Italy Trade Balance Swings to Surplus

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.

Italy’s trade surplus widened to €6.0 billion in December 2025, the largest in five months, up from €5.2 billion a year earlier and above expectations of €4.5 billion. Exports rose 4.9% year-on-year to €51.6 billion, driven mainly by higher sales of base metals (+27.8%) and transportation equipment (+25.2%). Shipments increased notably to Switzerland (+41.7%), ASEAN countries (+48.0%), Poland (+18.9%), and France (+5.4%), but declined to Turkey (-17.0%), the UK (-8.7%), and the Netherlands (-9.7%). Meanwhile, imports grew 3.4% to €45.6 billion, reflecting higher purchases of pharmaceuticals (+30.6%), agricultural goods (+21.3%), and base metals (+46.0%). Imports rose primarily from Belgium (+18.7%), Romania (+19.6%), North America (+59.5%), and Central and South America (+32.8%), while falling from Russia (-72.2%) and OPEC countries (-36.5%). For 2025 as a whole, Italy’s trade surplus stood at €50.7 billion, as exports increased 3.3% and imports grew 3.1%.

Italy’s trade surplus widened to €5.08 billion in November 2025, up from €3.39 billion a year earlier, slightly below market expectations of €5.2 billion. Exports edged 0.1% lower, weighed down by sharp declines in other manufacturing (-19.7%), refining (-31.3%), electronics (-12.1%), other transportation (-8.2%), and chemicals (-2.5%), partly offset by gains in metals (17.0%), pharmaceuticals (6.1%), machinery (3.2%), and motor vehicles (9.1%). Exports fell to major partners including Turkey (-40.5%), the UK (-16.2%), ASEAN (-21.5%), the US (-2.9%), and the Netherlands (-9.7%), while rising to OPEC (18.9%), Switzerland (12.2%), and Belgium (9.4%). Imports fell 3.5%, driven by lower purchases of pharmaceuticals (-25.6%), crude oil (-39.5%), and natural gas (-17.3%), with declines from OPEC (-34.6%), Belgium (-11.0%), the US (-8.2%), Switzerland (-14.1%), and China (-4.2%).