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The bilateral trade between India and Italy registered at Euro 14.88 billion in 2022. The exports from India to Italy reached Euro 10.06 billion, an increase of 60.50% compared to the previous year 2021.
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During 2022, India's imports from Italy was Euro 4.82 billion, registered an increase of 24.23% compared to the year 2021. 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.
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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.
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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.
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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.
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PM Modi has made his first ever visit to Italy to attend the G20 Leaders Summit in October 2021. In March 2023, the Italian PM Meloni has 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.
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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.
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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 had jumped to € 10.49 billion with an increase of +44.41% from previous year. Total trade in the year 2022 reached an all time high of € 14.88 billion.
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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.
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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)
