Italy’s trade surplus with non-EU countries narrowed significantly at the start of 2026, indicating a marked cooling in external trade momentum outside the European bloc.
According to the latest data updated on 27 February 2026, Italy’s non‑EU trade balance fell to a surplus of €2.12 billion in January 2026, down from €8.39 billion in December 2025. The sharp month-on-month decline suggests a substantial shift in trade dynamics with key non‑EU partners at the turn of the year.
While the figures confirm that Italy remains in surplus in its trade with non‑EU markets, the reduced gap points to either softer export performance, stronger import demand, or a combination of both. Investors and policymakers are likely to watch upcoming releases closely to determine whether January’s reading reflects a temporary adjustment or the start of a more persistent trend in Italy’s external sector.
