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Are you struggling hard to get precise information about the export-import in Italy, in particular, and in Europe, in general? Well, if it is a yes, don’t worry for we are here to help you with the trading rules and every other aspect, for that matter. Total export made in Italy has a total worth of €454. 7 billion on an estimate. So, importing the top trading items from Italy of Western Europe is incredibly a good idea because of the top-notch items that it boasts of.
While talking about trading with Europe, the conversation automatically gets inclined to the top 5 products that make Europe a lucrative nation to engage in trade relations. Starting from machinery and equipment to electrical and optical products, you will get a plethora of items that will make for another country’s requirements comfortably.
If we consider the GDP, the export made in Italy is about 31.45% whereas that of the import percentage is 28.95%. As of 2019, Italy comes under the top five US export markets to the European Union 27.
Let’s now have a look at the exact top five products that you can import from Europe.
Top 5 Products to Import from Europe
- Machinery And Equipment
Various kinds of machinery, equipment and other technical items form about 13% of the total exports of Europe. You can import these technical or machinery items from Europe and stay assured of the high quality of these import products. Since Italy is the second-largest exporter of the EU, it goes without saying that importing from Italy is a good decision that you can make. Interestingly, Italy’s two chief exports are in the areas of machinery (18%) and other metal-based items (13%).
- Pharmaceutical Items
European Union is wide acclaimed for the production of diverse top-notch pharmaceutical items. Italy and Germany are the most well-known countries generating high-quality pharmaceutical items. You will be amazed to know that export made in Italy (about 56%) go to the European Union countries of Germany, Switzerland, Spain, and France.
- Motor Vehicles/Automobiles
Italy is famous for exporting innumerablemotor vehicles that are infused with the best machinery parts and high-grade technology. As of 2020, Italy had a record of exporting about 5.1% of the total motor vehicles, and trailers of the EU to the other countries of the world.
- Chemicals
When it comes to chemicals, Germany is the largest exporter of these kinds of products with its mammoth figure of EUR 46 billion exports. Italy is also no less in this context as it is one of the top players in exporting chemical products to other countries of the world. Bel Paese, that is, Italy has a share of 5.8% in exporting chemicals.
- Electrical, Computer-related And Optical Items
Export made in Italy in the area of electronic, optical or computer-related items is 3.6%. Germany is the leading exporter in this area with EUR 53 billion, thus constituting about 32.6% of the total exports of the EU. Netherlands, Estonia, Malta, and Hungary are other leading countries in exporting electronic products.
Since Italy is an all-rounder in the exports of a majority of the products of the EU, let’s have a look at the export rules of this country.
Exports Rules and Procedures in Italy
- It is mandatory forItaly-based companies to procure valid export licenses, specifically for the items that are to be exported to other countries.
- For all the export made in Italy, companies need to sign a declaration form.
- The declaration form has to include the export product name, its description, and the country which is importing it, along with the information of the exporting company of Italy.
Wrapping up
Now that you have a clear idea of the export made in Italy, importing high-quality items from the EU is going to be easier for you. Ensure that you are well-aware of the trading protocols with Italy, in particular, and the EU, in general. Although trade in the EU has experienced loss due to the pandemic of COVID-19, the entire nation has now coped with the dire situation and has regained its earlier prosperous status.
