Italy was among the few countries that were highly affected by the global economic crisis. However, it has managed to recover quite successfully despite its growth still being lower than most average European nations.
It is actually among the 10 world countries registering a 60% GDP with more than 90% of manufactured and industrial goods accounting for its export goods. Among its major trade partners are the European Union, China and Russia.
The trade between Italy and Russia continues to increase with each passing day. Italian business with Russia cuts across many spheres and not just dwelling in the traditionally famous dockets of fashion ad food that Italy is best known for. Italy is known for exporting super jet 100 to Russia as well as other household appliances. Italy also exports furniture to Russia with most Russians embracing these products because they have a touch of the Italian lifestyle. In exchange, Italy imports mainly oil and gas products as well as nuclear power technology.
Italy has other trading partners apart from Russia. South Korea is a major international market for the made in Italia products.
Korea serves as a major market for high end fashion products. This has seen the entrance of major Italian fashion companies set base in Korea. The likes of Armani, Versace and Gucci have set base in Korea to target the rich clientele. Smaller fashion brands in all sectors including shoes, leather, cosmetic, jewelry, apparels and even fur prefer the Korean market.
Residents easily go for these products because of the style and sophistication attached to them. Italian traders on the other hand choose Korea because of the feeling that the Korean market appreciates their quality.
It is not just Russia and Korea that have a liking for Italian products. Emirates are not left behind. There are several Italian companies trading in emirates wit specialty in specific products. Cheese, olive, pastas, baked products, rice, biscuits and sweets are among the many Italian exports to emirates. These products are appreciated because they are always fresh and of high quality.
China is among the major trading partner Italy has after Germany.
Italy exports machinery, clothes accessories like buttons of all colors and machinery of all types including vehicles, motorcycles and household items. China has been seen to be among the best market for the made in Italy goods for one reason. Chinese people have a high appreciation of the western culture especially Italian. They believe that Italian goods are of high quality and therefore are more valuable than there local products.in fact apart from the US, china is the other best export market for Italy. The population in China is large enough to be able to consume a majority of Italian products comfortably.
Generally speaking, Italy has a lot to offer the world. Apart from its exquisite fashion and food industries, this country has excellent manufacturing technology that it can share with the world. It is the home of some of the best vehicle brands the world has ever known. It is also an excellent aircraft manufacturer and an expert home appliance producer.
Most of Italy’s products are manufactured with top notch industrial technology and it is no wonder there is a high appreciation in most countries especially in the east.