Headline trade recorded a net surplus of +€1,773 million. However, when stripping out the energy sector, Italy's underlying surplus ballooned to +€6,925 million. This reflects a massive €5.15 billion monthly net drag directly attributable to energy imports.
Italian import prices climbed by 1.7% month-over-month and 7.3% year-over-year, heavily propelled by non-eurozone partners:
- Eurozone import prices: +0.7% MoM (+4.4% YoY)
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Non-eurozone import prices: +2.7% MoM (+10.3% YoY).
While the broader European benchmark (EUS.IDX/EUR) drifted essentially flat (+5% YTD), energy and infrastructure heavyweights Tenaris (TEN.IT, +58%) and Eni (ENI.IT, +56%) surged by over 5,000 basis points of alpha, driven by high global drilling capex and strong energy import spreads, while Ferrari overcame an early drawdown through resilient, dollar-denominated luxury pricing power.
Tenaris SA (TEN.IT)
Tenaris emerged as the clear front-runner throughout the first half of 2026, peaking at approximately +68% in June before consolidating near +60% in October. As the premier supplier of seamless steel pipe products (OCTG) to global energy exploration, Tenaris was uniquely positioned to capture the 16.7% YoY expansion in non-EU outgoing flows. Because international oil and gas developers boosted exploration capex outside Europe to hedge supply bottlenecks, Tenaris monetized heavy pipeline demand, insulated from the sluggishness of the domestic European industrial sector.
ENI Spa (ENI.IT)
Eni's share price showed a strong correlation with energy import dynamics. Italy's €5.15 billion monthly energy deficit and the 10.3% YoY surge in non-eurozone import prices underscored tight physical commodity balances. Following a steep mid-summer re-rating and subsequent correction down to +/-123 in July, Eni staged an aggressive autumn rally to match Tenaris. Robust upstream cash generation, combined with natural gas distribution spreads across international routes, allowed Eni to generate surplus operating cash flow that far outweighed domestic borrowing headwinds.
Ferrari NV (RACE.IT)
Ferrari traversed a choppy start to 2026, dipping into negative territory (-12% near the end of May) before staging a steady, multi-month recovery to finish comfortably ahead of the benchmark at +12.5% YTD. Ferrari's order books rely heavily on affluent non-EU clients across North America, the Middle East, and Asia-Pacific. Even as the domestic European economy dealt with tightening financial conditions, Ferrari's pricing power, multi-year order backlogs, and dollar/foreign-denominated revenue shielded the brand from local consumer strains.