Italy Trade Surplus Shrinks In May

(RTTNews) - Italy's foreign trade surplus decreased in May from a year ago as imports grew faster than exports, the statistical office ISTAT reported Thursday.

The trade surplus shrank to EUR 4.8 billion in May from EUR 6.1 billion in the corresponding month last year. The expected surplus was EUR 4.5 billion.

Exports climbed 4.1 percent annually in May, and imports were 7.3 percent higher.

The overall export growth was driven primarily by increased metal sales, while import growth was driven by more purchases of crude oil and metals, the agency said.

Exports to non-EU countries grew 1.7 percent, and those to EU markets advanced 6.8 percent. The country imported 15.5 percent more from non-EU markets.

The seasonally adjusted trade surplus also decreased to EUR 3.4 billion in May from EUR 4.1 billion in April. Both exports and imports increased by 0.2 percent and 1.5 percent, respectively, compared to the prior month.