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Formally the Italian Republic, Italy shipped 496.1 billion dollars worth of goods around the globe in 2020. That dollar amount reflects a 7.5 percent improvement since 2016 but a minus 6.9 percent decline from 2019 to 2020.
Italy’s Top 10 Imports
Italy imported 422.9 billion dollars worth of goods from around the globe in 2020, up by 4 percent since 2016 but down by minus 10.7 percent from 2019 to 2020.
Italian imports in 2020 represent 2.2 percent of overall global imports which totaled $19.085 trillion one year earlier in 2019.
Based on the average exchange rate for 2020, Italy uses the euro which appreciated by 3.1 percent against the US dollar since 2016 and increased by 2 percent from 2019 to 2020. The stronger EU currency made Italy’s imports paid for in weaker US dollars in 2020 relatively more expensive when converted starting from euros.
From a continental perspective, over two-thirds or 67.2 percent of Italy’s total imports by value in 2020 were purchased from fellow European countries. Asian trade partners accounted for 21.6 percent of imports purchased by Italy while 4.7 percent worth originated from exporters in North America plus 4 percent for African shippers.
Smaller percentages of 2.1 percent came from Latin America excluding Mexico but including the Caribbean, and Oceania got 0.2 percent led by Australia and New Zealand.
Given Italy’s population of 60.5 million people, its total 422.9 billion dollars in 2020 imports translates to roughly 7,000 dollars in yearly product demand from every person in the south European country.
The following product groups represent the highest dollar value in Italy’s import purchases during 2020. Also shown is the percentage share each product category represents in terms of overall imports into Italy.
Machinery including computers: 43.3 billion dollars which accounted for 10.2 percent of total imports
Vehicles: 38 billion dollars amounting to 9 percent
Electrical machinery, and equipment: 35.8 billion dollars which stands at 8.5 percent
Mineral fuels including oil: 35.5 billion dollars which stands at 8.4 percent
Pharmaceuticals: 28.4 billion dollars which are 6.7 percent
Plastics, plastic articles: 18.3 billion dollars standing at 4.3 percent
Gems, precious metals: 17.6 billion dollars which signifies 4.2 percent
Organic chemicals: 16.5 billion dollars representing 3.9 percent
Iron, steel: 14.9 billion dollars which are 3.5 percent
Optical, technical, and medical apparatus: 12.9 billion dollars which is 3.1 percent
Italy’s top 10 imports represent 61.8 percent of the overall value of its product purchases from other countries.
Propelled by accelerated purchases of gold on global markets, the fastest-growing among Italy’s top 10 import categories from 2019 to 2020 was the gems and precious metals category via its 39.2 percent increase. The only other year-over-year gains belong to pharmaceuticals up by 4.4 percent and organic chemicals up by 2.6 percent.
Leading the decliners was the mineral fuels including the oil category thanks to a minus 39.3 percent reduction, weighed down by Italy’s diminished outlays for petroleum oils and gas, electricity, and coal.
Based on the average exchange rate for 2020, Italy uses the euro which appreciated by 3.1 percent against the US dollar since 2016 and increased by 2 percent from 2019 to 2020. The stronger EU currency made Italy’s exports paid for in weaker US dollars relatively more expensive for international buyers.
The latest available country-specific data shows that 64.5 percent of products exported from Italy were bought by importers in Germany 12.8 percent of the global total, France with 10.3 percent, the United States 9.8 percent, Switzerland 5.8 percent, the United Kingdom with 5.2 percent, Spain with 4.7 percent, Belgium with 3.4 percent, Poland with 3 percent, China with also 3 percent, the Netherlands with 2.6 percent, Austria with 2.1 percent and Turkey with 1.8 percent.
From a continental perspective, roughly two-thirds of Italy’s exports by value were delivered to fellow European countries while 15.3 percent were sold to importers in Asia. Italy shipped another 11.5 percent worth of goods to North America. Smaller percentages of 3.5 percent went to Africa, Latin America excluding Mexico but including the Caribbean got 2 percent then Oceania led by Australia and New Zealand got 1 percent.
Given Italy’s population of 60.5 million people, its total 496.1 billion dollars in 2020 exports translates to roughly 8,200 dollars for every resident in the south European nation.
The following export product groups represent the highest dollar value in Italian global shipments during 2020. Also shown is the percentage share each export category represents in terms of overall exports from Italy.
Machinery including computers: 91.1 billion dollars which accounts for 18.4 percent of total exports
Vehicles: 38.3 billion dollars valued at 7.7 percent
Pharmaceuticals: 35.9 billion dollars which are 7.2 percent
Electrical machinery, and equipment: 30.8 billion dollars representing 6.2 percent
Plastics, plastic articles: 20.3 billion dollars which is 4.1 percent
Gems, precious metals: 17.6 billion dollars standing at 3.5 percent
Articles of iron or steel: 16.5 billion dollars which represent 3.3 percent
Furniture, bedding, lighting, signs, prefabricated buildings: 12.6 billion dollars representing 2.5 percent
Optical, technical, and medical apparatus: 12 billion dollars representing 2.4 percent
Clothing, and accessories: 11.7 billion dollars accounting for 2.4 percent
Italy’s top 10 exports accounted for 57.8 percent of the overall value of its global shipments.
Powered by stronger revenues from exported gold and platinum, gems and precious metals was the fastest grower among the top 10 export categories thanks to its 13.8 percent increase from 2019 to 2020. The only other year-over-year gain for export sales was pharmaceuticals up 6.8 percent.
The leading decliner among Italy’s top 10 export categories was unknitted and non-crocheted clothing or accessories dropping minus 14.8 percent year over year.
Italy’s Top Trading Partners
Nicknamed The Boot based on the country’s geographic shape, the Italian Republic is in Southern Europe sharing borders with France, Switzerland, Austria, and Slovenia to the north.
Italy exported 496.1 billion dollars worth of goods around the globe in 2020. That dollar amount reflects a 7.5 percent improvement since 2016 but a minus 6.9 percent decline from 2019 to 2020.
Applying a continental lens, about two-thirds of Italy’s exports by value were delivered to fellow European countries while 15.3 percent were sold to importers in Asia. Italy shipped another 11.5 percent worth of goods to North America.
Smaller percentages of 3.5 percent went to Africa, Latin America excluding Mexico but including the Caribbean got 2 percent then Oceania led by Australia and New Zealand got 1 percent.
Here is a list showcasing 15 of Italy’s top trading partners, countries that imported the most Italian shipments by dollar value during 2020. Also shown is each import country’s percentage of total Italian exports.
Germany: 63.6 billion dollars which accounts for 12.8 percent of Italy’s total exports
France: 51.1 billion dollars accounting for 10.3 percent
United States: 48.6 billion dollars standing at 8 percent
Switzerland: 28.9 billion dollars which are 5.8 percent
United Kingdom: 25.7 billion dollars accounting for 5.2 percent
Spain: 23.4 billion dollars which is 4.7 percent
Belgium: 17 billion valued at 3.4 percent
Poland: 14.9 billion dollars which is 3 percent
China: 14.8 billion dollars accounting for 3 percent
Netherlands: 12.9 billion dollars which is 2.6 percent
Austria: 10.5 billion dollars accounting for 2.1 percent
Turkey: 8.9 billion dollars which is 1.8 percent
Japan: 8.1 billion dollars accounting for 1.6 percent
Russia: 8.1 billion dollars which is 1.6 percent
Romania: 7.8 billion dollars which stand at 1.6 percent
Over two-thirds or 69.4 percent of Italian exports in 2020 were delivered to the mentioned 15 trade partners.
Among these top import purchasers, Belgium showed the greatest growth in demand for Italian products posting a 7.8 percent increase from 2019 to 2020.
The other expansions in demand belong to China up by 1.8 percent and Poland up by 0. percent.
Leading decliners year over year were buyers in Spain was down by minus 13.1 percent, Austria, down by minus 8.6 percent, France down by minus 8.4 percent, and Russia down by minus 8.3 percent.
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