Italy: foreign trade dips but remains steady

With the pandemic and the ensuing energy crisis, Italy, like the rest of Europe, saw a deterioration in its foreign trade. In 2022, after several years of trade surpluses, the price of energy soared, and with it the price of Italian imports. However, after several quarters of deficit, Italy’s foreign trade returned to its pre-Covid trend, with trade reaching unprecedented levels. While Italy seemed to be lagging behind other European and global economies until 2023, it now seems to be reversing the trend and establishing itself as a major player in both European and international trade. In its search for new trade partners, Italy is now seeking to reduce its dependence on a small number of countries and is setting out to conquer new markets, particularly in emerging economies.