World Economy

Italy Trade Surplus Highest in 22 Years

Italy Trade Surplus Highest  in 22 YearsItaly Trade Surplus Highest  in 22 Years

Italy’s December trade surplus with non-EU countries reached €5.9 billion ($6.4 billion), its highest since January 1993, more than 22 years ago, ANSA quoted Istat as saying Monday. Exports to non-EU countries were up 0.9% in December while imports were 2.9% down, Istat said. On an annual basis, exports in December were 4.1% up in terms of raw data or 1.2% up when the effects of the calendar were factored in. In December Italy’s ESI stood at 109.8, the fourth highest in the 19-nation bloc behind Spain, Malta and Slovenia. It has been above the eurozone average for every month since February 2015 and strengthened steadily through the year. Yet at the same time economic growth steadily slowed. And it’s not just the ESI. Italy’s composite purchasing managers’ index, gauging manufacturing and services activity, was buoyant for most of last year and was the highest in the eurozone in December.