FX.co ★ Italy Trade Surplus Narrows Less than Expected

Italy recorded a reduced trade surplus of 4.16 billion euros in October 2025, down from 4.62 billion euros in the same month of the previous year. However, this figure exceeded market forecasts of 3.22 billion euros, as exports grew at a slower pace than imports. Export values saw a 2.3% increase year-on-year, reaching 58.56 billion euros, bolstered by sales to both EU (up 0.5%) and non-EU (up 4.1%) regions. Notable sectors driving this growth included pharmaceuticals, medicinal chemicals, and botanicals, which surged by 18.5%, and basic metals along with fabricated metal products (excluding machinery and equipment), which saw a 13.7% rise. Export growth was particularly strong with major trading partners such as Switzerland (up 34.9%), the United States (up 9.7%), OPEC countries (up 15.8%), Spain (up 7.3%), and France (up 3.7%). Conversely, imports increased at a faster rate of 3.4%, totaling 54.41 billion euros, driven by higher purchases from non-EU countries (up 4.2%) compared to EU countries (up 2.7%). Over the period from January to October, Italy's trade surplus was 39.6 billion euros, remaining relatively stable compared to the 39.8 billion euros recorded in the same duration of 2024.