Trading Activities of Italy which Led to US Trade Relations
Italy is an independent nation in southern Europe. The start of the 20th century opened up for wider opportunities for the country especially in terms of industrialization. They lag 100 years behind other countries in Western Europe basically because of the lack of raw materials to be used for the industry. Coal and other fuels were not that abundant. Another issue on the late blooming of Italy is political in nature. This was a reason to hinder the development of Italy as a countrywide market. Industrialization was seen to flourish in the northwest with prime commodities such as textile, iron and steel together with shipbuilding and engineering. The rest of Italy was agricultural until the 1950's. Manufacturing dominated the 1980's. Back then, it formed 37% of the gross domestic product (GDP) for the country. Petroleum and natural gas were seen to supply a few lot of the population but other minerals such as marble, zinc, sulfur, lead an bauxite are of great help. More than half of Italy's land was supposed to be devoted to farming but a mere half of these 50% were seen to prosper in such an activity. Agriculture was hampered by lack of investment means which could have been used for the purchase of modern-day equipment. It was furthermore hindered by small-sized farms and tenant used lots. Italy's imports from other countries are petroleum, meat, industrial raw materials and cereal grains. Exports, on the other hand are fruits, vegetables, manufactured goods and other crafts. Italy suffered trade deficits but with the help of the other members of the European Continent, they have survived their stature in international trade. Other helpful countries were the United States and Switzerland. Major Exports and Imports Between US and Italy The Italy and US are considered large trading partners evidenced by their very wealthy foreign business. Over the past five years, these two nations were seen to work very well with each other economically. The United States is in fact considered as one of the contributors in offsetting the trade deficits experienced by Italy. For the year 2008, exports and imports were noted by the US Census Bureau from January to July. The totals were $9.62 billion and $22.26 billion respectively. In the year, 2006, the following import and export data are available:
One of the most notable trade agreement between the US and Italy is the proposed US Anti-Counterfeiting Trade Agreement (ACTA). This is a multilateral intellectual property agreement spearheaded by the United States and European Countries. It mainly focuses upon piracy especially on filing of criminal charges against unauthorized information exchange in the internet. Another treaty formulated by US and Italy officials was the so-called Italy Friendship, Commerce and Navigation Treaty. This agreement was signed in Rome in February 2, 1948 with several ratifications made until it took full force in July 26 of the following year. The pact was primarily made to further strengthen traditional ties of friendship between the two nations and promote closer relationships between their territories. The scope of its provisions includes spiritual, cultural, economic and commercial goals. Specifically, the following things were emphasized:
Trade conflicts involving the two nations arise from the so-called Small Arms. This particular problem focused on the export and import of small arms and light weaponries which include Brazil, Germany, Russia and China aside from Italy and US. Certain issues had to be resolved such as:
The Future Trade Between US and Italy The conflicts on trade which involves both US and Italy are not as striking as other trade disputes. There maybe certain issues needed to be resolved, but all of these are minor in nature. As evidence to an even more prospering friendship, the two countries are now contemplating on biotechnology. Other important considerations on trade are integrated on the economic aspects, political scenes, security and foreign policy. The effects of the foreign trade of the two nations will benefit their future inhabitants. The continuous efforts to put an end to wars on global business will definitely make Italy and US more than just allies. These two nations will always be standing with each other despite their independence. In the long run, they will be seen to reap their trade successes while helping the rest of the world cope up with trade deficits. US-Italy Trade References
|
Note: Trade statistics, industry links, economic projections and global business resources on this page have been compiled from hundreds of trade related websites, government guides and resources on the Internet. We provide this valuable information for industrial suppliers, manufacturers, exporters and importers seeking to enter or expland business opportunities in Italy.
Market Research
Primary Trading Partners
Major Goods Exported
Major Goods Imported
Industrial Outlook
Italy has a diversified industrial economy with roughly the same total and per capita output as the UK and France.
Tourism has long been one Italy's financial backones. Major industries include machinery, iron and steel, chemicals,
food processing, textiles, motor vehicles, pottery, clothing and footwear.
News, Business and Culture
Government Links
Import Export & Industrial Resources