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Pair · Q2 2026 · Aug 2025–Jul 2026

Goods, bank claims, portfolio holdings and direct investment between France and Italy, each channel at its own period. Left, France to Italy; right, Italy to France.

Finance to trade

positions ÷ goods, both directions
Finance to trade9.0×positions ÷ goods, both directions
Financial positions, both directions1,105USD bn
Goods, both directions123USD bn

Bank, and positions in both directions over goods trade in both directions; financial centres show very high ratios because they hold securities for others.

Positions at the periods above, goods in the 12-month window. Calculations: datasteg.

The pair through time

2006–Jul 2026

Each channel at its own period on one time axis: goods every month (12-month windows), bank claims every quarter, portfolio holdings every half year, direct investment every year, and below them the finance-to-trade ratio by quarter. Solid lines are reported flows, dashed stretches estimated; the band between a goods line and its other report is the mirror gap where both reports exist. A month with no goods line is one where the pair fell below trade-flow’s 1,500 largest flows.

SinceFrance → ItalyItaly → Franceother report (mirror gap)estimated
Goods · 12-month windows, monthly · USD bnJul 2026 · 57.7 / 65.5050100Bank claims · quarterly · USD bnQ2 2026 · 329 / 93.10250500Portfolio holdings · half-yearly · USD bnDec 2025 · 279 / 2900250500Direct investment · annual · USD bn2024 · 89.9 / 24.8050100Finance to trade · quarterly, positions both ways ÷ goods both waysQ2 2026 · 9.0×0.0×10×20×20062008201020122014201620182020202220242026
Sources

The ratio starts in 2009, when the direct-investment survey begins: bank claims at the quarter, portfolio and direct investment at their latest period at or before it, goods in the 12 months to the quarter end. Calculations: datasteg global-network.

Goods France → Italy

Aug 2025–Jul 2026

exports of France to Italy, 12 months

Exports, 12 months57.7USD bnreported
–importer’s report ÷ exporter’s
Sources

Window Aug 2025–Jul 2026. Importer-reported where filed, partner-reported or estimated otherwise (tagged). Mirror ratio: the importer’s report over the exporter’s.

Goods Italy → France

Aug 2025–Jul 2026

exports of Italy to France, 12 months

Exports, 12 months65.5USD bnspliced
–importer’s report ÷ exporter’s
Sources

Window Aug 2025–Jul 2026. Importer-reported where filed, partner-reported or estimated otherwise (tagged). Mirror ratio: the importer’s report over the exporter’s.

France → Italy

Q2 2026

loans and deposits of banks in France on residents of Italy

Position329USD bn
Flow in the quarter+9.5USD bnas published by the BIS
Sources

Loans and deposits, all sectors and currencies, residence basis, Q2 2026. Flow as published by the BIS.

Italy → France

Q2 2026

loans and deposits of banks in Italy on residents of France

Position93.1USD bn
Flow in the quarter+9.0USD bnas published by the BIS
Sources

Loans and deposits, all sectors and currencies, residence basis, Q2 2026. Flow as published by the BIS.

France → Italy

Q4 2025

securities issued in Italy held by investors in France

Total279USD bn
Equity53.8USD bn
Debt securities225USD bn
Sources

Holder to issuer, Q4 2025.

Italy → France

Q4 2025

securities issued in France held by investors in Italy

Total290USD bn
Equity68.5USD bn
Debt securities221USD bn
Sources

Holder to issuer, Q4 2025.

France → Italy

2024

position of investors in France in Italy

Position89.9USD bn
Reportthe host’s
Sources

Investor to host, 2024; one report per pair, the host’s first.

Italy → France

2024

position of investors in Italy in France

Position24.8USD bn
Reportthe host’s
Sources

Investor to host, 2024; one report per pair, the host’s first.