Italy's merchandise transport costs stable, deficit widens
A Banca d'Italia survey for 2025 shows Italy's merchandise transport costs remained stable for exports at 2.6 percent and slightly decreased for imports to 4.1 percent. The country's mercantile transport deficit widened to €12.6 billion from €10.7 billion in 2024.
Varied dynamics across transport modes
The Banca d'Italia's 2025 survey reveals varied dynamics in international merchandise transport costs for Italy.
While export costs remained stable at 2.6 percent, import costs slightly decreased to 4.1 percent from 4.2 percent.
These aggregate figures mask diverse movements across transport modes.
Maritime freight rates for bulk and container transport saw a decrease, driven by expanded capacity and slower demand, reversing sharp increases from 2024 due to Houthi attacks.
However, Ro-Ro costs rose, influenced by new European decarbonization rules.
Air freight rates declined, but road transport costs increased by approximately 10 percent, pushed by higher volumes and rising operational expenses, including driver wages.
Pipeline gas import tariffs also saw an increase.
Deficit widens as national carriers lose ground
Banca d'Italia's annual survey, initiated in 1999, provides crucial data for Italy's balance of payments, estimating unit transport costs and market shares.
The 2025 survey, encompassing 197 firms and over 6,700 shipments, highlighted a widening of Italy's mercantile transport deficit to €12.6 billion, up from €10.7 billion in 2024.
This deterioration is primarily due to a reduction in market shares for national carriers, particularly in the road and naval sectors.
Looking ahead, the deficit is anticipated to worsen further in 2026, as recent hostilities in the Persian Gulf have already caused significant increases in maritime freight rates for oil and refined products, impacting import costs.
Global currents shape Italy's trade
The survey highlights Italy's significant vulnerability to global transport market shifts and geopolitical events, particularly in maritime trade.
The widening mercantile transport deficit, exacerbated by national carriers losing market share, presents a structural challenge for the country's balance of payments.
This complex interplay of rising costs in some sectors and declining competitiveness will continue to test Italy's trade resilience.