Italy’s rich history and cultural heritage translate to its current flourishing economy. From the data published by the International Trade Administration, Italy recorded GDP of $2.7 trillion ($36,810 per capita) in 2023, making it the eighth-largest economy in the world and third largest in the European Union.
The country’s highly developed social market economy is strongly correlated with importation, as it relies on a wide range of imported goods to sustain its industrial, agricultural, and consumer sectors. This opens a lot of opportunities for enterprises to expand their business in Italy.
Here’s a list of Italy’s top imports in 2023:
- Oil & Mineral Fuels – Ranking first as Italy’s largest import, oil and mineral fuels cost about $75.6B in the last year. Coming from Russia, Iraq, Saudi Arabia, Azerbaijan, Kazakhstan, the imported fuel supports modern civilization, tourism, transportation, and household energy needs across the country. From the Alps to the Amalfi Coast, Italy’s picturesque landscapes attract tourists from around the globe.
- Industrial Machinery – An allotted budget of $54.69B was spent in 2023 on Italy’s industrial machinery such as machine tools, industrial robots, pumps, compressors, and packaging machinery. This is primarily used in manufacturing, construction, and industrial processes and is sourced mainly from Germany, China, Switzerland, United States, and France. Moreover, Italy is reputable for some of the world’s most iconic fashion houses, producing luxury garments using specialized machinery and traditional craftsmanship.
- Electrical Machinery – The third biggest Italian import is electrical machinery, amounting to $47.72B in 2023. This encompasses electrical equipment and devices, including transformers, generators, electric motors, electrical cables, and circuit boards. The coffee culture in Italy influences importation as a high percentage goes to purchasing espresso machines and high-tech grinders from Germany, China, Switzerland, United States and France.
- Motor Vehicles & Parts – Italy bought approximately $45.33B worth of motor vehicles and parts in 2023. The European country is home to leading automotive brands such as Ferrari, Lamborghini, and Maserati so naturally, imports of auto components and parts- engines, transmissions, chassis, and body parts- are high. The country also imports automobiles, trucks, motorcycles, and other motor vehicles from business partners in Germany, Japan, France, Spain, United States.
- Pharmaceuticals – The value of pharmaceuticals imported to Italy had the sum of $30.82B for the year 2023. These products guarantee Italians’ a sufficient supply of medications and innovative treatments, advancing medical technology and healthcare in the country. Among the countries that supplied these essentials are Germany, Switzerland, Ireland, Belgium, United States.
- Iron & Steel – Worth $28.48B of iron and steel was recorded to have been imported to Italy in 2023. As one of the basic foundations of construction and manufacturing, iron ore, steel bars, plates, sheets, pipes, and structural components are used continuously in the country’s infrastructure projects. These are mainly sourced from Germany, France, Spain, Belgium, Netherlands.
- Plastics – In 2023, Italy purchased a total of $27.43B plastics from Germany, France, Belgium, Netherlands, China. These products are utilized in industries dealing with packaging, automotive, construction, electronics, and consumer goods. Renowned in the art and design sector, the fashion industry increases the demand for plastics.
- Organic Chemicals – Italian imports of organic chemicals such as solvents, resins, polymers, and organic acids reached $19.13 in 2023. These products are used as raw materials, intermediates, or additives in manufacturing processes. Additionally, these helps produce high-quality grapes for winemaking. Major companies supplying organic chemicals to Italy are Germany, France, United States, Belgium, and Switzerland.
- Precious Stones & Metals – Totalling $19.03B in 2023, the importation of precious stones and metals signifies Italy’s love for art that dates back to the Renaissance period. Gemstones (e.g. diamonds, rubies, and emeralds), precious metals (e.g. gold, silver, and platinum), and other valuable metals used in jewelry, investment, and industrial applications usually comes from Switzerland, Belgium, United Arab Emirates, United States, Germany.
- Precision Instruments – The estimated value of precision instruments imported to Italy is $15.36B. Consisting of high-precision instruments and devices, these equipment are valuable in the fields of scientific research, engineering, manufacturing, and other technical fields. Germany, Switzerland, United States, France, United Kingdom are the top countries that provide measuring instruments, optical devices, navigational instruments, and laboratory equipment to Italy.
Indeed, the list reflects Italy’s dynamic economy. From energy to innovation, these imports heavily influence Italy’s growth. There is still lots of room for global trade to Italy and many businesses are taking notice of it.
If you are a business owner looking to establish connections for freight forwarding to Italy, Pangea has an extensive network that can help you.
Visit https://pangea-network.com/ to talk with one of our representatives ready to assist you with your next big importation projects.
