Italy Non-EU Trade Balance Swings To Deficit In May

(RTTNews) - Italy's non-EU trade balance swung to a deficit in May from a surplus in the previous year, as imports grew much faster than exports, data from the statistical office Istat showed on Friday.

The non-EU trade balance registered a deficit of EUR 637 billion in May against a surplus of EUR 4.783 billion in the corresponding month last year.

In April, the trade balance showed a shortfall of EUR 2.711 billion.

Exports to EU countries increased 26.2 percent yearly in May, after an 11.9 percent growth in April.

Imports were 67.9 percent higher in May compared to last year, following a 62.0 percent surge in April.

Both export and import growth were largely driven by more outflows and inflows of energy.

On a monthly basis, exports rose 4.7 percent in May, while imports dropped 0.8 percent.