Italy Posts Biggest Trade Surplus in 3 Years

Italy's trade surplus widened to EUR 7.631 billion in July 2019 from EUR 5.659 billion in the same month a year ago and beating market expectations of a EUR 4.71 billion surplus. This is the largest trade surplus since July 2016, as exports hit their highest ever monthly figure, boosted by shipments of pharmaceuticals and botanical articles. Imports grew much slower, as higher purchases of basic metals and transport equipment were partly offset by lower acquisitions of chemicals and refined petroleum products.
Istat | Luisa Carvalho | luisa.carvalho@tradingeconomics.com 9/18/2019 11:03:33 AM
Exports jumped 6.2 percent year-on-year to a record high of EUR 45.38 billion in July 2019, driven by shipments of pharmaceuticals and botanical articles (27.3 percent); food, beverages and tobacco (13.9 percent), leather goods, excluding clothing, and similar (15.3 percent), means of transport, excluded vehicles (13.1 percent); articles of clothing, including leather and fur (12.8 percent); basic metals and metal products (6.0 percent) and chemical products (4.1 percent). In contrast, lower sales were registered for refined petroleum products (-19.4 percent); vehicles (-1.2 percent) and electrical apparatus (-4 percent).

Among major trading partners, exports rose to Germany (2.6 percent), France (4.6 percent), Spain (8.9 percent), the UK (5.9 percent), Belgium (2.8 percent), the Netherlands (12.2 percent), Poland (13 percent), Switzerland (32.8 percent), the US (18 percent) and Japan (27.3 percent). However, overseas sales were down to China (-10.1 percent), Russia (-1.0 percent) and Turkey (-3.3 percent).

Imports advanced 1.8 percent from a year earlier to EUR 37.75 billion, driven by basic metals and metal products (8.2 percent); transport equipment (5.1 percent), of which vehicles (1.3 percent); pharmaceuticals and botanical articles (8.0 percent); textiles, clothing, leather & accessories (5.5 percent); food (4.7 percent). Meanwhile, purchases declined for chemical products (-3.4 percent); refined petroleum products (-9.0 percent) and wood & wood products (-0.4 percent).

Among major trading partners, imports grew from Germany (2.0 percent), the Netherlands (0.9 percent), Spain (4.7 percent), Belgium (0.7 percent), the UK (6 percent), Russia (16.4 percent), Switzerland (20.5 percent), China (15 percent) and Turkey (8.1 percent). Conversely, acquisitions declined from France (-1.8 percent), Austria (-0.4 percent), the US (-0.5 percent) and India (-23.2 percent).

With European countries, the country's trade surplus widened significantly to EUR 3.575 billion from EUR 2.660 billion in July 2018.

Considering the first seven months of the year, the country's trade surplus rose to EUR 29.71 billion from EUR 24.72 billion a year earlier.


Italy Posts Biggest Trade Surplus in 3 Years