In the first 11 months of 2023, a total of 7,649,869 new private sector employment contracts were activated, excluding domestic and agricultural workers, with 6,805,822 terminations resulting in a positive balance of 844,047 contracts. This data, reported by the INPS’s Observatory on Precarious Work, shows an improvement compared to the same period in 2022 when there were 743,658 contracts. During this period, the net variation of permanent employment contracts was positive for 435,904 units. Additionally, Istat reported estimates for December 2023 on imports and exports, showing a seasonal increase in exports (+1.2%) with similar increases for both the EU (+1.3%) and non-EU countries (+1.1%), and a decrease in imports (-1.9%). Yearly, exports decreased by 7.8% in monetary terms and 10.3% in volume, with a bigger reduction for the EU markets (-8.8%) compared to non-EU markets (-7.0%). Imports decreased by 17.6% in value, with a more significant decline for non-EU countries (-26.7%) compared to the EU countries (-9.8%).
In the fourth quarter of 2023, compared to the previous quarter, exports increased by 1.4% and imports by 0.9%. The estimated trade balance in December 2023 was +5,614 million euros, a significant increase from December 2022 (+685 million euros). The energy deficit decreased substantially from the previous year. The surplus in non-energy products trade increased from 9,681 million euros in December 2022 to 10,249 million euros in December 2023. Some of the sectors contributing to the decrease in exports include basic metals and metal products excluding machinery and equipment (-14.5%), pharmaceutical, medical, and botanical products (-11.2%), refined petroleum products (-19.5%), and chemical substances and products (-10.1%). On the other hand, annual export growth was reported for sports articles, games, musical instruments, precious metals, medical instruments, and other unspecified products (+2.7%), as well as electrical appliances (+1.0%).
On an annual basis, countries such as France (-12.5%), Germany (-11.8%), the United States (-5.3%), and China (-16.5%) were the major contributors to the reduction in national exports. However, exports to OPEC countries increased by 26.5%. The overall trend shows a positive development in the Italian labor market with increased permanent employment contracts and a stable trade balance. It is important to monitor global economic conditions and trade relationships with key partners to ensure sustained growth and stability in the future. By addressing challenges in specific sectors such as the export of chemical and petroleum products, Italy can work towards improving its trade balance and strengthening its position in the international market.
