Financial News: Italy Logs Lowest Trade Surplus In 16 Months

Italy Logs Lowest Trade Surplus In 16 Months On Weaker Exports

(RTTNews) - Italy's foreign trade surplus decreased in August from a year ago as exports fell faster than imports, data from the statistical office Istat showed on Thursday.

The trade surplus shrank to EUR 1.43 billion from EUR 1.95 billion in the corresponding month last year. In July, there was also a surplus of EUR 6.8 billion.

Further, this was the lowest trade surplus since April 2023. 

Exports plunged 6.7 percent annually in August after a 7.2 percent strong recovery in the previous month. Outgoing flows to EU countries decreased by 6.5 percent, and those to non-EU countries slid by 6.8 percent.

The sectors that contributed most to the downward trend in exports were means of transport, excluding motor vehicles, coke and refined petroleum products, and motor vehicles, the agency said.

Data showed that imports contracted 5.7 percent annually in August, reversing a 6.7 percent increase in the prior month.

On a seasonally adjusted basis, exports rose 0.5 percent, while imports were 0.7 percent lower compared to last month. As a result, the trade surplus rose to EUR 4.1 billion in August from EUR 3.6 billion in July.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews