In November 2025, foreign trade showed mixed signals, but overall it confirmed the stability of Italian exports and an improvement in the trade balance. According to data released by ISTAT, exports recorded a slight quarterly growth (+0,4%), while imports showed a more marked decline (-3,2%), reflecting still weak domestic demand and an uncertain international context.
The monthly increase in exports affected both European Union markets (+0,5%) and non-EU markets (+0,4%). However, looking at the September-November quarter, a less favorable trend emerges: compared to the previous three months, exports decreased by 0,4%, while imports increased by 0,6%, signaling a slowdown after the positive results of the first half of the year.
On a year-over-year basis, exports remained essentially stable in value (-0,1%) in November, but their volume contracted more significantly (-2,1%). However, the overall figure conceals divergent trends: sales to the EU grew by 2,6%, while those to non-EU markets decreased by 2,8%. On the import front, the year-over-year decline in value (-3,5%) is primarily due to the collapse in purchases from non-EU countries (-11,2%), compared to an increase in imports from the EU (+2,4%).
From a sectoral perspective, some sectors are negatively impacting national export performance. In particular, exports of sporting goods, games, musical instruments, and other non-domestic products (NCA) declined sharply (-19,7%), as did coke and refined petroleum products (-31,3%). Bucking the trend, sales of base metals and metal products (+17,0%), pharmaceuticals and medicinal chemicals (+6,1%), and non-domestic machinery and equipment (+3,2%) increased.
The country analysis also highlights significant differences. Turkey accounts for the largest negative contribution (-40,5%), followed by the United Kingdom, ASEAN countries, and the United States. Conversely, exports to OPEC countries, Switzerland, Belgium, Spain, and Austria increased significantly.
For the first eleven months of 2025, the overall picture remains positive: exports grew by 3,1% year-on-year, driven primarily by the pharmaceuticals (+30,9%), metals (+8,4%), transport equipment excluding motor vehicles (+10,7%), and food (+4,3%) sectors. The trade balance continues to improve significantly, reaching €44,7 billion, generated entirely by trade with non-EU countries.
In November, the monthly trade surplus rose to €5,1 billion, thanks in part to the reduction in the energy deficit, which fell to €3,4 billion. Import prices showed a slight increase compared to the previous month (+0,1%), driven by higher natural gas and electricity prices, while the decline was slightly more pronounced year-over-year (-2,8%).
Overall, the data confirm that export growth is still selective and concentrated in a few sectors, in a context of uneven international demand and energy pressures that continue to influence the macroeconomic framework.
