Italy posted a trade surplus of €1.09 billion in January 2026, swinging from a €0.29 billion deficit in the same month a year earlier, as imports contracted more sharply than exports. The result, however, was well below market expectations of a €5.6 billion surplus.
Imports fell 7.4% year-on-year to €45.41 billion, with purchases from non-EU countries dropping more steeply (-13.9%) than those from EU partners (-2.0%). Exports declined 4.6% to €46.50 billion, reflecting weaker sales to both EU markets (-3.9%) and non-EU destinations (-5.5%).
The overall export downturn was driven mainly by coke and refined petroleum products (-38.2%), machinery and equipment not elsewhere classified (nec) (-7.3%), and food, beverages, and tobacco (-9.2%). By destination, exports fell to France (-7.5%), the United States (-6.7%), Germany (-4.8%), and the United Kingdom (-12.3%), while shipments rose to Switzerland (+15.5%), China (+14.6%), and Austria (+5.1%).
