(Finance) – Despite a large energy deficit, fueled by the sharp increases in the average unit values of gas and crude oil imports, the high surplus in the exchange of non-energy products leads to a slightly negative trade balance in March 2022, close to balance. In the first quarter of 2022 as a whole, the trade deficit reaches 6,977 million euros, compared to a surplus of 11,524 million in the first quarter of 2021.Istatcommunicating the foreign trade data for the first three months of 2022.
For March, the National Statistics Institute estimates a cyclical growth for both trade flows with foreign countries, more intense for exports (+ 1.7%) than for imports (+ 1.3%). The monthly increase in exports is due to the increase in sales to both areas, EU (+ 1.3%) and non-EU (+ 2.1%). In the first quarter of 2022, compared to the previous one, exports grew by 7.7%, imports by 9.8%.
In March 2022, exports grow every year by 22.9%, with a strong increase in sales both to the EU area (+ 23.5%) and to non-EU markets (+ 22.2%). Imports recorded a tendential increase of 38.8%, which involves both the EU area (+ 23.7%) and, to a much greater extent, the non-EU area (+ 61.0%).
Between sectors the main contributors to the trend increase in exports include: base metals and metal products, excluding machines and plants (+ 34.9%), pharmaceutical, chemical-medicinal and botanical items (+ 37.6%), substances and chemical products (+ 26.5%) and means of transport, excluding motor vehicles (+ 31.8%). On an annual basis, i villages which provide the greatest contributions to the increase in national exports are United States (with an increase of 40.0%), France (+ 21.0%), Germany (+ 14.8%) and Switzerland (+ 32.2%). Sales to the Russia.
In the first quarter of 2022, the trend growth in exports (+ 22.8%) is due in particular to the increase in sales of base metals and metal products, excluding machinery and plants (+ 29.2%), substances and chemicals (+ 30.0%) and transport, excluding motor vehicles (+ 35.8%).
In March 2022 the trade deficit is equal to 84 million euros, compared to a surplus of 5,190 million in the same month of 2021. The energy deficit (-8,065 million) is much larger than a year earlier (-2,794 million) but the surplus in the trade in non-energy products, equal to 7,981 million, is high and on the level of March 2021 (7,984 million). In March 2022 i import prices they grow by 2.5% on a monthly basis and by 19% on an annual basis.