ROME: Trade between Italy and Germany reached a new record in 2016, rising 3.5% from the previous year to €112.1 billion. The ongoing growth trend after an increase in 2015 confirms Germany’s role as Italy’s leading trade partner for both exports and imports.
According to data from national statistics office ISTAT (which for accounting reasons differs from those of Berlin’s statistics office Destatis) last year Italian exports to Germany were worth €52.7 billion while the value of imports came to €59.4 billion.
Exports were up 3.9%, rising at a faster pace than imports (+3.3%) and confirming that the driving force the German engine provides for the Italian economy is benefiting Italy’s trade balance.
The partnership between the two big manufacturing economies of the euro zone seems increasingly balanced, bearing in mind that the Germans have much bigger numbers (both in terms of gross domestic product and inhabitants) compared to Italy.
“In 2016, Germany consolidated its position as Italy’s top commercial partner, while Italy confirmed itself as the sixth end-market for Germany and fifth country for imports, maintaining the position of sixth trade partner,” said the Italo-German Chamber of Commerce, Ahk, which presented the final balance for 2016. The “equal” trade exchange relationship between the two economies is confirmed by the breakdown of Italian exports towards Germany and German exports towards Italy.
The large part of Italian exports to Germany is made up of machines and iron and steel while German exports to Italy are mainly cars and machinery. The shares of the total are rather similar on either side of the Alps. The numbers highlight that the collaboration is strong above all on in the industrial sector.
Just as important is the contribution, in Italy, of chemicals and pharmaceuticals, because partners are looking for (and find) “liveliness and specialization with high added value” in Italian industry, Rauhe said.
Italian abilities above all in innovation, are very high and increasingly attract direct investments. In 2016 German foreign direct investments in manufacturing companies increased 3%. The regions in the front line of goods exchanges are those traditionally close to Germany, who have volumes similar to those of some industrialized countries: Lombardy, with a commercial partnership (exports plus imports) of €39.4 billion, is close to Japan (€40.3 billion), and Veneto (€16.7 billion) outstrips Brazil (€16.3 billion)
The next test, which has already begun, is digitalization.
