Italy registered a trade surplus with the rest of the world in December 2022, worth 1.067 billion euros, compared to a deficit of 1.475 billion euros in the same period of the previous year, according to national statistics office ISTAT. Meanwhile, exports rose by 13.5% year-on-year, while imports increased by 7.7%.
However, Italy reported a trade deficit of 2.932 billion euros with other European Union (EU) countries in December 2022, lower than the 3.698 billion euros reported in December 2021. Despite the trade deficit, exports to EU countries in December 2022 increased by 8.6% year-on-year, while imports rose by 4.5%.
The increase in exports to the rest of the world was driven by sales of pharmaceutical products, machinery and vehicles, which accounted for 13.5%, 11.3% and 9.2% of total exports, respectively. Meanwhile, purchases from the rest of the world were dominated by pharmaceutical products, energy, and mineral products, which represented 12.3%, 10.5%, and 8.5% of total imports, respectively.
The data shows that Italian exports are recovering, particularly to EU countries, after being hit hard by the pandemic in 2020. However, concerns remain over rising energy costs and their potential impact on the country’s economic recovery, particularly for small and medium-sized businesses that rely on imported energy.
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