In 2021, exports from Italy to the rest of the world were valued at $597 Billion USD, making the country ranked No. 7 in terms of exports among 226 countries.
Italy also imported goods and services worth $570 Billion USD , according to The Observatory Economic Complexity (OEC). But this article focuses on Italy’s top exports.
Italy’s export market
Italy’s exporting sector is huge so it provides many opportunities for Italians that sell their high-value products to the United States and Europe.
If we put the country’s exports in perspective, it continues to boost the Italian economy, making it among the strongest in the world.
For instance, Italy’s current Gross Domestic Product (GDP) is US $2.71 trillion, making it the eighth largest economy in the world.
Italy is also the 4th largest economy in Europe, thanks to its exports and productive and manufacturing sector.
Products Italy export the most
Italian leather footwear might be the most popular product in the country, but in reality, it isn’t Italy’s top export. OEC (2022) data shows that the top five products Italy exports are: refined petroleum, pharmaceutical products, vehicle parts, cars, and gold.
However, most of Italy’s top 20 exports and their value are:
- Refined Petroleum: 25,040
- Pharmaceuticals: 20,159
- Vehicle parts: 12,839
- Cars: 9,587
- Gold: 9,248
- Valves: 8,244
- Leather footwear: 7,145
- Other furniture: 6,355
- Jewellery: 6,247
- Wine: 6,196
- Washing and Bottling Machines: 5,822
- Trunks and Cases: 5,568
- Machinery Having Individual Functions: 4,874
- Air pumps: 4,789
- Trucks: 4,563
- Liquid pumps: 4,128
- Tanned Equine and Bovine Hides: 3,800
- Excavation Machinery: 3,623
- Transmissions: 3,552
- Other Heating Machinery: 3,500
Italy’s exports by country
You might want to ask, “Which countries does Italy export to most?”. Germany, the U.S., France, Spain, and Switzerland are the top five exporting partners of Italy. Other Itay’s export partners around the world, according to Trading Economics and the value of exports as of 2022 are:
- Germany: $86.76B
- United States: $73.12B
- France: $69.90B
- Spain: $35.77B
- Switzerland: $34.60B
- United Kingdom: $30.60B
- Belgium: $25.61B
- Poland: $21.73B
- Netherlands: $20.88B
- China: $18.59B
- Austria: $16.04B
- Turkey: $15.16B
- Romania: $10.85B
- Czech Republic: $9.56B
- Japan: $9.05B
- Slovenia: $8.01B
- South Korea: $7.95B
- Greece: $7.41B
- Sweden: $7.23B
- Canada: $7.21B
The best markets for Italian goods
From what you can see above, the best markets for Italian exports are within Europe. This is most likely because of the geographic proximity between Italy and the rest of European countries.
Apart from the United States which make up its top five export destination, the other four are within Europe. Considering the cost in international trade, shipping to a closer destination typically costs less than it does to ship to a destination outside your continent.
But this doesn’t stop the fact that Italy still imports crude oil from countries such as Nigeria – which has dysfunctional refineries – and sells back to them, though not in the top 20.
Another factor that influences Italy’s exports within Europe is the continuity of trade laws between different countries in the European Union (EU), making trading between Italy and the rest of EU countries easier. Compatible trade laws are a key.
Takeaways:
- Refined Petroleum, pharmaceuticals, vehicle parts, cars and gold are the products Italy export most.
- Most of Italy’s export partners are domiciled within Europe because of proximity.
- The country’s giant stride in exports contributed immensely to its economy, making Italy 8th largest economy globally and the fourth biggest economy in Europe.