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 2016, total Canadian exports to Italy increased by +2.6% totaling C$2.3 billion compared to C$2.27 billion the previous year. 2016 was a record year with Italian supplies hitting C$7.5 billion in 2016, a 2% hike over 2015. Italy ranks 8th largest in the world and 3rd largest in Europe, as a source of total imports to Canada. Source: TCS Offices in Italy.
PRODUCT TRADE and INVESTMENT (2015):
|Canadian Exports:||$ 2,276,903,508|
|Canadian Imports:||$ 7,371,786,069|
|TOTAL TRADE:||$ 9,648,689,577|
In 2016, Italy was Canada’s 12th largest export destination in the world and the 6th major EU destination.
- Italian Direct Investment in Canada
- $ 1,300 (million)
- Canadian Direct Investment to Italy
- $ 1,400 (million)
Canadian Top 10 Total Merchandise Exports (CDN$ million)
Source: Global Trade Atlas
|Total Merchandise Exports:||2,278.80||2,340.10|
|Mineral fuels and oils||73.722||237.61|
|Grains, seeds, fruit||98.121||108.83|
|Precious metals, stones and pearls||104.18||108.08|
|Optical and medical instruments||94.374||86.934|
|Electrical machinery and equipment||86.352||76.69|
|Pulp of wood||80.197||65.802|
Canadian Top 10 Total Merchandise Imports (CDN$ million)
Source: Global Trade Atlas
|Total Merchandise Imports:||7,370.10||7,538.90|
|Boilers, machinery and mechanical appliances||1,832.70||1,811.30|
|Beverages, spirits and vinegar||574.12||598.01|
|Vehicles, other than railway||575.40||536.22|
|Optical and medical instruments||285.26||306.61|
|Electrical machinery and equipment||314.09||298.39|
|Perfumes and cosmetics||152.72||213.99|
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