Italy's trade surplus with non-EU countries saw a decline in November compared to the previous year as imports outpaced exports, according to preliminary figures released by the statistical office, Istat, on Monday.
The trade balance with non-EU nations recorded a surplus of €5.90 billion in November, which is a slight decrease from €6.08 billion in the same month of the previous year. In October, the surplus stood at €5.8 billion.
November witnessed a 0.4% year-on-year increase in exports, reversing the 0.7% rise seen in October, marking the first increase in four months.
Meanwhile, imports experienced a rebound, increasing by 1.3% annually in November after a 4.0% decline the previous month.
Exports to Turkey saw the most significant growth, rising by 37.7%, followed by a 19.3% increase to OPEC countries. Conversely, imports from the United States surged by 40.3%.
On a month-to-month basis, both exports and imports showed growth, with increases of 5.6% and 5.3%, respectively.
This growth in imports, both on a monthly and annual scale, was primarily driven by increased purchases of non-durable consumer goods and intermediate goods, Istat reported.
