Italy’s trade surplus narrowed to €4.8 billion in May 2026, down from €6.1 billion in the same month a year earlier, though it still exceeded market expectations of a €4.5 billion surplus. Exports increased by 4.1% year-on-year to €57.4 billion, supported mainly by base metals and metal products excluding machinery and equipment (up 26.2%), coke and refined petroleum products (up 62.0%), transport equipment excluding motor vehicles (up 20.6%), and motor vehicles themselves (up 13.9%). By contrast, exports of pharmaceutical, chemical-medicinal, and botanical products declined by 9.7%.
Switzerland remained the leading export destination (up 57.9%), followed by China (up 24.2%) and the Netherlands (up 8.6%). On the import side, inflows grew at a faster pace of 7.3% to €51.6 billion, driven largely by a sharp rise in purchases of crude oil and refined petroleum products, while declines in other categories curbed overall growth. Purchases from non-EU markets rose much more strongly than those from EU partners, by 15.5% and 1.3% respectively.
