Financial News: Italy Trade Balance Swings To Surplus In January

Italy Trade Balance Swings To Surplus In January

(RTTNews) - Italy's trade balance turned to a surplus in January from a deficit in the previous year as imports fell faster than exports, the statistical office ISTAT reported Friday.

The trade balance showed a surplus of EUR 1.1 billion in January versus a shortfall of EUR 288 million in the corresponding month last year. In December, it was a surplus of EUR 6.0 billion.

Exports fell 4.6 percent annually in January, and imports plunged by 7.4 percent. The larger year-on-year decline in imports was more than half due to lower purchases of chemicals and crude oil.

Exports to EU countries dropped 3.9 percent, and those to non-EU nations declined 5.5 percent.

The fall in outflows was primarily due to lower sales of refining products, machinery, and food, which more than offset the sharp increase in sales of metals and pharmaceutical products, the agency said.

The seasonally adjusted trade surplus rose to EUR 5.8 billion in January from EUR 5.2 billion in December. Both exports and imports decreased by 0.1 percent and 1.3 percent, respectively, compared to the prior month.

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