San Marino: Trade Profile
San Marino almost exclusively trades with Italy and is therefore linked to the changes in the Italian economy. Its landlocked status results in a high cost of transportation, which acts as a considerable trade barrier. The washing and bottling industries have the highest share of exports, followed by woodworking machines, other furniture, other edible preparations, and packaged medicaments. Electricity, cars, and raw aluminum are the largest items of imports (data OEC, 2022).
According to official governmental data, Italy stands as the primary trade partner for the Republic of San Marino, with 79.3% of imports and 83.6% of exports originating from or heading to the Belpaese in the year 2022. San Marino also engages in trade relations with other economies for imports, including China (4.9%), Germany (3.2%), and Spain (2.0%). Conversely, the United States of America (1.5%), Switzerland (0.8%), and the United Kingdom (0.7%) are the top destinations for San Marino's exports. Since 1991, commercial relations between the EU and San Marino are governed by the agreement on cooperation and customs union, which eliminates all tariffs and non-tariff measures for almost all goods (except coal and steel).
According to OEC, in 2022, San Marino exported a total of USD 204 million, making it the number 187 exporter in the world. In the same year, San Marino imported USD 437 million (196th trade destination in the world). The latest available figures from the EU Commission show that, in 2023, EU-27 exported EUR 335 million worth of goods to San Marino, mainly textiles (19.4%), transport equipment (16.1%), mineral products (13.9%), and foodstuff (18.5%). On the other hand, imports amounted to EUR 107 million and mainly concerned machinery (46.9%), textiles (12.5%), and foodstuff (12.2%).
| Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Imports of Goods and Services (Annual % Change) | -0 | 1 | 2 | -9 | 34 |
| Exports of Goods and Services (Annual % Change) | -1 | 1 | 0 | -7 | 29 |
| Trade Balance (million USD) | 133 | 168 | 158 | 185 | 399 |
| Foreign Trade (in % of GDP) | 314 | 309 | 307 | 305 | 342 |
| Imports of Goods and Services (in % of GDP) | 145 | 143 | 143 | 140 | 158 |
| Exports of Goods and Services (in % of GDP) | 169 | 167 | 164 | 164 | 184 |
Source: World Bank - Latest available data.
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Latest Update: May 2024
