Foreign trade represents one of the pillars of the Italian economy, especially when looking at markets outside the European Union. The data published by Istat at the end of March, relating to February 2026, offers an interesting insight into how Italian exports and imports towards non-EU countries are moving. Not only is there a recovery, but also some changes in the product composition and geography of trade.
Exports and imports: signs of growth but at different paces
In February, trade with non-EU countries recorded a cyclical increase for both flows, but with one difference: imports grew by 8.5%, while exports stopped at +4.9%. This gap signals a recovery in domestic demand, which drives imports, but also a more moderate growth in foreign demand for Italian products.
Only looking at the quarter December 2025 – February 2026, the picture appears more balanced: exports grow by 1.8%, while imports fall by 0.6%. Finally, if we look at the trend data, i.e. on an annual basis, exports grow by 2.5%, a clear improvement compared to the -5.5% recorded in January.
What Italy exports most
The monthly growth of Italian exports is mainly driven by capital goods, which recorded an increase of 11.1%. These are machinery, equipment and means of transport (among which maritime navigation vehicles stand out), which historically represent one of the strong points of Made in Italy.
Alongside capital goods, exports of intermediate goods are also growing (+4.9%), i.e. those products intended to be used as inputs in the production processes of other countries. However, the growth of non-durable consumer goods was more limited (+1.2%), while declines were recorded for energy (-13.8%) and – albeit smaller – also for durable consumer goods (-0.6%).
Comparing the foreign trade data on an annual basis, i.e. those of February 2026 with those of 2025, exports recorded an increase mainly thanks to intermediate goods (+20.5%) and capital goods (+3.0%). On the import front, however, there was a slight decline (-0.4%), mainly due to the collapse in energy purchases (-30.5%).
The trade balance: growing surplus
The trade surplus with non-EU countries, according to Istat data, reached 5.5 billion euros in February 2026, up from 4.8 billion in the same month of 2025. This improvement is largely linked to the reduction in the energy deficit, which fell from -4.8 billion to -3.3 billion. In other words, Italy continues to import energy, but does so at a less costly rate than the previous year.
However, the surplus in non-energy products decreases slightly (from 9.6 to 8.9 billion), signaling some competitive pressure on international markets.
Where Italy exports most: growing and declining markets
From a geographical point of view, the data shows a very differentiated dynamic between the various commercial partners.
Among the rapidly growing markets, the following stand out:
- Switzerland, with an increase in exports of +33.1%;
- OPEC countries, up by +14.5%;
- United States, with a solid +9.6%.
On the contrary, there have been declines in:
- Türkiye (-27.8%);
- United Kingdom (-16.4%);
- ASEAN countries (-13.7%);
- MERCOSUR countries (-13.5%).
These declines can be linked to several factors, including local economic slowdowns, currency instability or changes in trade policies.
Imports: growth from the United States and China
On the import front, purchases from the United States grew by 40.4%, while those from China increased by 20.4%. These are two fundamental partners for the supply of goods and technologies. Imports from MERCOSUR countries are also growing (+11.6%), while those from other main non-EU partners are decreasing, in particular from OPEC countries (-28.9%), in line with the reduction in energy spending.
