No. 696 - An assessment of Italy's energy trade balance
The study analyses developments in Italy's energy trade balance since the 1970s and in comparison with the other main euro-area countries in more recent years. It furthermore examines Italy's energy imports broken down by product and by sourcing market and it assesses the impact on the cyclically-adjusted balance of payments current account balance.
The reduction in the cyclically-adjusted current account balance for Italy in 2021 was entirely due to the deterioration in the energy deficit, in turn linked to the increase in energy prices. The deficit was moderately larger than in the other main euro-area countries, but smaller than during the 1970s and 1980s oil shocks. Oil is still the main component of Italy's energy imports but its share has fallen to the advantage of natural gas. Geographical concentration remains high, as the decline in the share of OPEC members has been offset by an increase in the share of former USSR countries.
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17 June 2022
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