Italy's trade with non-EU nations down in August: ISTAT

ROME, Sept. 27 (Xinhua) -- Trade between Italy and its main partners outside the European Union (EU) contracted in August compared to a month earlier due largely to a broad decline in the sales of energy products, preliminary data showed on Tuesday.

Italy's National Institute of Statistics (ISTAT) said the country's exports to non-EU countries declined by 7 percent in August compared to July. Imports declined by 3.6 percent.

However, the trade figures were still stronger than a year earlier. Exports to non-EU countries grew by 22 percent in August year-on-year, and imports rose by 70.9 percent. ISTAT said higher energy costs and related inflation were the main factors behind the increase.

ISTAT said that in August, Italy's overall year-on-year trade balance with non-EU countries swung dramatically into deficit territory due to elevated energy costs.

The country had a deficit of 5.792 billion euros (5.55 billion U.S. dollars) in August, compared to a trade surplus of 1.298 billion euros a year earlier.

The swing is more than accounted for by a trade deficit of 9.864 billion euros for energy costs in August, compared to a deficit of 3.435 billion euros in August 2021.

For the June-to-August quarter, exports were 3.5 percent higher than in the previous three months, driven by a 25 percent increase in energy costs.

Energy prices have surged so far this year, increasing prices across the board due to the conflict between Russia and Ukraine. (1 euro = 0.96 U.S. dollar)