Italy's external trade deficit for April narrowed sharply from the same month last year driven by the decline in imports, data released by the statistical office ISTAT revealed Friday.
The unadjusted trade deficit was EUR 202 million, down from EUR 2.824 billion in the same month last year. In March, the country had recorded a surplus of EUR 2.067 billion, which was the first excess in three months.
Imports fell 9.3 percent year-on-year, following a 10.9 percent slump in March. Exports dropped 1.7 percent, which was the first decline in at least 27 months, according to ISTAT data. In March, exports grew 4.9 percent.
On a seasonally adjusted basis, Italy's trade balance showed a deficit of EUR 36 million in April, after recording a EUR 714 million surplus in March. Exports rose 0.2 percent from March, when they grew 1.7 percent. Imports climbed 2.5 percent, following a 2.1 percent decline in the previous month.
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