Image monde - Attijari Trade

flag Italy Italy: Trade Profile

In this page: Foreign Trade in Figures | Trade Compliance | Standards

 

Foreign Trade in Figures

Italy has an export-oriented economy and is the 8th largest exporter and 12th largest importer worldwide, with trade making up 63% of its GDP (World Bank, latest data available). According to the latest figures by ISTAT for 2021, Italy's market share of world exports of goods stood at 2.71%. Large exporting companies (1,961 units with at least 250 employees) accounted for 48.8% of national exports, medium-sized companies (50-249 employees) for 31.3% and small companies (less than 50 employees) for 19.9%. The country’s main exports include medicaments, cars and vehicle parts, refined petroleum, trunks, suitcases, and vanity cases. Italy is also the second-largest wine exporter in the world. The country is dependent on imports for its energy needs, hence petroleum and gas products are among the main items in Italy’s import bills, together with motor vehicles and medicaments (data Comtrade 2021).

Italy’s main trading partners are Germany (13.1%), France (10.3%), the U.S. (9.5%), Switzerland (5.4%), and Spain (5%), whereas imports come chiefly from Germany (16.1%), France (8.3%), China (8.5%), the Netherlands (5.9%) and Spain (5.1% - data Comtrade). Overall, the EU accounted for 52% of total exports.

Since the sovereign debt crisis in 2010 and after several years of registering a trade deficit, Italy has changed direction and has recorded positive trade balances in recent years. According to WTO data, in 2021 the country exported goods worth USD 610.2 billion (+23%% year-on-year), while imports increased at a faster pace (+31.8%), totalling USD 557.5 billion, also due to the rise in energy bills. In the same year, Italy exported services for a total value of USD 102.4 billion, while its imports amounted to USD 113.5 billion (+18.3% and +23.8% year-on-year, respectively). Already at the end of 2021, Italian exports had exceeded pre-pandemic levels by 7.5% (ISTAT). In the same year, overall trade surplus for goods and services stood at around 2.4% of GDP (from 3.6% one year earlier - World Bank). Looking at the first semester of 2022, data from ISTAT shows that exports went up 22.4% compared to the same period in 2020, while imports increased by 44.2% (at EUR 306.2 and 302.6 billion, respectively).

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 503,240475,006426,867567,421689,256
Exports of Goods (million USD) 549,526537,718499,792615,635657,039
Imports of Services (million USD) 126,883122,90294,677117,179134,168
Exports of Services (million USD) 123,435122,42185,101103,344124,083

Source: World Trade Organisation (WTO), Latest data available.

 
Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 60.359.955.363.175.8
Trade Balance (million USD) 54,14667,88778,58859,268-20,809
Trade Balance (Including Service) (million USD) 50,61767,35869,26648,460-31,117
Imports of Goods and Services (Annual % Change) 3.4-0.7-12.115.211.8
Exports of Goods and Services (Annual % Change) 2.11.6-13.514.09.4
Imports of Goods and Services (in % of GDP) 28.928.325.830.438.7
Exports of Goods and Services (in % of GDP) 31.431.629.432.737.1

Source: World Bank, Latest data available.

 
Foreign Trade Forecasts 2023 (e)2024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 2.22.82.72.72.5
Volume of imports of goods and services (Annual % change) 1.63.23.12.82.7

Source: IMF, World Economic Outlook, Latest data available.

Note: (e) Estimated Data

 

Main Partner Countries

Main Customers
(% of Exports)
2022
Germany 12.4%
United States 10.4%
France 10.0%
Spain 5.1%
Switzerland 4.9%
See More Countries 57.1%
Main Suppliers
(% of Imports)
2022
Germany 13.7%
China 8.9%
France 7.3%
Netherlands 5.6%
Spain 4.6%
See More Countries 59.9%

Source: UN Comtrade Database, Latest data available.

 

Main Products

700.3 bn USD of products exported in 2022
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 4.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.6%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.3%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 2.1%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 1.7%
See More Products 85.4%
743.0 bn USD of products imported in 2022
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 9.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 6.0%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.4%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.8%
Electrical energyElectrical energy 2.0%
See More Products 76.5%

Source: UN Comtrade Database, Latest data available.

 
 

To go further, check out our service Import/Export Flows.

 

Main Services

76.8 bn USD of services exported in 2020
32.72%
25.78%
11.62%
8.85%
6.50%
6.10%
5.38%
1.42%
0.82%
0.41%
0.41%
89.8 bn USD of services imported in 2020
31.49%
20.34%
12.18%
11.88%
7.33%
7.08%
4.67%
3.39%
1.34%
0.24%
0.06%

Source: United Nations Statistics Division, Latest data available.

 

Exchange Rate System

Local Currency
Euro (EUR)
Exchange Rate Regime
Floating exchange regime.
Level of Currency Instability
Very limited exchange risk since the euro is a major currency.
Exchange Rate on :

 
 
Monetary Indicators 20162017201820192020
Euro (EUR) - Average Annual Exchange Rate For 1 MAD 0.100.090.090.090.09

Source: World Bank, Latest data available.

 
 

Find out all the exchange rates daily on our service Currency Converter.

Return to top

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
Member of the Organisation for Economic Co-operation and Development (OECD)
Party to the Kyoto Protocol
Party to the Washington Convention on International Trade in Endangered Species of Wild Fauna and Flora
Party to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal
Party to the Montreal Protocol on Substances That Deplete the Ozone Layer
Party to the Wassenaar Arrangement on Export Controls For Conventional Arms and Dual-Use Goods and Technologies
Party to the International Coffee Agreement
International Economic Cooperation
Italy is a member of the following international economic organisations: IMF, European Union, ICC, European Economic Area, WTO, Central European Initiative (CEI), G-7, G-8, G-10, G-20, OECD, among others. For the full list of economic and other international organisations in which participates Italy click here. International organisation membership of Italy is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Italy can be consulted here.
Party of the ATA Convention on Temporary Admissions and Use of the Carnets
Yes

As a Reminder, the ATA is a System Allowing the Free Movement of Goods Across Frontiers and Their Temporary Admission Into a Customs Territory With Relief From Duties and Taxes. The Goods Are Covered By a Single Document Known as the ATA Carnet That is Secured By an International Guarantee System.
Party of the TIR Convention
Yes

As a Reminder, the TIR Convention and its Transit Regime Contribute to the Facilitation of International Transport, Especially International Road Transport, Not Only in Europe and the Middle East, But Also in Other Parts of the World, Such as Africa and Latin America.
Accompanying Documents For Imports
Goods coming into one of the 27 countries of the European Union from another country in the Community are exempt from Customs duties and Customs formalities.
The documents which must accompany goods moving between EU countries are the following: :
- the commercial invoice
- the certificate of origin
- the health certificate (only necessary, in the case of trade inside the Community, for live animals)
- the single administrative document (SAD) (required for trade with overseas Departments, the Channel Islands and the Canaries).

For a transaction outside the Community, you must add:
- Import licenses
- Certifications
- Single Customs Document (SAD)

To go further, check out our service Shipping Documents.

Free-trade zones
Italy has two free-trade ports: Trieste and Venice.

Trieste is the main free trade zone in Italy. Here, goods can stay 180 days without customs duties. Venice is another free trade zone but is restructuring. There is legislation to create free trade zones in Naples and Genoa but it has not been implemented yet.

For Further Information
Italian Customs
Ministry of Foreign Affairs
Ministry of the Economy
Non Tariff Barriers
As it is a member of the European Union, Italy applies any and all Community regulations which are valid throughout the Union.

If the EU has quite a liberal foreign trade policy, there are a certain number of restrictions, especially at the level of agricultural products, ensuing from the implementation of the CAP (Common Agricultural Policy): applying compensations when importing and exporting agricultural products to favor the development of agriculture within the EU implies a certain number of systems to control and regulate goods entering EU territory.
Moreover, for sanitary reasons, with regards to Genetically Modified Organisms, if they are allowed in Europe, their presence must, for example, be systematically specified on packaging. Importing beef fed on hormones is also prohibited.
The principle of precaution is now more widely favored: in case of doubt, import is prohibited until the non- noxiousness of the goods is proved.

Goods containing animal products require a certificate from a competent authority in the country of origin. Fishery products need to show a catch certificate.

Sectors or Products For Which Commercial Disagreements Have Been Registered With the WTO
Wine, pasta, vegetables and fruit, fresh or processed.
Assessment of Commercial Policy
Webpages of the WTO on Italy
Barriers to exchanges, inventoried by the United States
Information on agricultural trade barriers
Customs and Taxation Union Directorate (TAXUD), Site of the European Commission about the Customs and Taxation Union Directorate
Electronic Customs Initiative, Site of the European Commission about the Electronic Customs Initiative

Return to top

 

Standards

National Standards Organisations
Italian Standardisation Organisation (Ente Nazionale Italiano di Unificazione, UNI)
Italian Electrotechnical Committee (CEI)
Integration in the International Standards Network
International Organisation for Standardisation (ISO)
International Electrotechnical Commission (IEC)
International Telecommunications Union (ITU)
European Committee for Standardisation (CEN)
European Committee for Electrotechnical Standardisation (CENELEC)
Obligation to Use Standards
Yes
Classification of Standards
Italian standards are called UNI, but those of the electrotechnical sector are called CEI.
Assessment of the System of Standardization
The standardization system is respected and guarantees better sales. Consumers have more and more regard for standards.

Regarding EU regulation, manufactures must fulfill conformity assessment conditions.

Online Consultation of Standards
The UNI catalog
The CEI catalog
The ISO catalog
Certification Organisations
Association of Independent Test and Certification Laboratories (ALPI)
Italian Accreditation Body (Accredia)

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: November 2023