Italy Foreign Trade
Italy foreign trade and global economic policies
As a member of the EU, Italy is very active in European trade, and is part of the EU's single market. Italy is a major trade partner of most European countries, as well as the US and much of Asia.
Private enterprise and entrepreneurship is easily possibele in Italy. World Bank data suggest that it has favorable conditions for business, investment, and trading.
However, its bureaucratic agencies, corruption, and limited property rights hinder its high levels of business freedom. Moreover, high taxes and large public consumption (half of GDP) worsen these conditions.
Since about 1999, Italy has employed a tough fiscal policy to adhere to the Economic and Monetary Union requirements. As such, it has expereinced lower interest rates and lower inflation rates. Since then, in 1999, Italy has used the Euro (when it was introduced).
Italy Exports
Italy is famous for its revered design, whether in the fashion, automotive, or architectural industries. Consquently, many of the nation's exports are cars and fashion.
The FIAT Group one of the largest industrial firms in the country and produces the following automobiles, all which are exported:
FIAT
Lancia
Alfa Romeo
Maserati
Lamborghini
Other ultra-high end cars Itlay produces and exports include Pagani and Bugatti, but the limited number exported is minute compared to the entire Italian economy.
Italy is also famous for its motorcycle exports, specifically those from Ducati, Aprilia, and Piaggio. Bimota is a niche brand which represents just a fraction of Italy's motorcycle exports.
The fashion Itlay produces and exports includes brands such as:
Armani
Valentino
Docle & Gabbana
Versace
Ellesse
Roberto Cavalli
Tod's
Benetton
Luxottica
Prada
Italy's food industry is another major exporter, which includes the following brands:
Baci
Ferrero
Barilla
Campari
Martini & Rossi
Parmalat
It has been said that if Italy produced oil it could be one of Europe's largest economies. But the firm Eni does refine oil and export it. Italy is also home to industrial and consumer chemical production (SACI).
Its home appliances include brands Candy and Merloni, while the defense technology and aerospace names include Agusta, Alenia, and Finmeccanica, while Beretta is a major exporter of firearms.
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Italy Imports
While Italy has a huge range of climates and natural features, ideal for mining, cultivation of crops, fish, livestock, and other natural resources, the majority of raw materials its industries require are imported.
More than three-quarters of the country's energy needs are also imported. This is an issue for Italy, and therefore it has one of the most advanced and efficient energy systems of any country. But in the end, the plants that power these systems sitll rely on gas.
As a safeguard, Italy has reserves of about two months of gas - perhaps the largest amount of gas reserves in the world. As such, gas is a critical import.
Some of the other major imported goods into Italy include:
Engineering products
Chemicals
Transport equipment
Energy products (gas)
Minerals and nonferrous metals
Textiles and clothing
Food
Beverages
Tobacco
Further Resources
Italian Furniture, Italian Shoes, Italian Fabrics Products, Suppliers, Buyers and Wholesalers.
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