Italian Exports Fall 4.6% in January as Key Markets Weaken

Italian exports started 2026 with a decline, according to the latest data from Istat on foreign trade and import prices. In January 2026, overall exports of made in Italy products fell by 4.6% compared to January 2025. The agro-food sector was hit even harder, dropping by 7.7%. This downturn follows a strong start to 2025, when many international buyers increased their purchases of Italian goods in anticipation of new U.S. tariffs. The current geopolitical situation, which has become more complicated in recent months, has also contributed to the negative trend.

The detailed figures for January 2026 will be released on April 17, but the preliminary report already highlights several challenges. The decline in exports affected both European Union and non-EU markets. Exports to non-EU countries dropped by 5.5%, while those to EU countries decreased by 3.9%. Among the sectors most affected were coke and refined petroleum products, which saw a sharp fall of 38.2%, mechanical engineering down by 7.3%, and agro-food products down by 7.7%.

The United States, traditionally a key market for Italian exports, recorded a significant decrease. Overall exports to the U.S. fell by 6.7%, with agro-food products experiencing a steep drop of 26.4%. Other major markets also showed declines: Germany was down by 4.8%, France by 7.5%, and the United Kingdom by 12.3%. However, there were some positive signals from Switzerland and China, where Italian exports grew by 15.5% and 14.6% respectively. Austria also showed an increase of 5.1%.

Despite these challenges, some sectors managed to perform well. Exports of metals and metal products rose by 17.1%, while pharmaceuticals increased by 5.9%. These results demonstrate the resilience of certain industries even during difficult economic cycles.

Another positive development came from the energy sector deficit, which narrowed to €3.5 billion in January 2026 from €4.7 billion a year earlier. This improvement is linked to ongoing efforts to strengthen energy security and diversify energy sources.

Comparing January 2026 with December 2025, sales of capital goods fell by 3.4% and energy products dropped by 8.3%. However, these declines were offset by increases in consumer goods (up by 1.7%) and intermediate goods (up by 1.6%), resulting in an almost stable overall export performance month-on-month (down just 0.1%).

Matteo Zoppas, president of the Italian Trade Agency (ITA), commented that after a growth of 3.3% in exports during 2025, the start of this year reflects the complexity of the current period for Italian businesses abroad. He emphasized the importance of strengthening Italy’s presence in high-potential markets identified in the government’s export action plan led by Foreign Minister Antonio Tajani.

ITA plans to continue supporting Italian companies—especially small and medium-sized enterprises—through promotional activities, development of commercial networks, and business matching initiatives aimed at turning opportunities into tangible results for exporters facing a challenging global environment this year.