Italy experienced a notable increase in its foreign trade surplus in October compared to the same period last year, according to data released by the statistical agency Istat on Tuesday. This growth is attributed to the fact that exports grew at a more rapid pace than imports.
The trade surplus for October reached EUR 5.15 billion, up from EUR 4.49 billion in October of the previous year. This figure surpassed the anticipated EUR 3.22 billion. Comparatively, September recorded a trade surplus of EUR 2.58 billion.
In terms of exports, there was a 1.6 percent annual increase in October, following a decline of 2.1 percent in September. Exports to EU countries showed a robust growth of 3.7 percent, although there was a slight contraction of 0.7 percent in exports to non-EU countries.
Conversely, imports experienced a modest annual rise of 0.4 percent in October, offsetting a previous drop of 3.1 percent recorded in the prior month.
When adjusted for seasonal variations, both exports and imports decreased by 1.9 percent and 0.3 percent, respectively, from the previous month of October. Consequently, the trade surplus contracted to EUR 3.5 billion, down from EUR 4.4 billion in September.
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