FX.co ★ Italy Trade Surplus Unexpectedly Narrows

In March 2025, Italy reported a trade surplus of €3.657 billion, falling short of the anticipated €5.2 billion and down from €4.295 billion noted for the same month the previous year. Imports experienced a year-on-year increase of 7.6%, reaching €53.75 billion, driven by higher purchases from both EU countries (up 6.8%) and non-EU countries (up 8.8%). This growth in imports was largely fueled by a significant 62.5% rise in pharmaceutical products, particularly sourced from China. Conversely, exports grew at a more modest rate of 5.8%, totaling €57.41 billion, with non-EU exports increasing by 8.2% and those to EU countries by 3.7%. Notable export growth was observed with the United States (41.2%), followed by countries from the Organization of the Petroleum Exporting Countries (OPEC) at 25%, and France at 4.2%. The rise in product shipments was led by pharmaceuticals (up 59.8%), transport equipment (up 47.5%), basic metals (up 8.1%), and food products (up 6.6%). For the first quarter of the year, from January to March, Italy's trade surplus markedly declined to €7.81 billion from €12.79 billion in the same period the previous year.