Flag Italy

Econ Complexity (2018): 1.31, Rank 18 of 137

Product Exports (2018): $540B, Rank 8 of 222

Exports Per Capita (2018): $8.93k, Rank 130 of 219

Product Imports (2018): $509B, Rank 9 of 221

Imports Per Capita (2018): $8.43k, Rank 148 of 219

Service Exports (2017): $101B, Rank 11 of 139

Service Imports (2017): $109B, Rank 12 of 139

GDP (2018): $2.08T, CURRENT US$
Rank 8 of 196

GDP growth (2008 - 2018): -13.1%, CURRENT US$
Rank 187 of 196

GDP PC (2018): $34,483, CURRENT US$
Rank 29 of 196

GDP PC GROWTH (2008 - 2018): -15.4%, CURRENT US$
Rank 176 of 196

Overview: In 2018 Italy was the number 8 economy in the world in terms of GDP (current US$), the number 8 in total exports, the number 9 in total imports, and the number 18 most complex economy according to the Economic Complexity Index (ECI). In 2018, Italy exported $540B and imported $509B, resulting in a positive trade balance of $30.4B. In 2018, Italy's exports per capita were $8.93k and its imports per capita were $8.43k.

Trade: The top exports of Italy are Packaged Medicaments ($20.2B), Cars ($17.2B), Refined Petroleum ($16.1B), Vehicle Parts ($15.2B), and Valves ($8.27B). The top imports of Italy are Crude Petroleum ($41.9B), Cars ($32.4B), Petroleum Gas ($18.2B), Packaged Medicaments ($16.9B), and Refined Petroleum ($10.3B).

Destinations: Italy exports mostly to Germany ($67.8B), France ($56.4B), United States ($50.6B), Spain ($28B), and United Kingdom ($27.7B), and imports mostly from Germany ($81.2B), France ($42.9B), China ($35.6B), Spain ($25.4B), and Netherlands ($25.1B).

Location: Italy borders Austria, France, San Marino, Slovenia, and Switzerland by land and Albania, Algeria, Croatia, Greece, Libya, Malta, Montenegro, Spain, and Tunisia by sea.

Product Exports

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Value

Top Export (2018): Packaged Medicaments, $20.2B

Top Destination (2018): Germany, $67.8B

In 2018 Italy exported a total of $540B, making it the number 8 exporter in the world. During the last five reported years the exports of Italy have changed by $38.3B from $501B in 2013 to $540B in 2018.

The most recent exports are led by Packaged Medicaments ($20.2B), Cars ($17.2B), Refined Petroleum ($16.1B), Vehicle Parts ($15.2B), and Valves ($8.27B). The most common destination for the exports of Italy are Germany ($67.8B), France ($56.4B), United States ($50.6B), Spain ($28B), and United Kingdom ($27.7B).

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Product Imports

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Value

Top Import (2018): Crude Petroleum, $41.9B

Top Origin (2018): Germany, $81.2B

In 2018 Italy imported $509B, making it the number 9 trade destination in the world. During the last five reported years the imports of Italy changed by $39.2B from $470B in 2013 to $509B in 2018.

The most recent imports of Italy are led by Crude Petroleum ($41.9B), Cars ($32.4B), Petroleum Gas ($18.2B), Packaged Medicaments ($16.9B), and Refined Petroleum ($10.3B). The most common import partners for Italy are Germany ($81.2B), France ($42.9B), China ($35.6B), Spain ($25.4B), and Netherlands ($25.1B).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Italy Exports Services (2017): $101B

Italy Imports Services (2017): $109B

In 2017, Italy exported $101B worth of services. The top services exported by Italy in 2017 were Travel ($44.2B), Miscellaneous business, professional, and technical services ($21.4B), Transportation ($14.1B), Computer and information services ($9B), and Royalties and license fees ($4.53B).

The top services imported by Italy in 2017 were Travel ($27.5B), Miscellaneous business, professional, and technical services ($25.6B), Transportation ($25.2B), Computer and information services ($10.3B), and Financial services ($9.1B).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Italy. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Italy are Sugar beet (178%) and Whey (173%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Italy are:
109: Caribbean Forum (CARIFORUM) - European Union Economic Partnership Agreements (EPA)
119: Customs Union between EU and Turkey
121: Economic Partnership Agreement (EPA) between the EU and the Southern African Development Community (SADC) EPA Group
122: EU preferential tariff for sugar producing countries
123: European Union Generalized System of Preference
124: European Union GSP for Least Developed Countries
136: Most Favoured Nation duty rate treatement
160: Preferential tariff for Albania
161: Preferential tariff for Algeria
162: Preferential tariff for Andorra
172: Preferential tariff for Bosnia and Herzegovina
177: Preferential tariff for Cameroon
181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado Común Centroamericano MCCA) Central American Integration System SICA
182: Preferential tariff for Chile
189: Preferential tariff for Colombia
205: Preferential tariff for Ecuador
206: Preferential tariff for Egypt
209: Preferential tariff for EPA countries
218: Preferential tariff for European Union countries
222: Preferential tariff for Faroe Islands
223: Preferential tariff for Fiji
224: Preferential tariff for for occupied Palestinian territory
226: Preferential tariff for Georgia
227: Preferential tariff for Ghana
238: Preferential tariff for Iceland
239: Preferential tariff for India
244: Preferential tariff for Israel
247: Preferential tariff for Jordan
249: Preferential tariff for Korea, Republic of
255: Preferential tariff for Lebanon
258: Preferential tariff for Liechtenstein
262: Preferential tariff for Macedonia
270: Preferential tariff for Mexico
272: Preferential tariff for Montenegro
273: Preferential tariff for Morocco
281: Preferential tariff for Norway
283: Preferential tariff for Overseas Countries and Territories
284: Preferential tariff for Pakistan
287: Preferential tariff for Papua New Guinea
289: Preferential tariff for Peru
293: Preferential tariff for San Marino
295: Preferential tariff for Selected Eastern and Southern African countries(Madagascar, Mauritius, Seychelles and Zimbabwe)
299: Preferential tariff for Singapore
302: Preferential tariff for South Africa
306: Preferential tariff for Switzerland
308: Preferential tariff for Syria
318: Preferential tariff for the republic of Moldova
321: Preferential tariff for Tunisia
325: Preferential tariff for Ukraine
341: Preferential tariffs for countries benefiting from the special incentive arrangement for sustainable development and good governance

Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 20 years Italy's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨13th to the 18th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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Most Specialized Products by RCA Index

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Italy has a high level of specialization in Combed Wool or Animal Hair Fabric (14.9), Vinegar (14.9), Carded Wool or Animal Hair Fabric (14.5), Processed Tomatoes (14.3), and Vermouth (13.9). Specialization is measured using RCA, an index that takes the ratio between Italy observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Italy according to the product complexity index (PCI) are Machining centre, single/multistation transfer machine (2.58), Machine-tools for shaping metals, nes (2.02), Machine-tools for non-mechanical removal of material (2.01), Machines nes having individual functions (2), and Calendaring, rolling machines, except for metal, glass (1.92). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Italy according to the relatedness index, are Electrical Lighting and Signalling Equipment (0.53), Insulating Glass (0.53), Natural Cork Articles (0.53), Spring, Air, and Gas Guns (0.52), and House Linens (0.52). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Italy is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.