ROME -- Volume of trade exchanges between the Islamic Republic of Iran and Italy has increased by 103 million euro to 1.523 billion euro in the first five months of 2003, IRNA quoted the National Institute of Statistics of Italy (ISTAT) as saying on Sunday.

During the period, Iran exported 789 million euro worth of goods to Italy, registering a 45 million euro rise compared with the corresponding period last year.

Italy's export to Iran in the first five months of the year 2003 stood at 734 million euro showing a 58 million euro increase compared with the similar period last year.

Trade balance between Iran and Italy stood at 55 million euro in favor of Iran during the period, said the report.

Iran's export to Italy mostly consisted of oil while its imports from that country included industrial machinery and equipment.