Gold exports to Switzerland are boosting exports

At first glance, the figure appears positive: a 4.1 per cent rise in exports, which reinforces the gains made by ‘Made in Italy’ products in this challenging year of 2026.

However, a closer look at the Istat data does indeed dampen the enthusiasm, given that much of this growth (over three percentage points, according to the statistics institute) stems from a single product – gold – and a single market – Switzerland. As has been the case for months, the boom in sales of gold bars from Arezzo to Bern is skewing the overall averages: in May alone, under the heading ‘base metals’ exports to Switzerland quadrupled to 1.7 billion, reaching 8.5 billion in the first five months of the year (+267 per cent).

Indeed, looking at the overall performance of other sectors, the month has been characterised mainly by declines: the pharmaceuticals and machinery, wood and paper, fashion, food and furniture sectors have all seen a fall. Only a handful of sectors are showing growth, including chemicals, electronics and motor vehicles. The latter are benefiting from the recovery in production at Stellantis following the slump in 2025.

In terms of export markets, apart from Switzerland’s clear lead (+58%), progress has been particularly strong in China and the Mercosur region, with growth that, whilst less robust, is nonetheless evident in many European countries. Not so in Germany, however, where a decline of 3.3% was recorded, whilst our second-largest export market, the United States, is also experiencing a slowdown.

On the import side, Chinese car sales continue to surge, with figures tripling to 454 million for the month and more than doubling to 1.7 billion since the start of the year. Beijing’s share of car imports has thus jumped to just under 9 per cent, second only to Germany’s and ahead of all other major car exporters to Italia, namely France, Poland, Spain and Turkey.