Italie Balance Commerciale

Italy’s trade surplus widened to €5.08 billion in November 2025, up from €3.39 billion a year earlier, slightly below market expectations of €5.2 billion. Exports edged 0.1% lower, weighed down by sharp declines in other manufacturing (-19.7%), refining (-31.3%), electronics (-12.1%), other transportation (-8.2%), and chemicals (-2.5%), partly offset by gains in metals (17.0%), pharmaceuticals (6.1%), machinery (3.2%), and motor vehicles (9.1%). Exports fell to major partners including Turkey (-40.5%), the UK (-16.2%), ASEAN (-21.5%), the US (-2.9%), and the Netherlands (-9.7%), while rising to OPEC (18.9%), Switzerland (12.2%), and Belgium (9.4%). Imports fell 3.5%, driven by lower purchases of pharmaceuticals (-25.6%), crude oil (-39.5%), and natural gas (-17.3%), with declines from OPEC (-34.6%), Belgium (-11.0%), the US (-8.2%), Switzerland (-14.1%), and China (-4.2%).