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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

Between January and November 2019, total Canadian exports to Italy decreased by 1.7% totaling C$2.845 billion compared to C$2.895 billion during the same time period in 2018.  Meanwhile, Italian supplies hit C$8.686 billion from January to November 2019, a 5.8% hike from the same time period in 2018.

Italy ranks 7th largest in the world and 2nd largest in Europe, as a source of total imports to Canada. Source: Statistics Canada

PRODUCT TRADE and INVESTMENT (CDN$ million):

Statistics Canada

Canadian Exports: $ 2,845
Canadian Imports: $ 8,686
TOTAL TRADE: $ 11,531

From January to November 2019, Italy was Canada’s 13th largest export destination in the world and the 6th major EU destination.

Italian Direct Investment in Canada
$ 1.5 billion (-2.59%)
Canadian Direct Investment to Italy
$ 1.1 billion (+38.3%)

Canadian Top 10 Total Merchandise Exports (CDN$ million)

Source: Statistics Canada

Jan-Nov 2018  Jan-Nov 2019
Total Merchandise Exports: 2,895 2,845 (-1.7%)
Pharmaceutical products 902.29 846.21 (-6.2%)
Mineral fuels and oils 540.19 371.74 (-31.2%)
Boilers, machinery and mechanical appliances 217.88 227.62 (+4.4%)
Cereals 139.42 291.28 (+108.9%)
Grains, seeds, fruit 122 150.9 (+23.7%)
Aircrafts, spacecrafts 102.62 115.46 (+12.7%)
Vehicles, other than railway 98.60 47.3 (-52%)
Optical and medical instruments 96.68 93.10 (-3.7%)
Precious metals, stones and pearls 83.02 133.63 (+61%)
Electrical machinery and equipment 67.32 71.73 (+6.5%)

Canadian Top 10 Total Merchandise Imports (CDN$ million)

Source: Statistics Canada

Jan-Nov 2018 Jan-Nov 2019
Total Merchandise Imports: 8,211 8.686 (+5.8%)
Boilers, machinery and mechanical appliances 1,946.42 2,118 (+8.9%)
Beverages, spirits and vinegar 624.98 645.12 (+3.2%)
Vehicles, other than railway 540.47 516.3 (-5.8%)
Pharmaceutical products 482.83 656.30 (+36.3%)
Electrical machinery and equipment 313.57 314.99 (0.00%)
Furniture 289.01 316.94 (+9.7%)
Footwear 272.91 278.8 (+1.6%)
Perfumes and cosmetics 252.29 228.1 (-9.5%)
Optical and medical instruments 234.96 225.97 (-3.9%)
Leather articles 223.03 245.4 (+9.6%)

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

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