Italy’s trade surplus narrowed to €4.23 billion in June due to an unexpected surge in imports

⑴ Italy’s trade surplus in June narrowed from €5.38 billion in the same period last year to €4.23 billion, below the market expectation of €4.74 billion. ⑵ Imports surged by 13.2% year-on-year to €55.5 billion, mainly driven by a 12.1% increase in manufacturing imports. There were significant increases in basic metals and metal products (excluding machinery, up 32.2%), transportation equipment (up 10.1%), and chemical products (up 10.5%). Procurement from non-EU countries grew by 18.7%, and from EU countries by 9.1% (Germany up 14.1%). ⑶ Exports grew by 9.8% year-on-year to €59.8 billion, with most sectors recording gains. Coking and refined petroleum products (up 45.1%), basic metals and metal products (up 25.8%), motor vehicles (up 17.0%), and non-motor vehicle transportation equipment (up 13.3%) led the way. Exports to Germany grew by 22.9%, the Netherlands by 22.4%, France by 6.8%, while exports to the United Kingdom fell by 8.5%. ⑷ In the first half of 2026, the trade surplus rose from €22.8 billion in the same period last year to €24.5 billion.