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 66% of its GDP (World Bank, latest data available). In 2023, the country’s main exports included machinery (16.1% of the total), transport equipment (10.8%), textiles and metal products (10.4% each), and pharmaceutical products (7.8%), whereas imports were led by petroleum and gas (11%), transport equipment (10.6%), metal products (10.5% each), food and beverage (7.3% each), and machinery (7.2% - data ISTAT for 2023). According to the latest figures by ISTAT, 14.7% of exports from Italian manufacturing companies came from micro and small enterprises (with 0-19 employees), and 32.2% came from medium-sized enterprises (50-249 employees). More than half (53%) came from large enterprises (more than 250 employees).

Italy’s main trading partners were Germany (11.9%), the U.S. (10.7%), France (10.1%), Spain (5.3%), and Switzerland (4.9%), whereas imports chiefly came from Germany (15.2%), China (8%), France (7.9%), the Netherlands (6.2%), and Spain (5.5%). Overall, the EU accounted for 51.6% of exports and 57% of imports (data 2023 from ISTAT). The stagnation of Italian merchandise exports in 2023 was driven by a decline in sales to EU markets (-2.2%), resulting from a sharp drop in quantities (-6%) despite a rise in average unit values (+4%). At the same time, exports to non-EU markets grew by 2.5%, supported by a significant increase in average unit values (+6.7%) despite a smaller decline in volumes (-3.9%).

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 (with the exception of 2022 due to a rise in energy prices).  According to WTO data, in 2023, the country exported goods worth USD 676.9 billion (+2.7%% year-on-year), while imports decreased by 7.8%, totalling USD 639.6 billion. In the same year, Italy exported services for a total value of USD 145.9 billion, while its imports amounted to USD 157.8 billion (+14.4% and +12.6% year-on-year, respectively). The overall trade balance was estimated to be positive by 1.2% of GDP by the World Bank. Preliminary data from ISTAT show that, in the first nine months of 2024, exports saw a slight annual decline (-0.7%), mainly due to reduced sales of motor vehicles (-13.2%), base metals and metal products (-5.5%), transport equipment excluding motor vehicles (-6.2%), and leather goods (-8.9%). Conversely, significant growth came from food, beverages, and tobacco (+8%), sporting goods, musical instruments, and medical equipment (+17.8%), as well as pharmaceutical and chemical products (+5.8%).

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 475,006426,867567,421694,305639,630
Exports of Goods (million USD) 537,718499,792615,635658,557676,963
Imports of Services (million USD) 122,90294,672114,373140,068157,822
Exports of Services (million USD) 122,42185,350103,526127,452145,897

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

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 58.753.960.372.166.2
Trade Balance (million USD) 67,88778,58857,963-20,61736,709
Trade Balance (Including Service) (million USD) 67,35869,26646,497-32,68529,796
Imports of Goods and Services (Annual % Change) -1.1-12.516.013.2-0.4
Exports of Goods and Services (Annual % Change) 1.2-13.714.19.80.8
Imports of Goods and Services (in % of GDP) 27.725.229.136.932.5
Exports of Goods and Services (in % of GDP) 30.928.731.235.133.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 1.20.71.61.60.8
Volume of imports of goods and services (Annual % change) -0.10.20.81.20.5

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)
2023
Germany 11.9%
United States 10.7%
France 10.1%
Spain 5.3%
Switzerland 4.9%
See More Countries 57.1%
Main Suppliers
(% of Imports)
2023
Germany 15.2%
China 8.0%
France 7.9%
Netherlands 6.2%
Spain 5.5%
See More Countries 57.3%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

677.1 bn USD of products exported in 2023
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) 5.5%
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) 3.0%
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 3.0%
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%
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 84.4%
639.9 bn USD of products imported in 2023
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) 5.7%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 5.2%
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%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 1.9%
See More Products 78.2%

Source: Comtrade, 2024. 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

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: February 2025