Italy Trade Surplus Steady in March

Italy’s trade surplus widened to €4.3 billion in April 2026 from €2.4 billion in the same month a year earlier, although it fell short of market forecasts for a €5.19 billion surplus. Exports increased by 8.8% year-on-year to €57.6 billion, with most sectors contributing to the growth, notably basic metals and fabricated metal products, excluding machinery and equipment (32.9%), coke and refined petroleum products (52.0%), machinery and equipment not classified elsewhere (6.3%), chemical substances and products (10.5%), motor vehicles (16.1%), and electrical equipment (10.4%). Switzerland remained Italy’s largest export market (39.4%), followed by the US (12.1%), China (36.2%), France (7.6%), and Germany (5.0%). Meanwhile, imports rose by 5.5% to €53.3 billion, primarily due to increased purchases of metals and crude oil. Imports from EU and non-EU countries grew by 5.2% and 5.9%, respectively.

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, supported by strong growth in sectors such as 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%).