In November 2024, Istat estimates, for trade with non-EU27 countries, a strong cyclical increase for both flows, slightly larger for exports (+5.6%) than for imports (+5.3%).

The monthly increase in exports concerns all the main industrial groupings, with the exception of intermediate goods (-0.6%), and is mainly due to higher sales of energy (+64.2%) and capital goods (+10.3%). On the import side, the cyclical increase is almost entirely explained by higher purchases of non-durable consumer goods (+18.8%) and intermediate goods (+3.8%).

In the September-November 2024 quarter, compared to the previous one, exports recorded moderate growth (+0.6%) mainly due to the increase in sales of durable consumer goods (+18.7%). In the same period, imports recorded an increase of 2.9%, mainly due to the increased purchases of non-durable consumer goods (+14.7%).

In November 2024, exports grew by 0.4% on an annual basis (it was -0.7% in October 2024): national exports to non-EU markets were mainly supported by sales of durable (+29.7%) and non-durable (+3.0%) consumer goods; a brake was instead caused by lower exports of capital goods (-7.4%). Imports recorded a growth of 1.3%, driven in particular by higher purchases of non-durable consumer goods (+36.2%), which was offset by a large reduction in energy purchases (-22.0%).

In November 2024, the trade surplus with non-EU27 countries is equal to +5,908 million (+6,084 million in the same month of 2023). The energy deficit (-3,894 million) is lower than a year earlier (-5,256 million). The surplus in non-energy trade is reduced from 11,340 million in November 2023 to 9,802 million in November 2024.

In November 2024, there were marked increases on an annual basis in exports to Turkey (+37.7%), OPEC countries (+19.3%), ASEAN countries (+12.9%) and the United Kingdom (+10.9%). Sales to China (-19.5%), the United States (-11.1%) and Japan (-7.7%) decreased.
Imports from the United States (+40.3%) show strong trend growth; purchases from India (+10.7%), Switzerland (+6.1%), Mercosur countries (+5.2%) and ASEAN (+4.5%) also increase. On the other hand, imports from the other main non-EU27 partner countries decrease, with the largest trend reductions for the United Kingdom (-20.8%) and OPEC countries (-9.5%).

Attached to this EFA News is the full text and the methodological note from Istat.