Italy recorded a trade surplus of €1.09 billion in January 2026, a sharp reversal from a €0.29 billion deficit in the same month last year, as imports fell much faster than exports. However, the figure fell short of market expectations for a €5.6 billion surplus. Imports declined by 7.4% year-on-year to €45.41 billion, with non-EU countries seeing a larger drop (-13.9%) compared to EU countries (-2.0%). Exports dropped by 4.6% to €46.50 billion, weighed down by lower sales to both EU markets (-3.9%) and non-EU markets (-5.5%). Key sectors driving the decline included coke and refined petroleum products (-38.2%), machinery and equipment not elsewhere classified (nec) (-7.3%), and food, beverages, and tobacco (-9.2%). Exports dropped to France (-7.5%), the US (-6.7%), Germany (-4.8%), and the UK (-12.3%), while shipments increased to Switzerland (+15.5%), China (+14.6%), and Austria (+5.1%).