Italy's Top Imports & Exports 2008
Italian Consumption of American Barley, Oats and Sorghum Up 443%
Sep 20, 2009
Attaining a Gross Domestic Product (GDP) valued at US$2.134 trillion in 2008, Italy is the world’s 7th richest country.
With a population of 58.1 million Italians who enjoyed an average GDP of $31,000 per person last year, Italy was also the 42nd wealthiest nation in terms of GDP per capita.
As the world’s 6th biggest exporter, Italy shipped $546.9 billion worth of exports in 2008. Principal Italian exports include chemicals, engineering products, motor vehicles, production machinery, tobacco and transport equipment. Based on 2008 statistics, Italy’s largest export clients were Germany (12.8%), France (11.2%), Spain (6.6%), the United States (6.3%) and the United Kingdom (5.3%).
According to the CIA World Factbook, Italy also imported $546.9 billion worth of foreign goods last year led by energy products, food, beverages, minerals and nonferrous metals. Leading suppliers to the Italian market were Germany (16%), France (8.6%), China (6.2%), Netherlands (5.3%), Libya (4.6%) and Russia (4.3%).
In total, Italy’s international trade amounted to $1.094 trillion or 47.3% of its overall GDP. This compares with 25% for the U.S. and 59.5% for Canada.
Italian Trade with the U.S.
Last year, Italian exports to America rose 3.2% to $35.1 billion. Over that same period, Italians consumed $15.5 billion worth of U.S. imports – an increase of 9.3%.
Therefore, Italy’s trade surplus with the U.S. came to $19.6 billion in 2008.
The lists below present the top 10 exports and imports that American and Italian enterprises exchanged in 2008. The fastest-growing trade product categories are also shown.
Italy’s Top Exports to America
Old World Italian wines continued to be among the most popular exports from Italy to the U.S. last year.
- Pharmaceutical preparations … US$2.5 billion, up 33.5% from 2007 (6.9% of US imports from Italy)
- Other petroleum products … $2.1 billion, up 34.4% (5.7%)
- Other industrial machinery … $2 billion, up 4.2% (5.5%)
- Wine and related products … $1.34 billion, up 2.5% (3.7%)
- Other household goods … $1.31 billion, down 11.4% (3.6%)
- Industrial engines … $1.1 billion, up 37.3% (3%)
- Footwear … $1.08 billion, down 6.2% (3%)
- Passenger cars … $906 million, up 12.6% (2.5%)
- Household furniture … $778 million, down 14.3% (2.2%)
- Jewelry … $690.6 million, down 23% (1.9%).
Fastest-Growing Italian Exports to America
For shipments from Italy to the U.S., only 2 major export categories in the list below showed triple-digit percentage increases in 2008 over last year.
- Movies, miscellaneous shipments and special transactions … US$105.6 million, up 121.4% from 2007
- Military aircraft and parts … $123.9 million, up 101.2%
- Semiconductors … $491.1 million, up 82.7%
- Precious metals other than gold … $247 million, up 41.4%
- Industrial engines … $1.1 billion, up 37.3%
- Other military equipment … $34.5 million, up 35.8%
- Iron and steel products … $342.5 million, up 35.6%
- Other petroleum products … $2.1 billion, up 34.4%
- Pharmaceutical preparations … $2.5 billion, up 33.5%
- Telecommunications equipment … $219.2 million, up 29.8%.
Italy’s Top Imports from America
Below are the top ten goods imported from the U.S. into Italy during 2008.
- Pharmaceutical preparations … US$1.3 billion, up 18.7% from 2007 (8.6% of US exports to Italy)
- Precious metals other than gold … $1.2 billion, up 7.5% (7.5%)
- Civilian aircraft … $954 million, up 11% (6.2%)
- Medicinal equipment … $657.4 million, up 8.9% (4.3%)
- Industrial engines … $540.3 million, up 13% (3.5%)
- Other petroleum products … $514.6 million, up 45.2% (3.3%)
- Pulpwood … $469.8 million, down 0.6% (3%)
- Other industrial machines … $417 million, up 3.7% (2.7%)
- Telecommunications equipment … $392.5 million, up 14.6% (2.5%)
- Fuel oil … $371.4 million, up 356.5% (2.4%).
Fastest-Growing Italian Imports from the U.S.
All ten of the following American exports to Italy in 2008 had triple-digit percentage sales increases from 2007.
- Military aircraft and parts … US$33.9 million, up 8,907% from 2007
- Barley, oats and sorghum … $54 million, up 443.2%
- Vegetables … $80.3 million, up 360.2%
- Fuel oil … $371.4 million, up 356.5%
- Ammunition, guns, missiles and tanks … $35 million, up 283.2%
- Railway transportation equipment … $18.3 million, up 230.7%
- Nonfarm tractors … $52.1 million, up 224.7%
- Oilfield equipment … $191.4 million, up 149%
- Coal … $33.1 million, up 140.8%
- Soybeans … $90.1 million, up 125.2%.
While not the largest trade items in terms of volume, military products are found among Italy's fastest-growing imports and exports. In particular, military aircraft is near the top of the lists for fastest-growing exports from Italy to America as well as most rapidly expanding exports from the U.S. to Italy.
Sources
This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
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