Italy, has a population of 60.25 million. It has imported US$422.9 billion worth of goods from around the globe in 2020, translating to roughly $7,000 in yearly product demand from every person. Machinery; vehicles; electrical machinery, equipment; mineral fuels incl. oil; pharmaceuticals; plastics, plastic articles; gems, precious metals; organic chemicals; iron, steel; optical, technical, medical apparatus represent Italy’s top 10 imports 61.8% of its imports (based on 2-digit HS code).
Italy is an active participant in world trade with its diversified economy, industrialization strategy and the international traffic it creates in the country through tourism. Italy’s industrial strategy creates opportunities for the whole world, especially European countries, in innovative industries.
The country is Europe’s largest and the world’s fourth luxury consumption center after the USA, China and Japan, and the fifth country that attracts the most tourists in the world, has high profitability potential for commercial investments.
Entering and doing business in Italian market, yet, carries its unique challenges; requiring special know-how due to its complex bureaucracy and regulatory framework; as well as competitive challenges at city level, due to differing levels of ease of doing business.
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