No. 981 - The resilience of Italy's external sector amidst risks and challenges
This paper explores the developments in Italy's external sector between 2019 and 2024. It investigates the trends in the foreign trade of goods and services, also in comparison with the main euro-area economies, the balance of payments, and the net international investment position; it also discusses the outlook and risks for Italy's external sector.
Despite multiple adverse shocks, the resilience of Italian exports during the observed period was supported by stable price competitiveness, significant sectoral and geographical diversification, and the high quality of exported goods. The current account balance has been in surplus for over a decade, except for the year of the energy crisis; Italy's net international investment position is positive. The factors presently weighing on the outlook are the risks related to U.S. tariffs, euro appreciation, growing competition from China, and geopolitical tensions.
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13 November 2025
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