FX.co ★ Italy Trade Surplus Grows In July

Italy's foreign trade surplus experienced an increase in July compared to the same period last year, driven by a faster growth rate in exports compared to imports, according to data released by the statistical office, Istat, on Monday.

The trade surplus slightly rose to €6.7 billion from €6.1 billion in July of the previous year. For context, June's surplus stood at €5.1 billion.

Monthly export performance showed a robust rebound, marking a 6.8 percent year-on-year increase in July, following a 6.1 percent decline in June. This recovery was notable in both EU and non-EU markets, with exports to EU countries growing by 6.0 percent and those to non-EU countries by 7.6 percent.

The surge in export figures was particularly fueled by heightened international demand for pharmaceutical, chemical-medicinal, and botanical products.

Conversely, imports saw an annual increase of 6.3 percent in July, overturning the 9.8 percent decline observed in the previous month.

Seasonally adjusted figures revealed a slight decrease in exports by 0.5 percent, while imports rose by 1.1 percent compared to the previous month. Consequently, the seasonally adjusted trade surplus diminished to €3.67 billion in July from €4.42 billion in June.