Italy's trade balance turned to a surplus in January from a deficit in the previous year as imports fell faster than exports, the statistical office ISTAT reported Friday.
The trade balance showed a surplus of EUR 1.1 billion in January versus a shortfall of EUR 288 million in the corresponding month last year. In December, it was a surplus of EUR 6.0 billion.
Exports fell 4.6 percent annually in January, and imports plunged by 7.4 percent. The larger year-on-year decline in imports was more than half due to lower purchases of chemicals and crude oil.
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