Italy’s trade surplus narrowed to €4.23 billion in June 2026 from €5.38 billion a year earlier, below market expectations of €4.74 billion. Imports jumped 13.2% to €55.5 billion, driven by basic metals and fabricated metal products excluding machinery and equipment (32.2%), transport equipment (10.1%) and chemicals (10.5%). Imports from Germany rose 14.1%. Exports increased 9.8% year-on-year to €59.8 billion, with growth across most sectors, led by coke and refined petroleum products (45.1%), base metals and fabricated metal products (25.8%), motor vehicles (17.0%) and transport equipment excluding motor vehicles (13.3%). Exports to Germany rose 22.9%, followed by the Netherlands (22.4%) and France (6.8%), while shipments to the UK fell 8.5%. For the first half of 2026, the trade surplus rose to €24.5 billion from €22.8 billion a year earlier.