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Financial News: Italy Trade Surplus Shrinks On Widening Energy Deficit

Italy Trade Surplus Shrinks On Widening Energy Deficit

01/18/2023 - 08:01:00 (RTTNews)

(RTTNews) - Italy's foreign trade surplus decreased in November from last year, as imports grew faster than exports amid a widening energy deficit, data from the statistical office Istat showed on Wednesday.

The trade surplus for November was EUR 1.45 billion, down from EUR 2.20 billion in the corresponding month last year.

In October, the trade balance showed a deficit of EUR 2.06 billion.

The energy deficit remained large at EUR 8.5 billion in November, compared with a shortfall of EUR 5.8 billion a year earlier.

Exports climbed 18.0 percent year-over-year in November, following a 17.7 percent gain in October.

Outgoing flows to EU countries increased 14.0 percent and those to non-EU countries surged 22.5 percent.

The annual growth in imports was 20.4 percent in November versus a 28.3 percent jump a month ago.

On a seasonally adjusted basis, exports rose 3.9 percent amid a 1.4 percent fall in imports. As a result, the trade gap narrowed to EUR 0.27 billion from EUR 3.12 billion.

In November, the increase on a monthly basis in exports was due to an 8.3 increase in sales to non-EU markets.

Data also showed that import prices decreased 1.0 percent monthly, while they grew notably by 13.6 percent on an annual basis in November.

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