The Italy’s economic recovery gathered further momentum in July, as sales and orders rose more than expected. According to data released by Istat, seasonally adjusted orders in July rose a monthly 0.6%, while unadjusted orders were 10.4% higher than the year earlier.
Domestic orders rose a monthly 3.1% while foreign orders fell 2.9%. On an annual basis there was a 61.3% rise in orders in the transportation sector while the biggest decline was in clothing, leather, textile and accessories, which dropped 1.9%. Italian industrial sales fell a seasonally adjusted 1.1% compared with June while they rose a workday adjusted 2.3% on the same month a year ago.
On an unadjusted basis, industrial turnover rose 2.2% year on year. Industrial sales on the domestic market fell a monthly 1.7% and rose an annual 1.2% while they rose 0.2% and 4.2% respectively on foreign markets. Industrial sales in the average of the last three months rose 1.4% compared with the previous three months with a 1.7% rise in turnover on the domestic market and a 1.0% increase in foreign ones.
The trade balance posted a positive performance as well. In August Italian trade surplus with non-European Union member states reached €1.5 billion, according to figures from statistics agency Istat. That brought Italy's non-EU trade surplus for the first eight months of the year to €20.4 billion, up from €14.5 billion in the like, year-earlier period. Italian exports to non-EU countries were down 8.1% in August compared to July while imports were 3.2% lower.
Year on year, Italian exports fell 3.4% and were down an even sharper 5.2% on a workday-adjusted basis. Imports fell 1.6% on the year earlier, as energy imports slumped 21.5%. Despite the fall of exports in August, Italian exports from January to August were €6.5 billion, or 5.6%, above the year earlier.
In the same eight months, imports inched up 0.6%, while they were 12.0% higher excluding energy products. Istat noted that exports to the U.S. were up 25.3% in the eight-month period and represented three-fourths of the year-on-year increase in Italian exports to non-EU countries in that period. In the same eight months, Italian exports to the Middle East were up 10.9% while those to Turkey were up 8.1%, those to Switzerland climbed 4.0% and exports to India rose 12.6%. On the other hand, Italian exports to Russia fell 28.6% in the first eight months of the year
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