The Bank of Italy has published its 2025 survey on Italy's international merchandise transport, showing that the freight transport services deficit in Italy's balance of payments widened to EUR 12.6 billion from EUR 10.7 billion in 2024. The deterioration was driven mainly by a decline in the market shares of Italian carriers, especially in maritime and road transport, even as transport costs generally fell in air and several maritime segments. The survey, based on interviews with 197 international freight operators, feeds into the compilation of the services item in the balance of payments. Transport costs as a share of Italy's merchandise trade were unchanged for exports at 2.6% and edged down for imports to 4.1% from 4.2%. Beneath that aggregate picture, cost trends diverged by mode. Road transport costs rose by about 10%, reflecting higher volumes, higher operating costs and reduced capacity, while rail costs were broadly stable and air freight rates declined. In maritime transport, container and bulk rates fell as cargo supply outpaced demand, partly reversing the 2024 surge linked to Red Sea disruptions, but Ro-Ro shipping costs increased, with the report linking this to stronger demand and European Union maritime decarbonization rules. The overall volume-weighted market share of Italian carriers fell to 12.5% from 13.5%, as shipping dropped to 8.7% from 9.6% and road to 19.0% from 20.1%, while air recovered to 14.3% from 12.5%. The report indicates the deficit is likely to worsen further in 2026. Recent hostilities in the Persian Gulf have already pushed up maritime freight rates, especially for oil and refined products, and the Bank of Italy estimates that if shipping rates remain at average second-quarter 2026 levels for the rest of the year, Italy's cost of seaborne imports could increase by about EUR 1.6 billion compared with 2025.

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