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Financial News: Italy Non-EU Trade Balance Swings Deficit In June

Italy Non-EU Trade Balance Swings Deficit In June

07/28/2022 - 07:29:00 (RTTNews)

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

The non-EU trade balance registered a deficit of EUR 2.815 billion in June versus a surplus of EUR 4.802 billion in the same month last year.

In May, there was a shortfall of EUR 258 million.

Exports climbed 21.0 percent year-over-year in June, slower than the 26.1 percent gain in May.

Meanwhile, imports rose at a much faster rate of 73.7 percent in June compared to last year.

On a monthly basis, exports fell 1.5 percent in June, while imports logged a strong growth of 8.6 percent.

During the second quarter, total exports advanced 6.8 percent from the previous quarter, driven by higher energy exports.

Imports also gained 15.0 percent in the June quarter, reflecting increased energy purchases.

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