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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 2021, total Canadian exports to Italy decreased by 29% totaling C$2.650 billion compared to C$3.740 billion in 2020.  Meanwhile, Italian imports hit C$10.469 billion in 2021, a 16% hike from the previous year (C$9.007 billion in 2020).

Italy ranks 6th 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: $ 2,650
Canadian Imports: $ 10,469
TOTAL TRADE: $ 13,119

In 2021, Italy was Canada’s 15th largest export destination in the world and the 7th major European 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

2020  2021
Total Merchandise Exports: 3,740 2,650 (-29%)
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

2020 2021
Total Merchandise Imports: 9,007 10, 469 (+16%)
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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