Italy's foreign trade surplus saw an increase in May compared to the same period last year, attributed to a larger decline in imports than exports, according to data released by the statistical office Istat on Tuesday.
The trade surplus expanded to EUR 6.4 billion, up from EUR 4.8 billion in May of the previous year. In April, the surplus was also EUR 4.8 billion.
Exports experienced a 1.7 percent annual decline in May, following a significant 10.8 percent rebound in the previous month. Shipments to EU countries fell by 3.9 percent, whereas exports to non-EU countries showed a slight increase of 0.9 percent.
Istat noted that the export downturn impacted nearly all major trading partner nations, with a particularly pronounced decline towards Germany.
The data also revealed that imports contracted by 5.0 percent annually in May, contrasting with a 1.4 percent increase observed in the prior month.
Seasonally adjusted figures showed a decrease in both exports and imports by 3.8 percent and 0.5 percent, respectively. Consequently, the trade surplus fell to EUR 4.1 billion, down from EUR 5.9 billion in April.
