After a deficit in the equivalent period last year, Italy has posted a world trade surplus in May, with the fall in imports outpacing the drop in exports for the third consecutive month.

A report from Istat said that Italian trade surplus stands at EUR1.19 billion compared with a deficit for EUR84 million the year before.

Imports slipped 30.8%, while exports fell 27.0% in May.

According to the report, Italy posted a trade surplus with other European Union countries of EUR631 million in May compared with a surplus of EUR1.69 billion in May 2008.

The euro exchange rate is currently 1.165549 against the pound.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.