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Goods exports and soft export indicators: is a disconnect under way?

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  • Claire Giordano

    (Banca d’Italia)

Abstract

We find evidence of a gradual weakening of the correlation between the new export orders component of the manufacturing purchasing managers’ index (PMI) and real goods export dynamics in the four major euro-area countries since 2012. In Italy this disconnect has been particularly strong over the last few quarters and concerns other soft export indicators as well. The decline in the information content of firms’ survey responses has gone hand in hand with several economic factors common to all four countries, such as a significant rise in economic uncertainty and the growing role of infra-group transactions within multinational enterprises.

Suggested Citation

  • Claire Giordano, 2020. "Goods exports and soft export indicators: is a disconnect under way?," Questioni di Economia e Finanza (Occasional Papers) 553, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_553_20
    as

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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2020-0553/QEF_553_20.pdf
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    References listed on IDEAS

    as
    1. Elisa Gamberoni & Claire Giordano & Paloma Lopez-Garcia, 2016. "Capital and labour (mis)allocation in the euro area: Some stylized facts and determinants," Questioni di Economia e Finanza (Occasional Papers) 349, Bank of Italy, Economic Research and International Relations Area.
    2. Valentina Aprigliano, 2011. "The relationship between the PMI and the Italian index of industrial production and the impact of the latest economic crisis," Temi di discussione (Economic working papers) 820, Bank of Italy, Economic Research and International Relations Area.
    3. Scott R. Baker & Nicholas Bloom & Steven J. Davis, 2016. "Measuring Economic Policy Uncertainty," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 131(4), pages 1593-1636.
    4. Matteo Bugamelli & Silvia Fabiani & Stefano Federico & Alberto Felettigh & Claire Giordano & Andrea Linarello, 2018. "Back on Track? A Macro–Micro Narrative of Italian Exports," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 4(1), pages 1-31, March.
    5. Giordano, Claire & Marinucci, Marco & Silvestrini, Andrea, 2019. "The macro determinants of firms' and households' investment: Evidence from Italy," Economic Modelling, Elsevier, vol. 78(C), pages 118-133.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    national accounts; goods exports; soft indicators;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General
    • F19 - International Economics - - Trade - - - Other

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