Financial News: Italy Trade Surplus Grows In July

Italy Trade Surplus Grows In July

09/16/2024 - 06:37:00 (RTTNews)

(RTTNews) - Italy's foreign trade surplus increased in July from a year ago as exports grew faster than imports, data from the statistical office Istat showed on Monday.

The trade surplus rose slightly to EUR 6.7 billion from EUR 6.1 billion in the corresponding month last year. In June, there was also a surplus of EUR 5.1 billion.

Exports rebounded strongly by 6.8 percent annually in July after a 6.1 percent fall in the previous month. Outgoing flows to EU countries increased by 6.0 percent, while those to non-EU countries rose by 7.6 percent.

The growth in exports was largely driven by the higher foreign demand for pharmaceutical, chemical-medicinal, and botanical articles.

Data showed that imports advanced 6.3 percent annually in July, reversing a 9.8 percent decrease in the prior month.

On a seasonally adjusted basis, exports decreased 0.5 percent, while imports were 1.1 percent higher compared to last month. As a result, the trade surplus shrank to EUR 3.67 billion in July from EUR 4.42 billion in June.

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