About Us Trade and Economic Relations

  1. Bilateral Trade between Italian regions under CGI Milan’s jurisdiction and India

BILATERAL TRADE BETWEEN ITALIAN REGIONS UNDER CGI MILAN’S JURISDICTION AND INDIA– 3rd  QUARTER 2023

ITALIAN REGIONS

IMPORT 
of Indian products in Italy

EXPORT 
of Italian products to India

Piedmont

155,504,747

126,113,779

Aosta Valley

39,103

3,283,013

Lombardy

744,171,196

419,390,378

Liguria

109,412,189

15,086,655

Trentino Aldo Adige

16,087,582

12,616,134

Veneto

441,925,163

161,362,966

Friuli-Venezia Giulia

103,069,491

65,109,941

Emilia-Romagna

230,104,602

209,363,161

Values in Euros €
Source: ISTAT

 

Values in Euros €
 Source: ISTAT

 

 

B.

  • The bilateral trade between India and Italy registered at Euro 14.28 billion in 2022-23. The exports from India to Italy reached Euro 10.06 billion, an increase of 60.50% compared to the previous year 2021-22.
  • During 2022-23, India's imports from Italy was Euro 4.82 billion, registered an increase of 24.23% compared to the year 2021-22. The balance of trade remains in India's favour with Euro 5.24 billion. Balance of trade has been in India’s favour since 1988.
  • The top items of exports from India to Italy are: organic basic product, clothing, general purpose machinery, precious metals and other non precious metals, other textile products, fish, crustaceans and molluscs (processed and preserved), pharmaceuticals, dyes and pigments and yarns, pharmaceuticals, motor vehicles & parts, refined petroleum products, footwear, industrial machinery, apparel, electrical machinery, Plastics, Iron & Steel Articles, Oil & Minerals Fuels, Leather goods.
  • Principal items of India's imports from Italy: machinery for textile, garment and leather industries (parts and accessories included); general purpose machinery; special purpose machinery; organic basic products; parts and accessories for vehicles; taps and valves; paper and cardboard; Machine tools for metal shaping; Ornamental and building stone, limestone, gypsum, chalk and slate; Tubes, pipes,  hollow profiles and related accessories in steel (excluding cast steel); pumps and compressors; chemical products.
  • Future Prospects for investment and trade are encouraging, as India is increasingly being seen as an emerging economy in the world and an important economic partner in Asia, both in terms of trade and investment, as well as in market size.
  • PM Modi made his first ever visit to Italy to attend the G20 Leaders Summit in October 2021. In March 2023, the Italian PM Giorgia Meloni made her first ever visit to India.  Following high level exchange of visits, the bilateral relationship of the two countries was elevated to the level of strategic partnership. In March 2023, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani and Minister of Commerce and Industry Piyush Goyal, co-chaired a Business Forum in New Delhi, which was attended by approx. 40 leading Italian and Indian Companies. Italian PM Giorgia Meloni again visited India to participate in G-20 leaders’ Summit held in September 2023.
  • Commerce and Industry Minister Shri Piyush Goyal visited Italy from April 12 - 14, 2023 accompanied by a high level business delegation from CII. During the visit in addition to bilateral meetings, they also participated in a high level CEO interaction, which was co-chaired by both Mr. Antonio Tajani and Mr. Piyush Goyal. The visit was focused to carry forward the momentum generated by the leaderships of both the countries. Both countries have committed to strengthen their cooperation in sectors such as agriculture, renewable energy, automotive, space, defence, IT and ITeS etc.
  • Italy is India's 4th largest trading partner in EU, after Germany, Belgium and The Netherlands.  The bilateral trade between India and Italy has been growing strongly in the last two years following the economic recovery post Covid-19 pandemic. The bilateral trade in 2021-22 had jumped to € 13.22 billion with an increase of +53.87% from previous year. Total trade in the year 2022-23 reached an all time high of € 14.28 billion.
  • Italy is the 17th largest foreign investor in India with a cumulative FDI inflow of USD 3.25 billion from April 2000 to December 2022. More than 600 Italian companies are already present in India on sectors such as fashion and garments, textile and textile machinery, automotive and automotive components, infrastructure, chemicals, energy, confectionery, insurance, etc.
  • Indian investment in Italy is estimated around USD 400 mn. Indian companies in Italy are mainly in IT, pharma, electronics, manufacturing and engineering sectors. Major Indian companies in Italy are: Titagargh Industries, TCS, Mahindra, Ranbaxy, Bombay Rayon, Zydus Cadila, Dr. Reddy’s Laboratories, Aurobindo Pharma Italia, Himatsingka Seide, Varroc Group, Endurance Technologies, Gammon, ABG Group, Aditya Birla, Raymond Zambaiti, Sun Pharma etc.

Bilateral trade statistics for the past five years are given below: (Source – ISTAT, Italian Statistic Agency)

  • India-Italy trade exchange for the past few years is given below:

 

Values in US $ Millions

Country / Region:  ITALY

S.No.

\Year

2018-2019

2019-2020

2020-2021

2021-2022

2022-2023

1.

EXPORT

5,593.42

4,970.81

4,735.74

8,180.76

8,691.43

2.

IMPORT

5,292.38

4,490.92

3,862.05

5,048.47

5,591.91

3.

TOTAL TRADE

10,885.80

9,461.74

8,597.79

13,229.22

14,283.34

4.

%Growth

 

-13.08

-9.13

53.87

7.97

5.

India's Total Global Trade

844,156.51

788,070.32

686,244.36

1,035,056.45

1,167,038.89

6.

%Growth

 

-6.64

-12.92

50.83

12.75

 

  • India’s top 50 exports to Italy

 

TOP 50 EXPORTED ITEMS FROM INDIA TO ITALY

 

S.No.

HSCode

Commodity

2022-2023

2023-2024(Apr-Oct)

1

72

IRON AND STEEL  

1,760.38

981.58

2

85

ELECTRICAL MACHINERY AND EQUIPMENT AND PARTS THEREOF; SOUND RECORDERS AND REPRODUCERS, TELEVISION IMAGE AND SOUND RECORDERS AND REPRODUCERS,AND PARTS.  

1,040.77

534.2

3

84

NUCLEAR REACTORS, BOILERS, MACHINERY AND MECHANICAL APPLIANCES; PARTS THEREOF.  

658.1

399.52

4

27

MINERAL FUELS, MINERAL OILS AND PRODUCTS OF THEIR DISTILLATION; BITUMINOUS SUBSTANCES; MINERAL WAXES.  

404.95

362.13

5

29

ORGANIC CHEMICALS  

549.25

274.63

6

73

ARTICLES OF IRON OR STEEL  

286.43

190.94

7

87

VEHICLES OTHER THAN RAILWAY OR TRAMWAY ROLLING STOCK, AND PARTS AND ACCESSORIES THEREOF.  

339.65

190.49

8

76

ALUMINIUM AND ARTICLES THEREOF.  

505.33

148.31

9

71

NATURAL OR CULTURED PEARLS,PRECIOUS OR SEMIPRECIOUS STONES,PRE.METALS,CLAD WITH PRE.METAL AND ARTCLS THEREOF;IMIT.JEWLRY;COIN.  

234.31

126.59

10

9

COFFEE, TEA, MATE AND SPICES.  

158.55

100.82

11

61

ARTICLES OF APPAREL AND CLOTHING ACCESSORIES, KNITTED OR CORCHETED.  

213.03

100.2

12

42

ARTICLES OF LEATHER,SADDLERY AND HARNESS;TRAVEL GOODS, HANDBAGS AND SIMILAR CONT.ARTICLES OF ANIMAL GUT(OTHR THN SILK-WRM)GUT.  

153.98

92.51

13

39

PLASTIC AND ARTICLES THEREOF.  

245.35

88.03

14

64

FOOTWEAR, GAITERS AND THE LIKE; PARTS OF SUCH ARTICLES.  

151.04

81.64

15

3

FISH AND CRUSTACEANS, MOLLUSCS AND OTHER AQUATIC INVERTABRATES.  

176.58

81.27

16

40

RUBBER AND ARTICLES THEREOF.  

128.37

79.16

17

63

OTHER MADE UP TEXTILE ARTICLES; SETS; WORN CLOTHING AND WORN TEXTILE ARTICLES; RAGS  

140.01

74.27

18

62

ARTICLES OF APPAREL AND CLOTHING ACCESSORIES, NOT KNITTED OR CROCHETED.  

164.33

65.48

19

90

OPTICAL, PHOTOGRAPHIC CINEMATOGRAPHIC MEASURING, CHECKING PRECISION, MEDICAL OR SURGICAL INST. AND APPARATUS PARTS AND ACCESSORIES THEREOF;  

92.73

64.85

20

32

TANNING OR DYEING EXTRACTS; TANNINS AND THEIR DERI. DYES, PIGMENTS AND OTHER COLOURING MATTER; PAINTS AND VER; PUTTY AND OTHER MASTICS; INKS.  

123.74

56.95

21

52

COTTON.  

107.9

51.14

22

38

MISCELLANEOUS CHEMICAL PRODUCTS.  

68.5

44.11

23

30

PHARMACEUTICAL PRODUCTS  

61.78

40.01

24

41

RAW HIDES AND SKINS (OTHER THAN FURSKINS) AND LEATHER  

77.22

35.52

25

69

CERAMIC PRODUCTS.  

41.49

34.46

26

93

ARMS AND AMMUNITION; PARTS AND ACCESSORIES THEREOF.  

3.74

34.39

27

55

MAN-MADE STAPLE FIBRES.  

55.45

30.55

28

58

SPECIAL WOVEN FABRICS; TUFTED TEXTILE FABRICS; LACE; TAPESTRIES; TRIMMINGS; EMBROIDERY.  

48.46

29.27

29

57

CARPETS AND OTHER TEXTILE FLOOR COVERINGS.  

38.59

24.91

30

25

SALT; SULPHUR; EARTHS AND STONE; PLASTERING MATERIALS, LIME AND CEMENT.  

53.36

22.62

31

51

WOOL, FINE OR COARSE ANIMAL HAIR, HORSEHAIR YARN AND WOVEN FABRIC.  

39.43

21.86

32

12

OIL SEEDS AND OLEA. FRUITS; MISC. GRAINS, SEEDS AND FRUIT; INDUSTRIAL OR MEDICINAL PLANTS; STRAW AND FODDER.  

24.59

21.6

33

10

CEREALS.  

33.29

21.33

34

48

PAPER AND PAPERBOARD; ARTICLES OF PAPER PULP, OF PAPER OR OF PAPERBOARD.  

46.99

20.77

35

28

INORGANIC CHEMICALS; ORGANIC OR INORGANIC COMPOUNDS OF PRECIOUS METALS, OF RARE-EARTH METALS, OR RADI. ELEM. OR OF ISOTOPES.  

66.96

19.21

36

68

ARTICLES OF STONE, PLASTER, CEMENT, ASBESTOS, MICA OR SIMILAR MATERIALS.  

28.66

15.78

37

15

ANIMAL OR VEGETABLE FATS AND OILS AND THEIR CLEAVAGE PRODUCTS; PRE. EDIBLE FATS; ANIMAL OR VEGETABLE WAXEX.  

22.19

15.7

38

13

LAC; GUMS, RESINS AND OTHER VEGETABLE SAPS AND EXTRACTS.  

31.24

14.6

39

70

GLASS AND GLASSWARE.  

21.18

13.25

40

94

FURNITURE; BEDDING, MATTRESSES, MATTRESS SUPPORTS, CUSHIONS AND SIMILAR STUFFED FURNISHING; LAMPS AND LIGHTING FITTINGS NOT ELSEWHERE SPECIFIED OR INC  

21.55

12.53

41

83

MISCELLANEOUS ARTICLES OF BASE METAL.  

15.56

10.89

42

21

MISCELLANEOUS EDIBLE PREPARATIONS.  

12.73

9.65

43

74

COPPER AND ARTICLES THEREOF.  

16.55

8.34

44

96

MISCELLANEOUS MANUFACTURED ARTICLES.  

14.51

8.27

45

24

TOBACCO AND MANUFACTURED TOBACCO SUBSTITUTES.  

3.12

8.09

46

82

TOOLS IMPLEMENTS, CUTLERY, SPOONS AND FORKS, OF BASE METAL; PARTS THEREOF OF BASE METAL.  

15.63

8.03

47

17

SUGARS AND SUGAR CONFECTIONERY.  

20.17

7.61

48

26

ORES, SLAG AND ASH.  

23.12

7.35

49

54

MAN-MADE FILAMENTS.  

17.6

7.1

50

56

WADDING, FELT AND NONWOVENS; SPACIAL YARNS; TWINE, CORDAGE, ROPES AND CABLES AND ARTICLES THEREOF.  

10.87

7.04

 

Values in US$ Million
Sorted on year 2023-2024
Source: DOC-NIC

 

 

§  Italy’s top 50 exports to India

 

TOP 50 IMPORTED ITEMS FROM ITALY TO INDIA

 

S.No.

HSCode

Commodity

2022-2023

2023-2024(Apr-Oct)

1.        

84

NUCLEAR REACTORS, BOILERS, MACHINERY AND MECHANICAL APPLIANCES; PARTS THEREOF.  

2,004.97

1,385.90

2.        

85

ELECTRICAL MACHINERY AND EQUIPMENT AND PARTS THEREOF; SOUND RECORDERS AND REPRODUCERS, TELEVISION IMAGE AND SOUND RECORDERS AND REPRODUCERS,AND PARTS.  

370.13

258.95

3.        

29

ORGANIC CHEMICALS  

318.92

203.77

4.        

90

OPTICAL, PHOTOGRAPHIC CINEMATOGRAPHIC MEASURING, CHECKING PRECISION, MEDICAL OR SURGICAL INST. AND APPARATUS PARTS AND ACCESSORIES THEREOF;  

199.72

134.47

5.        

73

ARTICLES OF IRON OR STEEL  

185.93

129.94

6.        

39

PLASTIC AND ARTICLES THEREOF.  

226.2

124.68

7.        

38

MISCELLANEOUS CHEMICAL PRODUCTS.  

181.23

99.77

8.        

72

IRON AND STEEL  

152.94

93.87

9.        

47

PULP OF WOOD OR OF OTHER FIBROUS CELLULOSIC MATERIAL; WASTE AND SCRAP OF PAPER OR PAPERBOARD.  

104.23

80.67

10.    

87

VEHICLES OTHER THAN RAILWAY OR TRAMWAY ROLLING STOCK, AND PARTS AND ACCESSORIES THEREOF.  

153.1

75.81

11.    

71

NATURAL OR CULTURED PEARLS,PRECIOUS OR SEMIPRECIOUS STONES,PRE.METALS,CLAD WITH PRE.METAL AND ARTCLS THEREOF;IMIT.JEWLRY;COIN.  

138.04

75.63

12.    

94

FURNITURE; BEDDING, MATTRESSES, MATTRESS SUPPORTS, CUSHIONS AND SIMILAR STUFFED FURNISHING; LAMPS AND LIGHTING FITTINGS NOT ELSEWHERE SPECIFIED OR INC  

85.8

59.98

13.    

32

TANNING OR DYEING EXTRACTS; TANNINS AND THEIR DERI. DYES, PIGMENTS AND OTHER COLOURING MATTER; PAINTS AND VER; PUTTY AND OTHER MASTICS; INKS.  

100.97

55.42

14.    

40

RUBBER AND ARTICLES THEREOF.  

88.66

50.65

15.    

76

ALUMINIUM AND ARTICLES THEREOF.  

53.18

42.01

16.    

48

PAPER AND PAPERBOARD; ARTICLES OF PAPER PULP, OF PAPER OR OF PAPERBOARD.  

62.38

41.89

17.    

30

PHARMACEUTICAL PRODUCTS  

52.31

38.55

18.    

25

SALT; SULPHUR; EARTHS AND STONE; PLASTERING MATERIALS, LIME AND CEMENT.  

62.11

38.4

19.    

62

ARTICLES OF APPAREL AND CLOTHING ACCESSORIES, NOT KNITTED OR CROCHETED.  

23.94

37.15

20.    

41

RAW HIDES AND SKINS (OTHER THAN FURSKINS) AND LEATHER  

63.27

34.91

21.    

28

INORGANIC CHEMICALS; ORGANIC OR INORGANIC COMPOUNDS OF PRECIOUS METALS, OF RARE-EARTH METALS, OR RADI. ELEM. OR OF ISOTOPES.  

35.02

30.41

22.    

8

EDIBLE FRUIT AND NUTS; PEEL OR CITRUS FRUIT OR MELONS.  

48.09

28.63

23.    

74

COPPER AND ARTICLES THEREOF.  

36.49

23.96

24.    

98

PROJECT GOODS; SOME SPECIAL USES.  

63.71

23.69

25.    

34

SOAP, ORGANIC SURFACE-ACTIVE AGENTS, WASHING PREPARATIONS, LUBRICATING PREPARATIONS, ARTIFICIAL WAXES, PREPARED WAXES, POLISHING OR SCOURING PREP.  

45.18

23.53

26.    

33

ESSENTIAL OILS AND RESINOIDS; PERFUMERY, COSMETIC OR TOILET PREPARATIONS.  

29.15

23.26

27.    

22

BEVERAGES, SPIRITS AND VINEGAR.  

20.94

21.49

28.    

68

ARTICLES OF STONE, PLASTER, CEMENT, ASBESTOS, MICA OR SIMILAR MATERIALS.  

33.2

21.3

29.    

69

CERAMIC PRODUCTS.  

41.04

18.86

30.    

82

TOOLS IMPLEMENTS, CUTLERY, SPOONS AND FORKS, OF BASE METAL; PARTS THEREOF OF BASE METAL.  

26.91

14.51

31.    

88

AIRCRAFT, SPACECRAFT, AND PARTS THEREOF.  

58.71

14.51

32.    

18

COCOA AND COCOA PREPARATIONS.  

17.12

13.84

33.    

86

RAILWAY OR TRAMWAY LOCOMOTIVES, ROLLING-STOCK AND PARTS THEREOF; RAILWAY OR TRAMWAY TRACK FIXTURES AND FITTINGS AND PARTS THEREOF; MECHANICAL  

21.67

13.81

34.    

51

WOOL, FINE OR COARSE ANIMAL HAIR, HORSEHAIR YARN AND WOVEN FABRIC.  

12.99

12.85

35.    

42

ARTICLES OF LEATHER,SADDLERY AND HARNESS;TRAVEL GOODS, HANDBAGS AND SIMILAR CONT.ARTICLES OF ANIMAL GUT(OTHR THN SILK-WRM)GUT.  

15.3

12.57

36.    

83

MISCELLANEOUS ARTICLES OF BASE METAL.  

23.96

11.96

37.    

27

MINERAL FUELS, MINERAL OILS AND PRODUCTS OF THEIR DISTILLATION; BITUMINOUS SUBSTANCES; MINERAL WAXES.  

109.22

11.02

38.    

70

GLASS AND GLASSWARE.  

17.51

10.81

39.    

12

OIL SEEDS AND OLEA. FRUITS; MISC. GRAINS, SEEDS AND FRUIT; INDUSTRIAL OR MEDICINAL PLANTS; STRAW AND FODDER.  

16.94

10.65

40.    

61

ARTICLES OF APPAREL AND CLOTHING ACCESSORIES, KNITTED OR CORCHETED.  

16.21

10.51

41.    

26

ORES, SLAG AND ASH.  

19.54

10.24

42.    

75

NICKEL AND ARTICLES THEREOF.  

15.45

9.22

43.    

44

WOOD AND ARTICLES OF WOOD; WOOD CHARCOAL.  

15.11

8.88

44.    

64

FOOTWEAR, GAITERS AND THE LIKE; PARTS OF SUCH ARTICLES.  

15.18

8.88

45.    

95

TOYS, GAMES AND SPORTS REQUISITES; PARTS AND ACCESSORIES THEREOF.  

8.32

8.59

46.    

31

FERTILISERS.  

9.76

8.14

47.    

52

COTTON.  

11.48

7.63

48.    

59

IMPREGNATED, COATED, COVERED OR LAMINATED TEXTILE FABRICS; TEXTILE ARTICLES OF A KIND SUITABLE FOR INDUSTRIAL USE.  

13.05

7.33

49.    

35

ALBUMINOIDAL SUBSTANCES; MODIFIED STARCHES; GLUES; ENZYMES.  

27.77

6.61

50.    

63

OTHER MADE UP TEXTILE ARTICLES; SETS; WORN CLOTHING AND WORN TEXTILE ARTICLES; RAGS  

9.06

6.41

  1. Trends in Bilateral Investment (FDI) India – Italy

 

 

 

2016

2017

2018

2019

2020

2021

2022

Stock at 2022

Italian FDI in India

-17

259

191

-369

122

-55

214

6805

Indian FDI in Italy

-43

18

44

83

-2

72

13

443

Euros € Million
(Source: Ministero dello Sviluppo Economico (MISE))

BILATERAL INVESTMENT (FDI) INDIA – ITALY