Italy’s trade surplus narrowed to €1.77 billion in August 2026, down from €1.88 billion a year earlier and well below market expectations of €7.5 billion. This marked the lowest surplus since January, as import growth outpaced exports. Imports rose 9.7% year-on-year to €40.3 billion, driven by sharp increases in purchases of crude oil (44.3%) and natural gas (49.2%), while coke and refined petroleum products (56.5%) also posted a sharp increase. Inbound shipments for non-EU marketa (17.3%) rose at sharper pace than EU markets (3.2%). Meanwhile, exports rose 9% to €42.1 billion, supported by higher exports of basic metals and fabricated metal products, excluding machinery and equipment (26.5%), coke and refined petroleum products (55.4%), motor vehicles (55.8%), transportation equipment, excluding motor vehicles (17.2%), and food, beverages, and tobacco (5.4%). Export growth was also stronger in non-EU markets (16.7%) than EU markets (1.6%).