United States (USA) and Italy (ITA) Trade

2022

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Exports $25.9BRnk 18 / 219

2022

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About

United States-Italy Trade: In 2022, United States exported $25.9B to Italy. The main products that United States exported to Italy were Crude Petroleum ($3.95B), Petroleum Gas ($3.24B), and Platinum ($1.51B). Over the past 5 years the exports of United States to Italy have increased at an annualized rate of 9.23%, from $16.6B in 2017 to $25.9B in 2022.

In 2017, United States exported services to Italy worth $8.98B, with Travel ($2.74B), Financial services ($1.7B), and Transportation ($1.17B) being the largest in terms of value.

Italy-United States Trade: In 2022, Italy exported $68.2B to United States. The main products that Italy exported to United States were Packaged Medicaments ($4.28B), Cars ($3.51B), and Passenger and Cargo Ships ($3.02B). Over the past 5 years the exports of Italy to United States have increased at an annualized rate of 8.21%, from $46B in 2017 to $68.2B in 2022.

In 2020, Italy exported services to United States worth $5.27B, with Other business services ($2.33B), Travel ($871M), and Computer and information services ($519M) being the largest in terms of value.

Comparison: In 2022, United States ranked 10 in the Economic Complexity Index (ECI 1.47), and 2 in total exports ($1.95T). That same year, Italy ranked 17 in the Economic Complexity Index (ECI 1.29), and 7 in total exports ($634B).

Company data: In 2023, leading companies such as CNH Industrial (4.79k), IKEA Group (2.86k), and Valbruna Stainless (2.05k) were at the forefront of exporting goods from Italy to the United States. Conversely, Other (7.06k), Cnh Industrial Italia S.p.a. (2.65k), and Acciaierie Valbruna S.p.a. (1.56k) were notable for importing products to Italy from the United States.

Latest Trends

August, 2024

About

Overview In August 2024, United States exported $3.17B and imported $6.46B from Italy, resulting in a negative trade balance of $3.29B. Between August 2023 and August 2024 the exports of United States have increased by $590M (22.8%) from $2.58B to $3.17B, while imports decreased by $-103M (-1.57%) from $6.56B to $6.46B.

Trade In August 2024, the top exports of United States to Italy were Crude Petroleum ($339M), Platinum ($237M), Soybeans ($227M), Hormones ($181M), and Petroleum Gas ($117M). In August 2024 the top imports of United States from Italy were Packaged Medicaments ($379M), Cars ($303M), Refined Petroleum ($299M), Trunks and Cases ($158M), and Wine ($156M).

Origins In August 2024 the exports of United States were mainly from Puerto Rico ($832M), Texas ($704M), Indiana ($277M), New Jersey ($128M), and California ($118M), while imports destinations were mainly New Jersey ($730M), New York ($682M), Tennessee ($448M), California ($436M), and Texas ($401M).

Growth In August 2024, the increase in United States's year-by-year exports to Italy was explained primarily by an increase in product exports in Hormones ($131M or 260%), Platinum ($86.8M or 57.6%), and Aircraft Parts ($68.8M or 191%). In August 2024, the decrease in United States's year-by-year imports from Italy was explained primarily by an decrease in product imports in Platinum ($-52.1M or -63%), Aircraft parts including unmanned craft ($-27.6M or -50.1%), and Hormones ($-26.8M or -30%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (August 2023 - August 2024)$590M(22.8%)

IMPORT GROWTH (August 2023 - August 2024)$-103M(-1.57%)

MAIN EXPORTER (August 2024)Puerto Rico$832M

This section shows exports and imports data at subnational level for United States. 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 States over time.

To check Italy and United States 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 2022, United States exported $25.9B to Italy. The main products exported from United States to Italy were Crude Petroleum ($3.95B), Petroleum Gas ($3.24B), and Platinum ($1.51B). During the last 5 years the exports of United States to Italy have increased at an annualized rate of 9.23%, from $16.6B in 2017 to $25.9B in 2022.

In 2017, Italy exported $68.2B to United States. The main products exported from Italy to United States were Packaged Medicaments ($4.28B), Cars ($3.51B), and Passenger and Cargo Ships ($3.02B). During the last 5 years the exports of Italy to United States have increased at an annualized rate of 8.21%, from $46B in 2022 to $68.2B in 2017.

Exports from United States () to Italy () (2022)

Exports from Italy () to United States () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

United States
Top DestinationCanada$308B

Italy
Top DestinationGermany$78.5B

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

In 2022, countries that imported more from United States than Italy included Canada ($308B), Mexico ($294B), and China ($151B).

In 2022, countries that imported more from Italy than United States included France ($63.8B), Austria ($15B), and Romania ($10.5B).

Difference in imports from Italy () and United States () (2022)

Comparative Advantage United States - Italy

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, United States had a large net trade with Italy in the exports of Mineral Products ($8.11B), Chemical Products ($4.49B), and Machines ($3.64B).

During 2017, Italy had a large net trade with United States in the exports of Machines ($16B), Chemical Products ($10B), and Transportation ($9.85B).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential United States Italy+$1.6BPetroleum Gas

Top Product Potential Italy United States+$1.28BPackaged Medicaments

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

Usa Year

In 2017, United States exported services to Italy worth $8.98B, with Travel ($2.74B), Financial services ($1.7B), and Transportation ($1.17B) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from United States () to Italy () (2017)

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

Service Trade

Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of United States and Italy. This means that a dot/product with the flag of United States 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 States.

Product Space of United States () and Italy () (2022)

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