Italy’s Foreign Trade Update – October 2023

In October 2023, Italy’s trade with non-EU27 countries witnessed a simultaneous increase in both exports (+6.3%) and imports (+3.1%). Monthly export growth encompassed all major industry groups, notably driven by increased sales of non-durable consumer goods (+9.7%) and capital goods (+6.4%). Import-wise, excluding energy (-1.7%), all groups experienced positive momentum, particularly durable consumer goods (+9.7%), capital goods (+7.6%), and intermediate goods (+6.3%).

In the August-October 2023 quarter, exports grew by 3.2%, attributed to higher sales of energy (+48.2%), capital goods (+3.2%), and non-durable consumer goods (+2.8%). Imports registered a 1.3% increase, with energy purchases contributing significantly (+13.3%).

Comparing October 2023 to the same month last year, exports surged by 9.2% (compared to -6.9% in September). This growth was propelled by increased sales of energy (+24.4%), capital goods (+21.9%), and non-durable consumer goods (+7.6%). Imports experienced a year-on-year decline of 18.7%, primarily due to reduced purchases of energy (-35.8%), intermediate goods (-14.2%), and non-durable consumer goods (-7.8%).

In October 2023, Italy’s trade surplus with non-EU27 countries was positive at +5,366 million (compared to -2,174 million in October 2022). The energy deficit (-5,392 million) decreased from the previous year (-9,379 million), while the surplus in non-energy product trade, at 10,758 million, was high and increased from October 2022 (+7,204 million).

Year-on-year export increases were notable to OPEC countries (+42.0%), Japan (+25.2%), the United States (+10.1%), and the United Kingdom (+9.1%). However, sales decreased to China (-1.0%) and MERCOSUR countries (-0.5%). Import-wise, except for the United States (+8.8%), all major non-EU27 trading partners experienced a decline. Notably, imports from Russia saw the most substantial year-on-year decrease (-85.0%), with significant reductions also seen in purchases from MERCOSUR countries (-33.2%) and India (-30.7%).