The trade interchange between Italy and the United States continues to grow at a steady pace after a decline in 2020 due to the Covid pandemic. So much so that economic and trade relations can be considered a pillar in the relationship between Rome and Washington, which remains the top destination for Italian non-EU exports.
Last December, according to the latest ISTAT data, exports to the States grew by 22.4 percent year-on-year, confirming, moreover, the good performance towards almost all the main non-EU partners: the most marked rises, in addition to the States, concern Turkey (+38.4 percent), Mercosur countries (+33.8 percent), Switzerland (+24.5 percent) and Japan (+22.0 percent), while the decline for exports to Russia (-27.7 percent) continues.
In December, Italy's trade balance with non-EU27 countries was positive at +4.084 billion (it was at +2.224 billion in December 2021).
Returning to the United States, in 2021 the interchange of goods and services reached $94.6 billion, according to the U.S. Department of Commerce. Italian exports are mainly concentrated in the sectors of machinery, system/personnel products, transportation equipment, chemicals and pharmaceuticals, agribusiness and beverages.
In contrast, semi-finished products and components (metals; plastics and rubber, fuels and oils, industrial textiles), chemicals and pharmaceuticals, mechanics and transportation equipment are prevalent in Italian demand for U.S. products. Italian investments in the U.S. are mostly concentrated in the mechanical and transportation equipment, furniture and construction, fashion, services and agribusiness sectors.
Also according to the Stars and Stripes Department of Commerce-whose data are up to last July-U.S. investment in Italy revolves mainly around the manufacturing industry sectors, particularly food and beverages and chemicals and derivatives, financial and insurance activities, wholesale trade, and information technology and telecommunications services.
There have been positive trends in both directions of foreign direct investment in recent years. On the non-EU import front, ISTAT data for the last month of the past year show that purchases from Opec countries increased by 75.8 percent, from India by 44 percent, from Switzerland 39.7 percent, while the United States marks +37.2 percent. These are much larger trend increases than the average for imports from non-EU27 countries. The decline in imports from Russia is also accentuated here (-62.8%); purchases from China are also down (-9.0%).
