OVERVIEW
San Marino, an independent state entirely surrounded by Italy, is one of the world’s oldest republics, renowned for its medieval fortresses, cobblestone streets, and cultural heritage. Its economy reflects both its microstate status and its integration into European trade networks. While tourism and banking have historically played a role, San Marino’s industrial and manufacturing sectors have carved out niches in machinery, pharmaceuticals, and specialized goods.
In 2023 San Marino ranked:
- 182nd in terms of total exports, valued at $224M out of 226 countries
- 199th in terms of total imports, worth $389M out of 226 countries
- 52nd in exports per capita, at $6.62k
- 41st in imports per capita, at $11.5k
ECONOMIC COMPLEXITY RATE
San Marino’s trade profile is characterized by specialization rather than diversification. While data on its Economic Complexity Index is limited, the country demonstrates comparative advantages in machinery and niche industrial products, reflecting a focus on high-value, low-volume exports.
EXPORT
In 2023, San Marino’s principal exports were:
- Washing and Bottling Machines – $49.2M
- Other Edible Preparations – $25.5M
- Packaged Medicaments – $15.2M
- Woodworking Machines – $14.3M
- Planes, Helicopters, and/or Spacecraft – $12.6M
Top destinations for San Marino’s exports:
- Germany – $25.9M
- Austria – $22M
- United States – $19.3M
- Romania – $18.4M
- Brazil – $15.5M
IMPORT
In 2023, San Marino imported a total of $389M, ranking 199th globally. Main imports included:
- Packaged Medicaments – $45.5M
- Electricity – $36M
- Animal Food – $21.9M
- Raw aluminium – $17.7M
- Petroleum gas – $14.1M
The most common origins of the imports of San Marino are:
- Germany – $95.1M
- Italy – $50M
- Netherlands – $35.9M
- Spain – $33.7M
- Poland – $31.1M
YEARLY TRADE
Between 2018 and 2023, San Marino’s exports grew from $151M to $224M, an increase of $73.1M. From 2022 to 2023, exports rose modestly by 0.43% (+$958k), reflecting stability rather than rapid expansion.
CURIOSITY CORNER
San Marino’s identity is shaped not only by its culture and industry but also by its unique geopolitical position. Although the republic is entirely located within Italian territory, it is a fully independent and sovereign state with its own government, institutions, and legal system. This unusual arrangement makes San Marino one of the world’s few enclaved microstates, similar only to Vatican City.
This geographic peculiarity often surprises visitors: crossing into San Marino feels seamless; there are no border check, yet the country maintains its own traditions, fiscal policies, and even its own military corps. Despite using the euro, San Marino issues its own distinctive euro coins, which are highly sought after by collectors.
Combined with its famous stamps, UNESCO‑listed medieval fortresses, and historical festivals, this blend of Italian surroundings and independent national identity reinforces San Marino’s status as a cultural and political rarity in Europe.
CONCLUSIONS
In 2023, San Marino stood out as a microstate with a specialized industrial economy. Its trade profile reflected reliance on machinery, pharmaceuticals, and niche products, balanced by imports of consumer goods and energy. Long-term opportunities lie in leveraging its reputation for stability, craftsmanship, and cultural heritage to attract investment and tourism.
Culturally, San Marino’s stamps, fortresses, and traditions showcase how heritage and modern industry coexist, reinforcing the nation’s appeal to partners, investors, and visitors alike.
