Italy’s imports contracted 1.6% annually in February 2021, to 33,687 million euros, according todata.
Conversely, Italian exports were for 38.441 million euros, a year-on-year decrease of 4.4 percent.
Therefore, Italy obtained a balance in its balance of 4.754 million euros.
Exports fell due to lower sales of non-durable consumer goods (-4.8%), capital goods (-7.7%) and energy products (-30.6 percent).
On the other hand, Italian imports decreased due to negative results of purchases of non-durable consumer goods (-6.1%), capital goods (-0.1%) and energy products (-16.3 percent).
Italy’s economy and imports
In 2020, Italy’s GDP declined 8.9%, as a result of a sudden stop in production and declining demand in the first half of the year and a new wave of infections in the fourth quarter of 2020, which halted the economic recovery. observed during the third quarter of 2020, where GDP had increased 15.9% compared to the previous quarter of 2020.
In response to the increase in coronavirus cases in Italy in October, the government enacted a series of additional measures aimed at preventing the spread of the coronavirus, but also with a view to allowing companies in sectors where the risk of the spread of the coronavirus was lower, like manufacturing and construction, continue to operate.
EXPORTS, IMPORTS AND TRADE BALANCE
This approach generated different behaviors between sectors, and businesses in industries that could not continue operating were more negatively affected.
Thus, imports and exports decreased 12.6 and 13.8%, respectively, in 2020, compared to 2019, both driven by a strong decrease in both imports and exports of services.
Exports decreased in all sectors, except for pharmaceutical and chemical-medicinal products, food, beverages and tobacco, and agricultural products.
In the fourth quarter of 2020, Italian goods exports grew in line with world trade.
They returned to levels just below pre-pandemic levels, offsetting the drop in international tourist flows, which contracted again after the recovery observed during the summer.
Lastly, foreign demand for Italian securities strengthened; After the current account registered a surplus, Italy’s positive net international investment position increased.