Italy-China Trade Trends 2023
According to the data released by Istat, Italian exports to China in the first 11 months of 2023 shows an annual growth of 20.7 per cent, reaching a total value of 17.7 billion euros. Beijing ranks among the top destinations of Italian exports globally, it is the main market in Asia and the second among non-European countries, after the United States.
From January to November 2023, trade between Italy and China amounted to 62.3 billion euros, a decrease of 9.8 per cent compared to the same period in 2022 which is linked to the reduction of 18.1 per cent in Chinese exports to Italy. Between January and November 2023, a total of 17.7 billion euros was exported from Italy to China, against imports from China of 44.6 billion euros.
In the same period, the growth of Italian exports was particularly significant in the pharmaceutical sector (+306 per cent), the textile and clothing sector (+12.1 per cent) and the machinery sector (+1.4 per cent); while the chemical products sector (-11.8 per cent) and the transport equipment sector (-26.2 per cent) declined.
In the first 11 months of 2023, the aggregate value of Italian imports from China has been on a downward trend since December 2022, with most sectors of economic activity showing negative performance.
2024 will mark the 20th anniversary of the establishment of the Global Strategic Partnership between China and Italy, as well as the 700th anniversary of the passing of Marco Polo. Both countries will have the opportunity to strengthen and foster the stable development of bilateral relations.