Italy

Italy ranked No. 15 in total trade value through July with a total of $38.64 billion. Exports totaled $11.77 billion and Imports totaled $26.87 billion, a deficit of $15.11 billion.

U.S. trade with Italy rose to $38.64 billion through July

Italy’s trade with the United States rose to $38.64 billion through the first seven months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 18.38 percent below its total trade during the same time period last year. U.S. exports to Italy decreased 14.23 percent while U.S. imports from Italy fell 20.07 percent. The U.S. deficit with Italy was $15.11 billion.

Through July, the top five among the nation’s airports, seaports and border crossings were No. 1 Port of Newark; No. 2 John F. Kennedy International Airport; No. 3 Chicago O’Hare International Airport; No. 4 Port of Houston; and No. 5 Port of Virginia. During the same period the previous year, the top five were No. 1 Port of Newark; No. 2 John F. Kennedy International Airport; No. 3 Port of Houston; No. 4 Chicago O’Hare International Airport and No. 5 Port of Virginia. In the current time period, the top five accounted for 46.71 percent of Italy’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Newark fell 0.84 percent to $7.28 billion.
    Exports fell 35.8 percent to $235.8 million. Imports rose 1 percent to $7.05 billion.
  • Trade with No. 2 John F. Kennedy International Airport fell 21.54 percent to $4.04 billion.
    Exports fell 11.91 percent to $1.56 billion. Imports fell 26.58 percent to $2.49 billion.
  • Trade with No. 3 Chicago O’Hare International Airport rose 8.72 percent to $2.86 billion.
    Exports rose 0.27 percent to $1.12 billion. Imports rose 14.93 percent to $1.74 billion.
  • Trade with No. 4 Port of Houston fell 26.61 percent to $2.21 billion.
    Exports fell 39.81 percent to $632.12 million. Imports fell 19.54 percent to $1.58 billion.
  • Trade with No. 5 Port of Virginia fell 24.86 percent to $1.66 billion.
    Exports fell 23.48 percent to $204.26 million. Imports fell 25.05 percent to $1.45 billion.

Italy ranked No. 15 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 12.

Meanwhile, total U.S. trade with the world increased to $2.08 trillion, down 49.83 percent compared to the same period last year. The nation’s exports dropped 51.38 percent to $799.82 billion; imports dropped 48.81 percent to $1.28 trillion. The nation’s top five countries so far this year, by value, are Mexico; Canada; China; Japan and Germany. The overall trade deficit was $479.12 billion, down compared to the same period of last year when the deficit was $853.23 billion.

The top five U.S. exports to Italy by value through July were the categories of Oil; Plasma, vaccines, blood; Medicines in individual dosages; Unwrought platinum in various forms; and Scrap of precious metal, respectively. They accounted for 35.86 percent of total exports to Italy.

The value of the top five categories of U.S. imports from Italy –– Medicines in individual dosages; Passenger vehicles; Returned exports, without change; Wine; and Plasma, vaccines, blood –– accounted for 25.1 percent of all inbound shipments.

Looking more closely at U.S. exports to Italy:

  • Oil fell 8.74 percent compared to last year to $1.36 billion.
  • Plasma, vaccines, blood fell 14.27 percent compared to last year to $1.12 billion.
  • Medicines in individual dosages fell 7.08 percent compared to last year to $670.4 million.
  • Unwrought platinum in various forms rose 48.57 percent compared to last year to $580.45 million.
  • Scrap of precious metal rose 17.9 percent compared to last year to $487.92 million.

Looking more closely at U.S. imports from Italy:

  • Medicines in individual dosages fell 40.64 percent compared to last year to $2.38 billion.
  • Passenger vehicles fell 34.8 percent compared to last year to $1.24 billion.
  • Returned exports, without change rose 58 percent compared to last year to $1.24 billion.
  • Wine fell 0.96 percent compared to last year to $1.11 billion.
  • Plasma, vaccines, blood rose 29.56 percent compared to last year to $779.32 million.

In the latest annual figures available, Italy recorded $80.95 billion in trade with the United States. Total U.S. exports to Italy were $ 23.79 billion and imports from Italy were $57.16 billion. The U.S. deficit with Italy was $33.37 billion.