Italy has recorded a trade deficit with the world in the first five months of this year due to a spike in energy import costs, while in Spain, the deficit was six times greater than in the same period of 2021, according to data.
The Italian trade balance showed a deficit of 12 billion euros in May, following a deficit of 3.63 billion euros in the previous month. In May of last year, Italy recorded a surplus in trade with the world of 5.63 billion euros.
The May energy trade balance shows a deficit of 8.26 billion euros, with more than double the exports but nearly triple the imports. The export of all goods and services increased by 29.5 percent compared to the same month last year, while imports surged by 48.8 percent.
Exports of products and goods to other EU countries rose by 32.6 percent, and to those outside the EU by 26.1 percent. On a monthly basis, exports in May increased by 4.8 percent, while imports rose by 0.3 percent, according to seasonally adjusted data.
Data also showed that import prices increased by 19.9 percent year-on-year, while they remained unchanged month-on-month.
From January to May, the balance shows a deficit of 10.8 billion euros, with a deficit in energy trade of 39 billion euros. In the first five months of last year, the balance showed a surplus of 23 billion euros. Total exports in the first five months of this year jumped by 22.6 percent, while imports increased by 44.1 percent.
