Italy imported US$639.8 billion worth of products from around the world in 2023, increasing by 34.7% compared to $475 billion five years earlier during 2019.

Year over year, the overall cost of Italy’s spending on imports fell by -8% from $695.2 billion in 2022.

Italy’s top 5 imported products by value in 2022 were crude oil, cars, petroleum gases, medication mixes in dosage, then phone devices including smartphones. Combined, those 5 products generated over one-fifth (21.8%) of Italy’s overall spending on imports during 2022.

Based on the average exchange rate for 2023, Italy’s official currency is the euro which depreciated by -3.5% against the US dollar since 2019 but appreciated by 2.6% from 2022 to 2023. The weaker European Union currency since 2019 made Italy’s imports paid for in stronger US dollars in 2023 relatively more expensive when converted starting from euros.

Domestically, the inflation rate for Italy’s average consumer prices was 5.986% in 2023 down from an average 8.736% one year earlier for 2022.

Major Countries Supplying Products Imported by Italy

The latest available country-specific data shows that 63.5% of products imported by Italy was furnished by exporters in: Germany (15.1% of the Italian total), mainland China (8%), France (7.8%), Netherlands (6.1%), Spain (5.5%), Belgium (4.5%), United States of America (4.1%), Switzerland (3%), Poland (2.7%), Algeria (2.4%), Austria (2.2%) and Azerbaijan (2%).

From a continental perspective, almost two-thirds (64.2%) of Italy’s total imports by value in 2023 were purchased from fellow European countries. Asian trade partners accounted for 22.5% of imports purchased by Italy while 6.6% worth originated from exporters in Africa. Another 4.7% was provided by shippers in North America.

Smaller percentages came from Latin America (1.8%) excluding Mexico but including the Caribbean, and Oceania (0.2%) led by Australia and New Zealand.

Given Italy’s population of 58.9 million people, its total $639.8 billion in 2023 imports translates to roughly $10,900 in yearly product demand from every person in the south European country. That dollar amount lags the average $11,600 per capita during 2022.

Italy’s Top 10 Imports

The following product groups represent the highest dollar value in Italy’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Italy.

1. Mineral fuels including oil: US$93.6 billion (14.6% of total imports)
2. Vehicles: $61.5 billion (9.6%)
3. Machinery including computers: $58.5 billion (9.1%)
4. Electrical machinery, equipment: $55.3 billion (8.6%)
5. Pharmaceuticals: $32.7 billion (5.1%)
6. Organic chemicals: $26.2 billion (4.1%)
7. Plastics, plastic articles: $25.8 billion (4%)
8. Iron, steel: $25.4 billion (4%)
9. Optical, technical, medical apparatus: $17.2 billion (2.7%)
10. Gems, precious metals: $17 billion (2.7%)

Italy’s top 10 imports represent about two-thirds (64.6%) of the overall value of Italian product purchases from other countries.

Fastest growing among Italy’s top 10 import categories from 2022 to 2023 was the vehicles category via its 30.8% increase.

In second place were imports of organic chemicals (up 94.9% from 2022).

Italy’s imports under the optical, technical and medical apparatus category expanded by 13.2% year over year.

The severest declining import categories were mineral fuels including oil (down -36.8% from 2022), iron or steel (down -20.5%), and plastics both as materials and items made from plastic (down -14.6%).

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented under the sections below is at the more granular 4-digit level.

Italy’s Top Mineral Fuels Imports and Related Products

In 2023, Italian importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Crude oil: US$38.4 billion (down -14.6% from 2022)
2. Petroleum gases: $33.1 billion (down -51.8%)
3. Processed petroleum oils: $11.5 billion (down -16.3%)
4. Electrical energy: $7.2 billion (down -52%)
5. Coal, solid fuels made from coal: $2 billion (down -51.9%)
6. Coal tar oils (high temperature distillation): $451 million (down -2%)
7. Petroleum oil residues: $334.7 million (down -9.7%)
8. Coke, semi-coke: $170.3 million (up 76%)
9. Petroleum jelly, mineral waxes: $109.7 million (down -42.5%)
10. Peat: $94.2 million (up 21.2%)

Among these import subcategories, Italian purchases of coke and semi-coke (up 76%) and peat (up 21.2%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Italian businesses and consumers.

Italy’s Top Vehicles Imports

In 2023, Italian importers spent the most on the following 10 subcategories of vehicles and related products.

1. Cars: US$36.4 billion (up 42.3% from 2022)
2. Automobile parts/accessories: $10.7 billion (up 15.7%)
3. Trucks: $4 billion (up 55.1%)
4. Tractors: $3.2 billion (up 14.9%)
5. Motorcycles: $1.7 billion (up 5.7%)
6. Public-transport vehicles: $1.3 billion (up 84.9%)
7. Motorcycle parts/accessories: $1.2 billion (down -21%)
8. Trailers: $809.8 million (up 8.9%)
9. Automobile bodies: $189.1 million (up 18.8%)
10. Bicycles, other non-motorized cycles: $176 million (down -10.5%)

Among these import subcategories, Italian purchases of public-transport vehicles (up 84.9%), trucks (up 55.1%), then cars (up 42.3%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among Italian businesses and consumers.

Italy’s Top Machinery Imports Including Computers

In 2023, Italian importers spent the most on the following 10 subcategories of machines including computers.

1. Computers, optical readers: US$6 billion (down -8.5% from 2022)
2. Taps, valves, similar appliances: $2.9 billion (up 5.6%)
3. Air or vacuum pumps: $2.4 billion (up 5.7%)
4. Turbo-jets: $2.4 billion (down -4%)
5. Piston engine parts: $2.3 billion (up 8.9%)
6. Transmission shafts, gears, clutches: $2.2 billion (up 1.4%)
7. Air conditioners: $2.18 billion (down -10.2%)
8. Miscellaneous machinery: $2.17 billion (up 18.4%)
9. Centrifuges, filters and purifiers: $2.1 billion (up 7.41%)
10. Machinery parts: $2.1 billion (up 9.6%)

Among these import subcategories, Italian purchases of miscellaneous machinery (up 18.4%), machinery parts (up 9.6%), then piston engine parts (up 8.9%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Italian businesses and consumers.

Italy’s Top Electrical Products Imports

In 2023, Italian importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.

1. Phone devices including smartphones: US$11.8 billion (down -0.9% from 2022)
2. Electric storage batteries: $4.6 billion (up 31.4%)
3. Electrical converters/power units: $4.2 billion (up 9.9%)
4. Solar power diodes/semi-conductors: $3.26 billion (up 13.1%)
5. Lower-voltage switches, fuses: $3.25 billion (up 6.6%)
6. Insulated wire/cable: $3 billion (up 7.5%)
7. Integrated circuits/microassemblies: $2.3 billion (down -3.7%)
8. Electric motors, generators: $2.24 billion (down -7.5%)
9. Electric water heaters, hair dryers: $2.22 billion (down -1.2%)
10. Electric circuit parts, fuses, switches: $2 billion (up 12.3%)

Among these import subcategories, Italian purchases of electric storage batteries (up 31.4%), solar power diodes or semi-conductors (up 13.1%), then electric circuit parts, fuses and switches (up 12.3%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Italian businesses and consumers.
 

See also Italy’s Top Trading Partners, Italy’s Top 10 Major Export Companies, Italy’s Top 10 Exports and Germany’s Top 10 Exports

Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on April 10, 2024

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 10, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 10, 2024

International Trade Centre, Trade Map. Accessed on April 10, 2024