Italy's Non-EU Trade Balance Swings To Surplus

Italy's non-EU trade balance turned to a surplus in April from a deficit in the previous year, as imports fell more rapidly than exports, preliminary data from the statistical office Istat showed on Monday.

The non-EU trade balance logged a surplus of EUR 1.22 billion in April versus a shortfall of EUR 1.16 billion in the same month last year. In March, there was a surplus of EUR 8.5 billion.

Exports dropped 5.1 percent year-over-year in April, reversing a 6.8 percent rise in the previous month.

After more than two years of growth, for the first time exports posted a decline on an annual basis, with widespread declines in all groupings with the exception of capital goods, the agency said.

In April, exports to the United Kingdom decreased the most, by 15.1 percent, followed by those to OPEC countries by 8.1 percent.

Imports fell sharply by 19.5 percent yearly in April, though slower than the 28.0 percent slump in March.

On a monthly basis, exports contracted by a seasonally adjusted 2.1 percent, while imports surged by 13.9 percent.