United Kingdom (GBR) and Italy (ITA) Trade

2023

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Exports $10BRnk 10 / 223

2023

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About

United Kingdom-Italy Trade: In 2023, United Kingdom exported $10B to Italy. The main products that United Kingdom exported to Italy were Cars ($1.73B), Crude Petroleum ($686M), and Gas Turbines ($630M). Over the past 5 years the exports of United Kingdom to Italy have decreased at an annualized rate of 5.2%, from $13.1B in 2018 to $10B in 2023.

In 2019, United Kingdom exported services to Italy worth $12.2B, with Travel ($5.54B), Other business services ($1.96B), and Transportation ($1.71B) being the largest in terms of value.

Italy-United Kingdom Trade: In 2023, Italy exported $29.5B to United Kingdom. The main products that Italy exported to United Kingdom were Packaged Medicaments ($1.18B), Wine ($1.13B), and Motor vehicles; parts and accessories (8701 to 8705) ($1.07B). Over the past 5 years the exports of Italy to United Kingdom have increased at an annualized rate of 1.8%, from $27B in 2018 to $29.5B in 2023.

In 2020, Italy exported services to United Kingdom worth $5.67B, with Other business services ($1.68B), Travel ($1.62B), and Communications services ($720M) being the largest in terms of value.

Comparison: In 2023, United Kingdom ranked 11 in the Economic Complexity Index (ECI 1.5), and 14 in total exports ($429B). That same year, Italy ranked 18 in the Economic Complexity Index (ECI 1.29), and 6 in total exports ($638B).

Latest Trends

November, 2024

About

Overview In November 2024, United Kingdom exported £817M and imported £2.32B from Italy, resulting in a negative trade balance of £1.5B. Between November 2023 and November 2024 the exports of United Kingdom have decreased by £-309M (-27.4%) from £1.13B to £817M, while imports increased by £411M (21.5%) from £1.91B to £2.32B.

Trade In November 2024, the top exports of United Kingdom to Italy were Cars (£108M), Crude Petroleum (£83.6M), Gas Turbines (£56.1M), Precious Metal Scraps (£25.5M), and Silver (£24.9M). In November 2024 the top imports of United Kingdom from Italy were Cars (£65.8M), Packaged Medicaments (£65.1M), Motor vehicles; parts and accessories (8701... (£56.4M), Wine (£43.9M), and Gas Turbines (£42.1M).

Origins In November 2024 the exports of United Kingdom were mainly from Dover Eurotunnel (£324M), London Heathrow Airport (£131M), Avonmouth (£52.5M), East Midlands Airport (£51.3M), and Tyne (£43.3M), while imports destinations were mainly Dover (£839M), Eurotunnel (£198M), London (£172M), and London Gateway (£123M).

Growth In November 2024, the decrease in United Kingdom's year-by-year exports to Italy was explained primarily by an decrease in product exports in Precious Metal Compounds (£-3.96M or -74.6%), Platinum (£-3.7M or -13.3%), and Hot-Rolled Iron Bars (£-3.66M or -66.7%). In November 2024, the increase in United Kingdom's year-by-year imports from Italy was explained primarily by an increase in product imports in Cars (£26.9M or 69.1%), Motor vehicles; parts and accessories (8701... (£17.5M or 44.9%), and Planes, Helicopters, and/or Spacecraft (£16.6M or 881%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (November 2023 - November 2024)£-309M(-27.4%)

IMPORT GROWTH (November 2023 - November 2024)£411M(21.5%)

MAIN EXPORTER (November 2024)Dover Eurotunnel£324M

This section shows exports and imports data at subnational level for United Kingdom. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of United Kingdom over time.

To check Italy and United Kingdom trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, United Kingdom exported $10B to Italy. The main products exported from United Kingdom to Italy were Cars ($1.73B), Crude Petroleum ($686M), and Gas Turbines ($630M). During the last 5 years the exports of United Kingdom to Italy have decreased at an annualized rate of 5.2%, from $13.1B in 2018 to $10B in 2023.

In 2018, Italy exported $29.5B to United Kingdom. The main products exported from Italy to United Kingdom were Packaged Medicaments ($1.18B), Wine ($1.13B), and Motor vehicles; parts and accessories (8701 to 8705) ($1.07B). During the last 5 years the exports of Italy to United Kingdom have increased at an annualized rate of 1.8%, from $27B in 2023 to $29.5B in 2018.

Exports from United Kingdom () to Italy () (2023)

Exports from Italy () to United Kingdom () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

United Kingdom
Top DestinationUnited States$59.7B

Italy
Top DestinationGermany$71.4B

This map shows whether countries import more from United Kingdom or Italy. Each country is colored based on the difference in imports they receive from United Kingdom and Italy or the difference in the growth in imports.

In 2023, countries that imported more from United Kingdom than Italy included Ireland ($29.1B), China ($35.3B), and Netherlands ($29.8B).

In 2023, countries that imported more from Italy than United Kingdom included Germany ($71.4B), France ($61.1B), and Switzerland ($29.3B).

Difference in imports from Italy () and United Kingdom () (2023)

Comparative Advantage United Kingdom - Italy

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between United Kingdom and Italy by product, considering products traded by both, United Kingdom and Italy.

During 2023, United Kingdom had a large net trade with Italy in the exports of Machines ($2.57B), Transportation ($2.51B), and Mineral Products ($819M).

During 2018, Italy had a large net trade with United Kingdom in the exports of Machines ($6.68B), Foodstuffs ($4.12B), and Transportation ($3.77B).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential United Kingdom Italy+$473MCars

Top Product Potential Italy United Kingdom+$486MCars

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

Ita Year

Gbr Year

In 2019, United Kingdom exported services to Italy worth $12.2B, with Travel ($5.54B), Other business services ($1.96B), and Transportation ($1.71B) being the largest in terms of value.

In 2020, Italy exported services to United Kingdom worth $5.67B, with Other business services ($1.68B), Travel ($1.62B), and Communications services ($720M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from United Kingdom () to Italy () (2019)

Services Exports from Italy () to United Kingdom () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of United Kingdom and Italy. This means that a dot/product with the flag of United Kingdom indicates it has a comparative advantage over Italy. Similarly, a dot/product with the flag of Italy indicates it has a comparative advantage over United Kingdom.

Product Space of United Kingdom () and Italy () (2023)

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