| Actual | Previous | |
|---|---|---|
| Level | €4.720B | €2.772B |
Highlights
The November 2025 trade figures suggest that on a monthly basis, exports edged up by 0.4 percent, supported by steady growth to both EU and non-EU partners. Imports, however, fell sharply by 3.2 percent, driven largely by a pronounced contraction in non-EU purchases. This divergence strengthened the trade position in the short term, reflecting softer domestic demand and reduced reliance on external inputs.
Quarterly trends paint a more restrained picture. Exports declined by 0.4 percent compared with the previous quarter, while imports increased by 0.6 percent, signalling lingering pressures on competitiveness and underlying demand dynamics. Year-over-year, exports were broadly stable, while imports dropped by 3.5 percent, reinforcing the view that trade balance improvements are being achieved more through import compression than export expansion.
These dynamics translated into a trade surplus of just over €5 billion in November, with a clear split between a deficit vis-à-vis EU partners and a strong surplus with non-EU countries. Excluding energy, the surplus widened further, underlining the role of lower energy dependence.
Price developments remain supportive. Import prices declined over the year and across the last three months, easing cost pressures and offering some relief to firms and consumers despite subdued trade volumes.
Quarterly trends paint a more restrained picture. Exports declined by 0.4 percent compared with the previous quarter, while imports increased by 0.6 percent, signalling lingering pressures on competitiveness and underlying demand dynamics. Year-over-year, exports were broadly stable, while imports dropped by 3.5 percent, reinforcing the view that trade balance improvements are being achieved more through import compression than export expansion.
These dynamics translated into a trade surplus of just over €5 billion in November, with a clear split between a deficit vis-à-vis EU partners and a strong surplus with non-EU countries. Excluding energy, the surplus widened further, underlining the role of lower energy dependence.
Price developments remain supportive. Import prices declined over the year and across the last three months, easing cost pressures and offering some relief to firms and consumers despite subdued trade volumes.
Definition
The merchandise trade balance measures the difference between imports and exports of goods. The level of the international trade balance, as well as changes in exports and imports, indicate trends in foreign trade and can offer a guide to an economy's competitiveness.
Description
Changes in the level of imports and exports, along with the difference between the two (the trade balance) are a valuable gauge of economic trends here and abroad. While these trade figures can directly impact all financial markets, they primarily affect currency values in foreign exchange markets.
Separate reports are published for external and internal EU trade. The extra-EU trade data are compiled on the basis of customs declarations with non-EU countries. The intra-EU trade data (Intrastat) are derived from surveys and provide statistics on trade between Italy and other EU member states. The data are available monthly. World trade data are available within one month after the reference month while intra-EU trade data are available within 7 weeks after the reference month.
Separate reports are published for external and internal EU trade. The extra-EU trade data are compiled on the basis of customs declarations with non-EU countries. The intra-EU trade data (Intrastat) are derived from surveys and provide statistics on trade between Italy and other EU member states. The data are available monthly. World trade data are available within one month after the reference month while intra-EU trade data are available within 7 weeks after the reference month.
