Indian exports to Italy have been increasing consistently since 1997-98. India's exports to Italy in 1997-98 were worth US$ 972 million, which grew to US$ 1302 million in 2000-01. However, India's exports to Italy constitute only about 0.6% of Italy's total imports.
Ever since the liberalization of the Indian economy in 1991, new opportunities for commerce, trade, and investments have come up between India and Italy. Bilateral trade between Italy and India has been making tremendous progress and Italy has emerged as India's fourth biggest export market in the EU.
In 2006, Italy was ranked as the 7th largest economy in the world, in terms of GDP. In the same year, Italy's per capita GDP was US$ 30,200. One of the main reasons for such growth was Italy's trade relations with India.
Indian exports to Italy
include items such as:
- Readymade garments
- Leather products
- Chemicals and dyes
- Iron ore
- Marine products
- Agricultural and engineering items
- Gems and jewelry
The above export items account for about 90% of Indian exports to Italy
. Other products that make up Indian exports to Italy
include silk, furnishing, and linen. Even though trade in these goods are doing exceedingly well, trade in some products has declined, due to poor quality, such as contaminated seafood. Italy is yet to to lay down microbiological standards for the same.
The following are some date regarding India's exports to Italy in recent years:
- $US 1054.25 million in 1998-1999
- $US 1118.99 million in 1999-2000
- $US 1301.95 million in 2000-2001
As an outcome of India's export to Italy
, € 552.9 million was the Balance of Trade which was tilted highly in India's benefit despite the fall of 4.86% from € 1586.7 million. Thus, a highly beneficial trade relation exists in th export realm between India and Italy.