According to the customs statistics of Ukraine, in terms of goods trade in 2018, Italy remains the sixth trading partner of Ukraine among the other countries and occupies the third place in terms of the Ukraine total turnover with European countries. It is interesting that the volume of Ukrainian exports to this country exceeds the total exports to the United States, Britain, France, Japan, South Africa and Canada combined.
Considering the priority of the Italian market and the possibility of a promising partnership, Dnipropetrovsk Investment Agency (DIA) analyzed the foreign economic relations of the Dnipropetrovsk region with the Italian Republic for the last year.
The total turnover (goods and services) of Dnipropetrovsk region with Italy in 2018 amounted to $ 532.7 mln, an increase of 29%. Export of goods from the region amounted to $ 221.5 mln. At the same time, imports of goods from Italy over the same period showed more than 2 times growth, amounting to $ 306.9 mln. The bilateral trade balance of the region for 2018 was negative in the amount of $ 85.4 mln.
Among the main types of products that are exported from the region in Italy, the largest volume is occupied by ferrous metals (7% of Italy’s global imports), and products from them, fats and oils of animal or vegetable origin, residues and wastes of the food industry, as well as grain crops.
In 2018, the export of new goods from Dnipropetrovsk region, such as: railway locomotives and ships began.
Record growth in exports to Italy over the past year was shown by paper and cardboard (in 24 times increase), tools and cutlery (in 16 times), finished grain products (in 9 times), edible fruits and nuts (in 8 times), and also wood and wood products (in 5 times) and other products from base metals (in 4 times).
If we talk about product groups imported by businessmen of Dnipropetrovsk region from Italy, then among the TOP-10 the largest volumes are: mineral fuels; oil and products of its distillation (imports increased in 3 times), machines and mechanisms, pharmaceutical products, as well as electric machines (imports increased in 4 times).
In 2018, the import of new goods from Italy to Dnipropetrovsk region, such as: processed feathers and down, vegetables, products of the milling and cereal industry, as well as hats, began.
The record growth in imports from Italy over the past year occurred in the following categories: carpets (imports increased in 1558 times); fats and oils of animal or vegetable origin (in 461 times); shoes (in 94 times); living trees and other plants (in 29 times), etc.
Since the beginning of the free trade zone, the decline in Ukrainian exports to Italy has stopped. At the same time, imports from Italy are growing at a faster pace and negatively affect the traditionally high surplus of bilateral trade. At the same time, the import of technological equipment has grown significantly, it can be regarded as a sign of the restoration of investments in fixed assets, which in the future will provide favorable conditions for production growth.