Italy Trade Balance Swings to Surplus

Italy’s trade surplus remained relatively stable in March 2026 compared to the same month last year, standing at €4.7 billion, but was below market expectations of €5.2 billion. Exports rose by 7.4% year-on-year to €61.7 billion, driven by stronger sales for basic metals and fabricated metal products, excluding machinery and equipment (38.6%), coke and refined petroleum products (55.0%), motor vehicles (15.8%), computers, electronic and optical equipment (17.5%), pharmaceutical, chemical, medicinal, and botanical products (4.6%), and machinery and equipment, nec (3.3%). Switzerland was the top export destination (84.6%), followed by France (9.2%), Germany (8.0%), Spain (12.6%), and China (23.9%). Meanwhile, imports grew by 8.0% to €57.0 billion, amid increased purchases of metals, motor vehicles, and electronics. Imports from both the EU (8.1%) and non-EU countries (9.1%) went up.

Italy’s trade surplus widened to €4.9 billion in February 2026 from €4.4 billion in the same month last year and above expectations of €3.8 billion. Exports fell 0.2% year-on-year to €53.8 billion, reflecting a decline in shipments to EU countries (-2.9%), while those to non-EU markets rose (+2.8%). Individually, exports declined to Germany (-15.4%), Spain (-15.3%), Turkey (-27.0%), and the UK (-13.6%), while increasing to Switzerland (+33.2%), the US (+8.0%), and OPEC countries (+14.5%). Sector-wise, export declines were led by transport equipment (-22.1%) and refined petroleum products (-18.2%), partly offset by strong gains in basic metals (+30.7%). Meanwhile, imports fell 1.3% to €48.8 billion, with a larger drop from EU partners (-2.0%) than non-EU countries (-0.3%). Specifically, arrivals fell from Belgium (-21.9%), Spain (-4.4%), and Russia (-60.5%). Among commodities, imports dropped the most in mineral extraction (-30.1%) and coke and refined petroleum products (-16.6%).

Italy recorded a trade surplus of €1.09 billion in January 2026, a sharp reversal from a €0.29 billion deficit in the same month last year, as imports fell much faster than exports. However, the figure fell short of market expectations of a €5.6 billion surplus. Imports declined 7.4% year-on-year to €45.41 billion, largely due to reduced purchases of manufacturing products (-4.4%) and basic metals (-4.9%). Imports from non-EU countries (-13.9%) dropped more sharply than those from EU countries (-2.0%). Exports fell 4.6% to €46.50 billion, weighed down by lower sales of manufacturing goods (-4.6%) and machinery and equipment, nec (-7.3%). Among key trading partners, exports to France (-7.5%), the US (-6.7%), Germany (-4.8%), and the UK (-12.3%) declined, while shipments to Switzerland (15.5%), China (14.6%), and Austria (5.1%) increased.