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Pair · Q2 2026 · Aug 2025–Jul 2026

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

Finance to trade

positions ÷ goods, both directions
Finance to trade5.5×positions ÷ goods, both directions
Financial positions, both directions204USD bn
Goods, both directions37.4USD 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.

SinceItaly → UKUK → Italyother report (mirror gap)estimated
Goods · 12-month windows, monthly · USD bnJul 2026 · 37.4 / 9.402550Bank claims · quarterly · USD bnQ2 2026 · 40.3 / 22.90100200Portfolio holdings · half-yearly · USD bnDec 2025 · 61.0 / 31.60100200Direct investment · annual · USD bn2024 · 14.2 / 34.0050100Finance to trade · quarterly, positions both ways ÷ goods both waysQ2 2026 · 5.4×0.0×10×20×20062008201020122014201620182020202220242026
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 Italy → UK

Aug 2025–Jul 2026

exports of Italy to UK, 12 months

Exports, 12 months37.4USD bnreported ≠ the two reports of this flow diverge from their usual ratio ()
1.23importer’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 UK → Italy

Aug 2025–Jul 2026

exports of UK to Italy, 12 months

Exports, 12 months–Below the backbone of 1,500 flows
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.

Italy → UK

Q2 2026

loans and deposits of banks in Italy on residents of UK

Position40.3USD bn
Flow in the quarter+7.9USD bnas published by the BIS
Sources

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

UK → Italy

Q2 2026

loans and deposits of banks in UK on residents of Italy

Position22.9USD bn
Flow in the quarter−0.8USD bnas published by the BIS
Sources

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

Italy → UK

Q4 2025

securities issued in UK held by investors in Italy

Total61.0USD bn
Equity15.9USD bn
Debt securities45.1USD bn
Sources

Holder to issuer, Q4 2025.

UK → Italy

Q4 2025

securities issued in Italy held by investors in UK

Total31.6USD bn
Equity21.5USD bn
Debt securities10.1USD bn
Sources

Holder to issuer, Q4 2025.

Italy → UK

2024

position of investors in Italy in UK

Position14.2USD bn
Reportthe host’s
Sources

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

UK → Italy

2024

position of investors in UK in Italy

Position34.0USD bn
Reportthe host’s
Sources

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