In the third quarter of 2025, we jumped to fourth place among the G20 countries in global merchandise exports. This was reported by the Mestre-based CGIA Research Office, which noted that, while it is premature to draw definitive conclusions, the implementation of tariffs mandated by the Trump administration "appears not to have impacted our export sales, either to the United States or to other international markets."

Indeed, according to the CGIA report, "if we also consider geopolitical tensions and the difficulties of world trade, in the third quarter of this year we jumped to fourth place among the G20 countries for goods exports, worth almost 190 billion dollars." According to the OECD, after having surpassed Japan (184 billion), we are now preceded only by China (944.6), the USA (547.8), and Germany (453.8).

After contracting in 2024 compared to 2023 (-3.3 billion euros, equal to -0.5%), in the first nine months of 2025, according to the CGIA, compared to the same period of the previous year, Italian exports to the world returned to growth, recording an increase of 16.6 billion euros (+3.6%).

Our sales to the US market also showed a positive result: after contracting from 2024 to 2023 (-2.2 billion euros, or -3.3%), exports to the US increased again in the first nine months of this year by 4.3 billion euros (+9%), rising from 48.1 to 52.4 billion euros. It's likely, explains the CGIA, "that this result is due to American consumers, both families and businesses, having 'anticipated' their purchases of Italian goods before the increase in customs tariffs took effect last summer."

This hypothesis is further confirmed by the change recorded last August, which showed a 21.6% decrease compared to the same period in 2024. However, this interpretation was "disproved" in the following month: in September, in fact, the annual variation in our exports rose by 34.7%, thus contradicting the idea that the increase in customs tariffs would have caused a vertical collapse in Italian exports to the US.