Trade with the European Union countries resulted in a €452 million surplus while trade with non-EU countries amounted to a €233 million deficit. The January 2015 trade surplus is the lowest since January of 2013 when Italy posted a €1852 million deficit.
Year-on-year, exports shrank by 4.2 percent to €28.8 billion. Shipments to Russia and the MERCOSUR countries were down by 36.7 percent and 24 percent respectvely and contributed the most to the overall decline. Sales to the United States grew strongly (+23.5 percent). The decrease in sales of refined petroleum products was significant (-32.6 percent).
Imports also dropped by 4.2 percent to €28.58 billion. Shipments from Russia (-40.2 percent) and OPEC countries (-23.3 percent) tumbled, mainly due to lower value of crude oil (-41.1 percent) and refined petroleum products (-41.0 percent).
In January, seasonally adjusted exports decreased by 2.5 percent compared to the previous month while imports edged up 1 percent. In December of 2014, Italy posted a revised €5741 million surplus.