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Canada-Italy Trade

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.

Bilateral trade

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):

Statistics Canada

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

2013 2014
Total Merchandise Exports: 1,952.51 4,171.23
Cereals 244.902 604.412
Pharmaceutical products 369.405 736.617
Boilers, machinery and mechanical appliances 196.435 213.275
Precious metals, stones and pearls 53.97 46.214
Oilseeds 73.81 64.894
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
Edible vegetables 53.194 62.806

Canadian Top 10 Total Merchandise Imports (CDN$ million)

Source: Global Trade Atlas

2013 2014
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
Pharmaceutical products 442.867 544.437
Electrical machinery and equipment 234.525 290.836
Optical and medical instruments 208.614 233.613
Furniture 196.714 218.415
Articles of iron or steel 191.717 199.684
Footwear 138.433 164.278
Apparel, not knitted or crocheted 138.229 152.583

INNOVATION

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:

  • Aerospace
  • The Arctic
  • Agriculture and Agri-Food
  • Life Sciences
  • Marine Sciences

Source:
http://www.canadainternational.gc.ca/italy-italie/bilateral_relations_bilaterales/index.aspx?lang=eng
Industry Canada – Trade Data Online
Statistics Canada – Canadian International Merchandise Trade Database
http://tradecommissioner.gc.ca/italy-italie/market-facts-faits-sur-le-marche/61478.aspx?lang=eng