Italy's trade surplus expands beyond expectations

In September 2026, Italy’s trade surplus expanded to €2.08 billion, up from a revised €1.88 billion in the same period last year and exceeding market expectations of €1.85 billion. Exports rose by 3.8% year on year to €58.18 billion, mainly driven by increases in exports of basic metals and metal products (up 27.1%), coke and refined petroleum products (up 76.2%), chemicals (up 11.8%), motor vehicles (up 17%), and electrical equipment (up 12.4%). In contrast, exports of other transport equipment (down 30.3%) and pharmaceuticals (down 8.3%) declined. Switzerland (up 38.2%) and China (up 32.1%) made the largest positive contributions to export growth. Meanwhile, imports grew more modestly, rising by 3.6% to €56.09 billion, mainly reflecting increased purchases of metals and energy products, including natural gas (up 82.9%), crude oil (up 44.7%), and refined products.