Italian exports: higher value, lower volumes, and a heavier energy bill
Italian exports are growing in monetary value, but not in volume: September exports rose 3.8% year on year in value and fell 3.4% in volume, according to the Istat release published on 13 November and covering September 2026.[1]
The trade balance remained positive at €2.083 billion, compared with €1.880 billion a year earlier; Il Sole 24 Ore Radiocor reported the figures in its 10:04 dispatch on 13 November.[1][2]
This is not a picture of uniform expansion: export receipts, traded volumes and the external balance measure different things.
## One month is not the whole quarter
Compared with August, exports fell 0.2%, while imports increased 3.3%.[1]
The monthly export decline reflected a 1.2% fall in sales to non-EU countries, alongside a 0.8% increase in sales to the European Union.[1]
Across July–September, however, exports increased 0.3% from the preceding quarter, while imports fell 0.5%.[1]
A weak month should not automatically be treated as a description of the entire quarter, just as a monetary increase should not be confused with growth in quantities.
## Two balances behind the headline surplus
Energy trade recorded a €5.887 billion deficit, larger than the €3.778 billion shortfall in September 2025.[1][2]
The non-energy surplus moved in the opposite direction, rising from €5.657 billion to €7.970 billion and supporting the overall balance despite the deterioration in energy.[1][2]
Import prices increased 1.9% month on month and 9.6% year on year, accelerating from August’s 7.3%; Istat attributes the annual acceleration mainly to sharp energy price increases.[1]
## Growth is concentrated
Over the first nine months of 2026, exports rose 4.7% year on year in value, with more than half of the increase explained by higher sales of basic metals and metal products, excluding machinery and equipment.[1]
The aggregate figure therefore does not justify describing every industry as equally buoyant.
For businesses, the useful reading combines destination markets, sector composition and volumes: the improved surplus matters, but it does not erase either the decline in exported quantities or the higher cost of energy imports.[1]
## Sources
[1] https://www.istat.it/comunicato-stampa/commercio-con-lestero-e-prezzi-allimport-settembre-2026 — Commercio con l’estero e prezzi all’import – Settembre 2026 – Istat
[2] https://www.ilsole24ore.com/radiocor/nRC_13.11.2026_10.04_23910239 — *** Bilancia commerciale: Istat, a settembre avanzo sale a 2,083 miliardi - Il Sole 24 ORE