Rome-- Italy's foreign trade balance turned to a deficit in May from a surplus in the previous year, as imports grew more rapidly than exports, the dpa quoted data published by the statistical office Istat on Monday.

The trade balance in May was a shortfall of EUR 12 billion ($12.1 billion) against a surplus of EUR 5.633 billion in the corresponding month last year.

In April, there was a deficit of EUR 3.639 million. Exports were 29.5% higher in May compared to last year, while imports grew at a much faster pace of 48.8%.

Outgoing flows to EU countries increased 32.6% and those to non-EU countries gained 26.1%.

On a monthly basis, both exports and imports rose a seasonally adjusted 4.8% and 0.3%, respectively, in May.

Data also showed that import prices climbed 19.9% annually in May, while they showed no variations from the previous month.

Source: Saudi Press Agency