| Actual | Previous | |
| Level | €4.753B | €4.720B |
Highlights
The trade surplus improved slightly in December, rising to 4.753 billion euros, with exports rising 0.3 percent from November when adjusted for seasonal factors, while imports eked out a 0.1 percent increase.
Exports to the European Union fell by 1.1 percent, while imports from the bloc were down 3.0 percent. However, Italy sent 1.9 percent more goods to non-EU countries and imported 4.4 percent more.
For 2025, the trade surplus was 50.746 billion euros. Exports and imports increased more or less equally, the former gaining 3.3 percent while the latter was up 3.1 percent. Exports to the United States fell 0.4 percent in December from a year ago with imports increasing 61.1 percent. For the year, the trade surplus with the US stood at 34.191 billion euros.
Among major industrial groups consumer goods, the largest component, exports rose 1.6 percent while on the import side these rose 13.4 percent from a year ago on a non-adjusted basis. Capital goods outflows increased 7.0 percent with inflows recording a 3.3 percent gain. The only sector reporting a contraction was energy, with the sector recording a 25.8 percent drop in exports and a 27.2 percent drop in imports.
What stood out in the report was the increased imports in December from the United States. For all of 2025, exports rose 7.2 percent while imports increased 35.9 percent. For the time being, it appears that some calm has descended on EU-related tariffs, while the Europeans have begun using stronger language vis a vis the United States and forging, even if somewhat tentatively, a path away from the US.
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.