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Gas is sinking its accounts with foreign countries but now Moscow is slowing down

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Gas is sinking its accounts with foreign countries but now Moscow is slowing down

The half-full glass is in the leftmost column, which once again sees national exports galloping in double figures. An excellent figure for companies, which at least manage to stem the shock of energy price increases, however obscured at the country level by the surge in imports, a jump of over 70% that deepens the trade deficit of 2022. Few surprises and many confirmations in the Istat on non-EU trade in August, where a cyclical decrease is estimated for both flows, larger for exports (-7.0%) than for imports (-3.6%).
The decline in exports on a monthly basis is determined in particular by the drop in sales of energy (-44.8%) and capital goods (-13.9%); Exports of durable consumer goods also decreased (-5.4%) while those of non-durable consumer goods (+ 4.7%) and intermediate goods (+ 1.4%) increased.

The export figure

In the quarter June-August 2022, compared to the previous quarter, exports grew by 3.5%; the increase concerns all clusters with different intensities and is more sustained in terms of energy (+ 25.0%). In the same period, imports showed an economic upturn of 13.1%, to which the higher energy purchases contributed significantly (+ 21.2%).

The reading of the annual data shows a growth of 22% for exports (it was + 14.2% in July): this is the tenth month in double-digit progress. The generalized growth is confirmed to be very accentuated for energy (+ 89.8%) and is more intense also for non-durable consumer goods (+ 30.2%).

A leap forward of the made in Italy overshadowed by imports, which recorded an annual growth of 70.9%, driven by the multiplication of almost three times for energy (+ 173.3%).

It is interesting to note that for Russia the figure (+ 28.5%) is much lower than the average, probably a first result linked to the diversification of our gas sources to which was added the partial reduction of flows decided voluntarily by Moscow. In eight months, however, imports from Russia more than doubled.

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