Italy exported US$677 billion worth of products around the world in 2023.
That dollar amount is 29.5% greater than the $537.7 billion in total Italian exports in 2019. It also represents a 2.7% upturn from $659.4 billion in 2022.
The top 5 importers of products exported from Italy were buyers in Germany, United States of America, France, Spain and Switzerland. Those 5 major customers accounted for 42.5% of global spending on Italian exported goods during 2023.
Applying a continental lens, nearly two-thirds (64.8%) of Italy’s exports by value was delivered to fellow European countries while 15.7% was sold to importers in Asia. Italy shipped another 13% worth of goods to North America.
Italy was a founding member of the European Union dating back to the Treaty of Rome in 1957. Fellow EU members bought over half (52.6%) of exports sold by Italy in 2023.
Smaller percentages went to Africa (3.3%), Latin America (2.2%) excluding Mexico but including the Caribbean, then Oceania (1%) led by Australia and New Zealand.
Italy’s Top Trading Partners
Below is a list showcasing 25 of Italy’s top trading partners, countries that imported the most Italian shipments by dollar value during 2023. Also shown is each import country’s percentage of total Italian exports.
- Germany: US$80.2 billion (11.8% of Italy’s total exports)
- United States: $71.5 billion (10.6%)
- France: $67.8 billion (10%)
- Spain: $35.5 billion (5.2%)
- Switzerland: $33 billion (4.9%)
- United Kingdom: $27.5 billion (4.1%)
- Poland: $21.2 billion (3.1%)
- Belgium: $20.7 billion (3.1%)
- mainland China: $20.5 billion (3%)
- Netherlands: $19.9 billion (2.9%)
- Türkiye: $15.22 billion (2.2%)
- Austria: $15.21 billion (2.2%)
- Romania: $11 billion (1.6%)
- Czech Republic: $9 billion (1.3%)
- Japan: $8.6 billion (1.3%)
- Greece: $7.21 billion (1.1%)
- United Arab Emirates: $7.16 billion (1.1%)
- South Korea: $7.15 billion (1.1%)
- Canada: $6.75 billion (1%)
- Mexico: $6.65 billion (1%)
- Sweden: $6.62 billion (1%)
- Slovenia: $6.4 billion (0.9%)
- Hungary: $6.3 billion (0.9%)
- Croatia: $6 billion (0.9%)
- Portugal: $5.9 billion (0.9%)
Over three-quarters (77.2%) of Italian exports in 2023 was delivered to the above 25 trade partners.
Among these top import purchasers, mainland China demonstrated the greatest growth in demand for Italian products posting an 18.6% increase in export purchases from 2022 to 2023.
In second place was Mexico (up 13.7% from 2022) ahead of importers in the United Arab Emirates (up 13.1%), Türkiye (up 7.8%), Romania (up 5.3%), and the United States of America (up 4.4%).
The severest decliners were customers in Belgium (down -14.1% from 2022), Slovenia (down -13.9%), Hungary (down -6.9%) and the United Kingdom (down -4.1%).
Countries Causing Biggest Trade Deficits for Italy
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Italy incurred the highest trade deficits with the following countries.
- mainland China: -US$30.9 billion (country-specific trade deficit in 2023)
- Netherlands: -$19.3 billion
- Germany: -$16.5 billion
- Azerbaijan: -$12.4 billion
- Algeria: -$12.2 billion
- Belgium: -$8.2 billion
- Libya: -$6.1 billion
- India: -$4.3 billion
- Kazakhstan: -$4 billion
- Vietnam: -$3.5 billion
Among Italy’s trading partners that cause the greatest negative trade balances, Italian deficits with Belgium (up 182.6%), Kazakhstan (up 29.7%) and Germany (up 27.2%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate Italy’s competitive disadvantages with the above countries, but also represent key opportunities for Italy to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Biggest Trade Surpluses for Italy
Italy earned an overall US$37.2 billion trade surplus in 2023, reversing a -$35.8 billion trade deficit one year earlier in 2022.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Italy incurred the highest trade surpluses with the following countries.
- United States: US$45.2 billion (country-specific trade surplus in 2023)
- United Kingdom: $18.4 billion
- France: $17.7 billion
- Switzerland: $13.6 billion
- Mexico: $5.4 billion
- Hong Kong: $4.89 billion
- United Arab Emirates: $4.84 billion
- Canada: $4.82 billion
- Australia: $4.6 billion
- Poland: $4.1 billion
Among Italy’s trading partners that generate the greatest positive trade balances, Italian surpluses with Mexico (up 18.8%), United Arab Emirates (up 15.7%) and France (up 12.3%) grew at the fastest pace from 2022 to 2023.
These positive cashflow streams clearly indicate Italy’s competitive advantages with the above countries, but also represent key opportunities for Italy to develop country-specific strategies to optimize its overall position in international trade.
Major Companies Servicing Italian Import Partners
Thirty corporations rank among Forbes Global 2000. Below is a sample of the major Italian companies that Forbes included.
- Eni (oil, gas)
- Finmeccanica (aerospace)
- Parmalat (food processing)
- Pirelli & C (automotive parts)
- Prada (clothing, accessories)
- Prysmian (electrical equipment)
- Saras (oil, gas)
- Telecom Italia (telecommunications services)
Based on Wikipedia’s list of Italian companies, the following are also examples of established firms that ship products from Italy to its import partners around the globe. Shown within parenthesis is the product category that the Italian business specializes in.
- Alfa Romeo Automobiles SpA (luxury vehicles)
- Campagnolo (bicycle components)
- Eko (guitars)
- Fabbrica d’Armi Pietro Beretta (firearms)
- Ferrari SpA (sports cars)
- Ferrero SpA (chocolate confectionery)
- Forst (brewery)
- Luigi Lavazza SpA (whole bean coffee)
- Olivetti SpA (consumer electronics)
See also Italy’s Top 10 Imports, 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 24, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 24, 2024
Investopedia, Net Exports Definition. Accessed on April 24, 2024
International Trade Centre, Trade Map. Accessed on April 24, 2024
Wikipedia, List of Companies of Italy. Accessed on April 24, 2024