Trade Profile

flag San Marino San Marino: Trade Profile

Foreign Trade in Figures

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 20172018201920202021
Imports of Goods and Services (Annual % Change) -012-934
Exports of Goods and Services (Annual % Change) -110-729
Trade Balance (million USD) 133168158185399
Foreign Trade (in % of GDP) 314309307305342
Imports of Goods and Services (in % of GDP) 145143143140158
Exports of Goods and Services (in % of GDP) 169167164164184

Source: World Bank - Latest available data.

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Commercial Policy

International Economic Cooperation
Member of Microstates and the European Union

Member of European Union’s Customs Union

Assessment of Commercial Policy
Average Customs Duty (Excluding Agricultural Products)
17%
 
 

Trade Compliance

International Economic Cooperation
Member of Microstates and the European Union

Member of European Union’s Customs Union

Useful Resources
 
 
 

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Latest Update: November 2023