Italy flag Italy: Economic and Political Overview

Foreign trade figures of Italy

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 20172018201920202021
Imports of Goods (million USD) 453,122503,240475,006422,875557,524
Exports of Goods (million USD) 507,418549,526537,718496,120610,284
Imports of Services (million USD) 113,272124,609121,60591,618113,497
Exports of Services (million USD) 110,828122,632120,49086,532102,421

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 58.660.359.955.363.0
Trade Balance (million USD) 61,79854,14667,88778,58863,888
Trade Balance (Including Service) (million USD) 57,61050,61767,35869,26650,016
Imports of Goods and Services (Annual % Change) 6.13.4-0.7-12.114.7
Exports of Goods and Services (Annual % Change) 5.42.11.6-13.513.4
Imports of Goods and Services (in % of GDP) 27.928.928.325.830.3
Exports of Goods and Services (in % of GDP) 30.731.431.629.432.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 9.42.92.72.72.6
Volume of imports of goods and services (Annual % change) 11.83.23.23.02.8

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
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.
 

Main Partner Countries

Main Customers
(% of Exports)
2021
Germany 13.0%
France 10.3%
United States 9.5%
Switzerland 5.2%
Spain 5.0%
See More Countries 57.0%
Main Suppliers
(% of Imports)
2021
Germany 16.0%
France 8.1%
China 8.0%
Netherlands 5.8%
Spain 5.3%
See More Countries 56.7%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

615.9 bn USD of products exported in 2021
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) 4.2%
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) 2.7%
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 2.5%
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. 2.4%
Trunks, suitcases, vanity cases, executive-cases,...Trunks, suitcases, vanity cases, executive-cases, briefcases, school satchels, spectacle cases, binocular cases, camera cases, musical instrument cases, gun cases, holsters and similar containers; travelling-bags, insulated food or beverage bags, toilet bags, rucksacks, handbags, shopping-bags, wallets, purses, map-cases, cigarette-cases, tobacco-pouches, tool bags, sports bags, bottle-cases, jewellery boxes, powder-boxes, cutlery cases and similar containers, of leather or of composition leather, of sheeting of plastics, of textile materials, of vulcanised fibre or of paperboard, or wholly or mainly covered with such materials or with paper 1.7%
See More Products 86.5%
568.2 bn USD of products imported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 5.3%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 5.0%
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) 4.6%
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) 3.1%
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 2.1%
See More Products 80.0%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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

 

Main Services

77.5 bn USD of services exported in 2020
33.75%
25.56%
11.60%
8.25%
6.11%
6.08%
5.46%
1.37%
1.00%
0.41%
0.41%
89.1 bn USD of services imported in 2020
30.99%
20.33%
12.28%
12.02%
7.42%
7.17%
4.59%
3.30%
1.59%
0.25%
0.06%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: May 2023