Italy-China: exports +75%
The Chinese Customs released the latest data of Beijing's first five months of 2021 in international trade where they confirmed the growth trend of the first half of the year.
In May, China's total trade amounted to USD 482 billion, which included USD 264 billion outbound and USD 218 billion in revenue. The trade balance was positive, at almost USD 46 billion.
The data in May accumulated a trade of USD 2,272 billion in total. Contrasting the first five months of the pandemic year, an increase of (+38.1%) was estimated. Exports rose to a higher rate exceeding (+40.2%; equivalent to USD 1,238 billion). Also, imports recorded a substantial increase of surpassing (+35.6%, with an inbound flow of goods equivalent to USD 1,034 billion). Along with a surplus of 204 billion dollars.
Besides, the main trading partners of Beijing are the RCEP signatory countries (+31.7% of total trade), along with the countries of the European Union (+14.0% of total trade) and the United States (+12.3% of total trade).
The trade between Beijing and Rome amounted to USD 28.5 billion. Attaining the flows of goods from China to Italy of USD 15.9 billion and, contrasting the reverse flow of USD 12.6 billion. More than the absolute values, the fascinating part of the total trade between the two countries was growth by more than 50% in the first five months of 2021. Likewise, Chinese imports from Italy increased by almost 75%. The figure is certainly positive in comparison with countries of the European Union (imports from Germany and France increased by 34% and 53% respectively).
Despite the pandemic, the trade data and economic relations between China and Italy remained solid.
In 2020, Beijing accomplished a record of trade flow by over 4,070 billion euros with exports of 2,270 billion euros (+4%) and imports of 1,800 billion euros (-0.7%)
The exports from Italy to China scrutinized to the following categories: machinery and equipment (+3,8 billion euros; 29% of the total), chemicals (+1.1 billion euros; 9% of the total) and pharmaceutical products (+1 billion euros; 8% of the total). With an extensive increase in metallurgical products (+253 million euros; +106% of the total), chemicals (+207 million euros, +22%) and food products (+117 million, euros +46%of the total). Due to the pandemic, it varied the textile products (-99 million euros, -23% of the total), and means of transport other than motor vehicles (-88 million, -39% of the total).
Moreover, the imports in Italy maintained the flows of goods from China. Mainly attributable to the following categories: computers and electronic products (+5.5 billion euros; 17% of the total), textile products (+4 billion euros; 13% of the total), machinery and equipment (+3,7 billion euros; 12% of the total). With an extensive increase in textiles (+2.3 billion euros; +128% of the total) and means of transport other than motor vehicles (+157 million euros; +36% of the total). Contrary to metallurgical products (-494 million euros; -32% of the total) and leather goods (-433 million euros; -25% of the total).
In terms of trade and export, China is the first and the earliest country to purchase power parities in GDP. China remains the first target for FDI, owing to its great economics as the significant tax and free trade agreements. On account of The Regional Comprehensive Economic Partnership (RCEP) connection with ASEAN, Japan, South Korea, Australia and New Zealand, Beijing guarantees access to the largest existing Free Trade Zone.
Regardless of the political relations with Washington, Brussels or other regions worldwide, Economic relations between Italy and China would remain strategic in the long run.