Canada and Italy have a strong commercial relationship. The greatest potential lies in promoting two-way investment, as well as innovation and technology-based partnerships.
Important business and Science and Technology delegations in both directions between Canada and Italy have given new impetus for the advancement of innovative commercial opportunities and partnerships.
In 2015, total Canadian exports to Italy decreased by -45% totaling C$2.27 billion compared to C$4.17 billion the previous year. Despite the global financial crisis and economic slowdown, Canadian imports from Italy considerably recovered with an increase 15% totaling $7.4 billion in 2015 from $6.4 billion in 2012. Italy ranks 8th largest in the world and 3rd largest in Europe, as a source of total imports to Canada. Source: TCS Offices in Italy.
PRODUCT TRADE and INVESTMENT (2015):
|Canadian Exports:||$ 2,276,903,508|
|Canadian Imports:||$ 7,371,786,069|
|TOTAL TRADE:||$ 9,648,689,577|
In 2015, Italy was Canada’s 7th largest export destination in the world and the 2nd largest in Europe.
- Foreign Direct Investment in Canada
- $ 1,599 (million)
- Canadian Direct Investment to Italy
- $ 539 (million)
At the end of 2015, Italy ranked as the 26th largest investor country of Foreign Direct Investment stock in Canada.
Canadian Top 10 Total Merchandise Exports (CDN$ million)
Source: Global Trade Atlas
|Total Merchandise Exports:||1,952.51||4,171.23|
|Boilers, machinery and mechanical appliances||196.435||213.275|
|Precious metals, stones and pearls||53.97||46.214|
|Optical and medical instruments||75.152||94.291|
|Electrical machinery and equipment||67.069||63.893|
|Pulp of wood||143.084||75.442|
|Mineral fuels and oils||191.833||1,595.75|
Canadian Top 10 Total Merchandise Imports (CDN$ million)
Source: Global Trade Atlas
|Total Merchandise Imports:||5,829.87||6,422.39|
|Boilers, machinery and mechanical appliances||1,561.60||1,661.22|
|Vehicles, other than railway||318.77||359.224|
|Beverages, spirits and vinegar||511.643||533.333|
|Electrical machinery and equipment||234.525||290.836|
|Optical and medical instruments||208.614||233.613|
|Articles of iron or steel||191.717||199.684|
|Apparel, not knitted or crocheted||138.229||152.583|
Both the Italian and Canadian governments have recognized the importance of Science, Technology and Innovation partnering as a lever to prosperity. As a result, in January 2015, Canada and Italy signed the Canada-Italy Joint Action Plan in Science, Technology and Innovation.
The Action Plan is intended to encourage collaboration and R&D linkages between major Italian and Canadian research institutes and universities, innovative companies, and public and private sector laboratories in priority sectors, which will be regularly reviewed and assessed:
- The Arctic
- Agriculture and Agri-Food
- Life Sciences
- Marine Sciences
Industry Canada – Trade Data Online
Statistics Canada – Canadian International Merchandise Trade Database