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 pesticides and woodworking machines. Electricity, cars and raw aluminium are the largest items of imports (data OEC, 2021).
San Marino exports mostly to Italy, Romania, France, the United States, Russia and Germany; whereas imports come chiefly from Germany, Austria, Italy, Poland and France (data OEC). 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 2021, San Marino exported a total of USD 222 million, making it the number 181 exporter in the world. In the same year, San Marino imported USD 390 million (195th trade destination in the world). In the same year, EU-27 exported EUR 301 million worth of goods to San Marino, mainly textiles (17.2%), mineral products (15.1%), base metals (10.8%), and transport equipment (10.4%). On the other hand, imports amounted to EUR 89 million and mainly concerned machinery (51.1%), textiles (13.7%), and foodstuff (8.9% - official EU Commission data).
| Foreign Trade Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| Imports of Goods and Services (Annual % Change) | 3 | -0 | 1 | 2 | -9 |
| Exports of Goods and Services (Annual % Change) | 2 | -1 | 1 | 0 | -7 |
| Trade Balance (million USD) | n/a | 133 | 168 | 158 | 185 |
| Foreign Trade (in % of GDP) | 320 | 314 | 309 | 307 | 305 |
| Imports of Goods and Services (in % of GDP) | 147 | 145 | 143 | 143 | 140 |
| Exports of Goods and Services (in % of GDP) | 173 | 169 | 167 | 164 | 164 |
Source: World Bank - Latest available data.
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Member of European Union’s Customs Union
Member of European Union’s Customs Union
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Latest Update: September 2023
