The value of Italian exports to the world dipped by 32.5% to an estimated US$369 billion in 2009. According the CIA World Factbook, top trade customers for Italian exports are Germany (12.7% of total), France (11.2%), Spain (6.5%), United States (6.2%) and United Kingdom (5.2%).
Italy imported $358.7 billion worth of products from the rest of world in 2009, 34.4% less than the $546.9 billion in goods imports during 2008. Major sources for Italy’s imports are Germany (15.9%), France (8.5%), China (6.2%), Netherlands (5.3%), Libya (4.6%) and Russia (4.2%).
Partly due to the fact that Italy’s global imports slowed at a faster rate than Italian exports fell, Italy posted a $10.3 billion trade surplus for 2009.
Italy’s Trade with USA in 2009
Latest US Census Bureau statistics show that Italian exports to the U.S. fell 26.9% to $26.4 billion in 2009.
Also last year, Italy imported $12.2 billion worth of American products. That amount represents a 20.9% decline from $15.5 billion in 2008.
Italy posted a $14.2 billion surplus trading with the U.S. during 2009. That figure is 45.8% less than Italy’s $20.7-billion trade surplus with America in the prior year.
Major Exports from Italy
Among the 10 leading exports from Italy to America, 9 product categories had percentage decreases from 2008. These declines range from 4.8% for pharmaceutical preparations up to 62.5% for other petroleum products.
- Pharmaceutical preparations … US$2.4 billion, down 4.8% from 2008 (9% of exports)
- Other industrial machinery… $1.9 billion, down 6.6% (7.1%)
- Wine and related products … $1.2 billion, down 8.4% (4.7%)
- Other household items including clocks … $936.9 million, down 28.2% (3.5%)
- Other petroleum products … $777.2 million, down 62.5% (2.9%)
- Leather or rubber footwear … $736.6 million, down 31.2% (2.8%)
- Industrial engines … $718.8 million, down 34.5% (2.7%)
- Antiques, artwork and other collectibles … $586.7 million, up 0.9% (2.2%)
- Food oils and oilseeds … $532.8 million, down 17.3% (2.1%)
- Household items including furniture … $517.1 million, down 33.6% (2%).
Fastest-Growing Italian Exports
Below are 10 of the fastest-growing smaller product categories for Italian exports to the U.S.
- Other commercial vessels … US$8.1 million, up 241.5% from 2008
- Sulfur and non-metallic minerals … $3.8 million, up 44.1%
- Records, tapes and disks … $10.1 million, up 37%
- Tea and spices … $4.1 million, up 26.1%
- Liquified petroleum gases … $4.5 million, up 21.7%
- Fertilizers, pesticides and insecticides … $70 million, up 21.5%
- Non-agricultural foods and food additives … $4.3 million, up 16.8%
- Civilian aircraft parts … $415.1 million, up 14.2%
- Feedstuff and food grains … $17.8 million, up 12.3%
- Numismatic (collectible) coins … $9.6 million, up 8.2%.
Major Italian Imports from U.S.
Sales of electric apparatus, medicinal equipment and industrial engines exported from America to Italy showed modest single-digit gains in 2008. All other 7 major categories of American-sourced goods experience percentage drops as high as 38.4% for precious metals excluding gold.
- Pharmaceutical preparations … US$1.3 billion, down 5.3% from 2008 (10.2% of imports)
- Complete civilian aircraft and parts… $852.7 million, down10.6% (7%)
- Precious metals other than gold … $719.6 million, down 38.4% (5.9%)
- Medicinal equipment… $674.3 million, up 2.6% (5.5%)
- Industrial engines … $555.5 million, up 2.8% (4.5%)
- Pulpwood … $326.5 million, down 30.5% (2.7%)
- Telecommunications equipment … $324.4 million, down 17.3% (2.7%)
- Other industrial machines … $302.1 million, down 27.6% (2.5%)
- Electric apparatus … $262.9 million, up 4.6% (2.1%)
- Other chemicals … $260.2 million, down 7.5% (2.1%).
Fastest-Growing Imports into Italy from America
A wide range of American-made products with relatively small total sales were among the fastest-growing U.S. exports to Italy in 2009.
- Unmanufactured tobacco … US$1.1 million, up 2,231% from 2008
- Audio and visual tapes … $4.8 million, up1,068%
- Copper … $55.5 million, up 268.5%
- Unmanufactured agriculture industry products … $81.2 million, up 130.9%
- Non-agricultural foods … $11.3 million, up 113.9%
- Other commercial vessels … $7.2 million, up 84.6%
- Armored vehicles and military trucks … $3.3 million, up 75.7%
- Automotive tires and tubes … $10.5 million, up 31.1%
- Books … $77.4 million, up 26.8%
- Jewelry … $140 million, up 18.5%.
Italy’s Competitive Trade Advantages and Disadvantages
Italy exported $736.6 million worth of leather or rubber footwear to the U.S. in 2009. Meanwhile, Italian importers did not buy any American shoe products over that time period.
Even though Italian shoe sales to American importers were down by almost a third last year, Italy has a competitive trade advantage in selling leather and rubber shoes to the U.S. approaching three-quarters of a billion dollars.
Similarly, Italian exporters shipped $1.2 billion worth of wine to the U.S. last year. American wineries provided only $60.3 million in wine products that Italy imported. Therefore, Italian wine exporters enjoy a competitive advantage in excess of $1 billion over their American trade partners.
For its part, the U.S. had a clear advantage in shipping $326.5 million worth of pulpwood to Italian importers while sourcing just $138,000 in wood pulp from Italy.
Sources:This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
Daniel Workman - A senior business and finance writer who also does French translations, notably international trade and insurance materials.
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