Italy’s trade balance swings to surplus

Rome, Jul. 15, (dpa-AFX/GNA) – Italy’s foreign trade balance turned to a surplus in May from a deficit in the previous year as exports rebounded amid a sharp fall in imports, data from the statistical office Istat showed on Friday.

The trade balance for May came in at a surplus of €4.71 billion ($528 billion) versus a deficit of €61 million in the corresponding month last year. In April, there was a surplus of €362 million.

Exports grew 0.9% year-over-year in May, reversing a 5.3% gain in the previous month.

Outgoing flows to non-EU countries increased by 4.0%, while those to EU countries dropped by 1.9%.

Meanwhile, imports fell 7.6% annually in May, though slower than the 12.4% plunge in April.

On a seasonally adjusted basis, both exports and imports declined by 0.3% and 3.0%, respectively, in May. As a result, the trade surplus increased to €2.74 billion from €1.42 billion in April.

GNA