-EU states. On a 12m rolling basis (using NSA data), Italy ran a goods trade surplus of E54.5bln, up from E29.4bln in November 2023.

  • Exports totalled E161.7bln in the 12-months to November, down from E163.4bln a year ago.
  • Year to date (i.e. Jan-Nov), exports in major industries such as transport (11% of total), basic metals and fabricated metal products (10% of total) and textiles (10% of total) fell relative to Jan-Nov 2023. YTD transport exports were 11% lower than the same period last year.
  • Exports to EU states were E317.7bln from E326.1bln a year ago. Weaker demand from major trading partners is clear: Year to date, exports to Germany (12% of total) were 5.1% lower compared to Jan-Nov 2023. Similarly, French exports (10% of total) were 2.3% lower.
  • Italian exports to non-EU states were E304.3bln from E303.8bln a year ago. Strong growth in exports to non-EU European countries (14.1% share of total) offset declines to the likes of the US (11% of total) and China (3% of total).

 

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