Italy2020 Economic Complexity : 1.3, Rank 19 of 127
2020 Product Exports | Imports: $481B | $429B, 7 of 226 | 10 of 226
2020 Per Capita Product Exports | Imports: $8.07k | $7.2k, 24 of 219 | 38 of 219
2018 Service Exports | Imports : $139B | $136B, 10 of 125 | 10 of 125
Overview In 2020 Italy was the number 8 economy in the world in terms of GDP (current US$), the number 7 in total exports, the number 10 in total imports, the number 31 economy in terms of GDP per capita (current US$) and the number 19 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Italy are Packaged Medicaments ($26.7B), Cars ($14.8B), Motor vehicles; parts and accessories (8701 to 8705) ($12.5B), Refined Petroleum ($8.26B), and Vaccines, blood, antisera, toxins and cultures ($7.75B), exporting mostly to Germany ($62.1B), France ($49.5B), United States ($47.9B), Switzerland ($25.1B), and United Kingdom ($25B).
In 2020, Italy was the world's biggest exporter of Unglazed Ceramics ($4.21B), Pasta ($3.55B), Tanned Equine and Bovine Hides ($2.34B), Processed Tomatoes ($2.14B), and Processed Tobacco ($1.78B)
Imports The top imports of Italy are Crude Petroleum ($25.5B), Cars ($22.5B), Packaged Medicaments ($18.7B), Petroleum Gas ($10.6B), and Gold ($9.17B), importing mostly from Germany ($67.3B), France ($36B), China ($35.9B), Netherlands ($23.3B), and Spain ($22.8B).
In 2020, Italy was the world's biggest importer of Electricity ($2.23B), Rolled Tobacco ($1.96B), Prepared Wool or Animal Hair ($246M), Hot-Rolled Stainless Steel Bars ($217M), and Non-Retail Combed Wool Yarn ($195M)
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.
The following section uses the most recent trade data from partners of Italy.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Packaged Medicaments, $26.7B
Top Destination (2020): Germany, $67.3B
In 2020, Italy exported a total of $481B, making it the number 7 exporter in the world. During the last five reported years the exports of Italy have changed by $31.6B from $449B in 2015 to $481B in 2020.
The most recent exports are led by Packaged Medicaments ($26.7B), Cars ($14.8B), Motor vehicles; parts and accessories (8701 to 8705) ($12.5B), Refined Petroleum ($8.26B), and Vaccines, blood, antisera, toxins and cultures ($7.75B). The most common destination for the exports of Italy are Germany ($62.1B), France ($49.5B), United States ($47.9B), Switzerland ($25.1B), and United Kingdom ($25B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Italy Exports Services (2018): $139B
Italy Imports Services (2018): $136B
In 2018, Italy exported $139B worth of services. The top services exported by Italy in 2018 were Personal travel ($59.3B), Other business services ($37.1B), Transportation ($22B), Business travel ($9.1B), and Royalties and license fees ($6.89B).
The top services imported by Italy in 2018 were Other business services ($43B), Transportation ($37.6B), Personal travel ($29.1B), Business travel ($12.7B), and Royalties and license fees ($7.17B).
Italy has a high level of specialization in Processed Tomatoes (15.1), Carded Wool or Animal Hair Fabric (14.9), Vinegar (14.5), Combed Wool or Animal Hair Fabric (14.2), and Vermouth (14.2). Specialization is measured using RCA, an index that takes the ratio between Italy observed and expected exports in each product.
The highest complexity exports of Italy according to the product complexity index (PCI) are Machining centres, unit construction machines (single station) and multi-station transfer machines for working metal (2.55), Machine-tools; for planing, shaping, slotting, broaching, gear cutting and grinding, finishing, sawing, cutting off and other tools working by removing metal, sintered metal carbides or cermets n.e.c. (2.09), Textile machinery; for extruding, drawing, texturing or cutting man-made textile materials (2.02), Machinery and mechanical appliances; having individual functions, n.e.c. in this chapter (1.95), and Electric (electrically heated gas) soldering, brazing, welding machines and apparatus, capable or not of cutting, electric machines and apparatus for hot spraying of metals or sintered carbides (1.78). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Italy according to the relatedness index, are Cobalt Ore (0.55), Insulating Glass (0.52), Electrical Lighting and Signalling Equipment (0.51), Magnesium (0.51), and House Linens (0.51). 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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Italy's economy has become relatively less complex, moving from the 14th to the 19th 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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