The latest figures from the statistical office Istat showed that in May the trade deficit decreased to 12 million euros compared to 3.639 billion euros in April (revised from 3.666 billion euros). Economists had expected a reduction in the deficit to 2.32 billion euros. Exports increased by 4.8% compared to April, while imports increased by 0.3%. Exports raised by 4.9% for EU countries and by 4.6% for non-EU countries. Imports grew by 2.4% for EU countries and dropped by 2.0% for non EU countries.
The data also showed that over the last three months (from March to May), exports increased by 7.9% compared to the previous three months, while imports increased by 10.1%.
Istat reported that in annual terms exports increased by 29.5% in May, and imports increased by 48.8%. Outgoing flows increased by 32.6% for EU countries and by 26.1% for non-EU countries. Incoming flows rose by 36.6% for the EU area and by +65.5% for non EU area.
In May 2022, import prices remained unchanged on a monthly basis, and increased by 19.9% per annum. Over the last three months, compared to the previous three months, import prices increased by 6.5%.