Istat, extra-EU trade surplus falls. Imports from the US jump

MILAN – Minus sign for imports and exports for Italy in trade with non-EU countries with the trade surplus falling to 5,256 million euros (+5,906 million in the same month of 2024). This was reported by Istat in its preliminary data. The energy deficit (-3,704 million) is lower than a year earlier (-4,071 million). The surplus in trade of non-energy products falls from 9,977 million in May 2024 to 8,960 million in May 2025.

“The monthly contraction in exports – explains Istat – is mainly due to lower sales of energy (-27.6%), intermediate goods (-6.0%) and capital goods (-3.7%); exports of durable consumer goods also decreased (-2.9%) while exports of non-durable consumer goods increased, to a limited extent (+0.6%)”. On the import side, “there are widespread cyclical reductions, the largest for durable consumer goods (-11.7%) and non-durable goods (-11.5%) and energy (-9.8%)”.

The turbulence on duties, and the prospect of the entry into force of the new tariffs, have not accelerated Italian exports to the United States, which grew by 2.5% on a trend basis (i.e. compared to last year). The growth of imports was much more marked, up by 18.5% compared to May 2024.