In May, Italy's trade deficit with non-EU countries grew, reaching 1,8 billion euros, compared to 1,5 billion in May 2010. Istat communicated this today, adding that both the imports and exports recorded a decline of -2,2% and -0,9% respectively.
However, if we consider the last three months, the data is better: imports increased by 3,6% and exports by 3% on a quarterly basis. Instead, compared to the same three months of last year, growth remains at high and very similar rates for imports (+20,6%) and exports (+20,9%).
The deficit increased in the energy sector compared to last year: 4,7 billion compared to 4,3 in 2010. However, the surplus in the trade of non-energy products increased: from 2,7 billion in May 2010 to 2,8 in May 2011.
In all the main sectors there was a growth in exports. Foreign sales of energy products increased by 35,3%, capital goods by 21,8%, consumer goods by 19,8% and intermediate products by 17,9%.
About half of the overall increase in imports can be explained by an increase in purchases of intermediate products (+36,4%). An important contribution also comes from non-durable consumer goods (+24,3%) and energy (+13,2%).
In exports, the most dynamic markets are Switzerland (+43,4%), the Mercosur countries (+39,6%), Russia (+27,3%), Turkey (+22,5%) and China (+21,4%). While there is a lower than average trend in exports to OPEC countries (+6,2%), to Japan (+8,8%) and to India (+16,5%).
Import growth is supported by ASEAN countries (+42,9%), Russia (+36,9%), India (+35,5%), Turkey and Mercosur countries (both +26% ). On the other hand, imports from OPEC countries (-19,1%) and Japan (-11,4%) are decreasing sharply.
