In 2022, the bilateral trade volume between Italy and the United States reached $117 billion, and current data indicates a consistent upward trajectory. This surge is underpinned by a mutual commitment to bolster economic ties through cooperation, co-investments, job creation, and friend-shoring across several pivotal sectors. As highlighted in the joint statement following the recent White House summit between Italian Prime Minister Giorgia Meloni and US President Joe Biden, this shared vision and alignment of goals will shape “not only our present but our collective future, encompassing emerging technologies, energy transitions, and the defense sector,” all considered key areas of shared growth.
Furthermore, the joint statement, which summarized a comprehensive 90-minute discussion encompassing major global political issues, began by reasserting the “unwavering alliance, strategic collaboration, and profound camaraderie” between the two nations.
A focal point of the Washington meeting was the economic relationship between Italy and the US, anchored in a robust trade exchange: last year, this exchange facilitated trade worth $100 billion. “There’s no reason this can’t expand,” remarked the US President during a televised session in the Oval Office. Meloni resonated with this sentiment, referencing the Inflation Reduction Act, which financially aids American firms while inadvertently disadvantaging European ones, including Italian enterprises. Nevertheless, the emphasis remains on amplifying cooperation and engaging Italian firms, especially in the defense, infrastructure, and space sectors.
Beyond these promising outlooks, tangible figures already showcase a steady recovery post-pandemic. Specifically, in 2021, US-Italy trade witnessed a notable surge (+19.4%) following a decline of -14.4% in 2020, and a modest growth of +2.1% compared to 2019. By then, Italy had already ascended in the ranks of US trade partners, moving from 15th to 14th position (data sourced from the Italian Trade Agency). Italian exports in 2021 also saw a marked increase compared to pre-pandemic figures (+6.5% versus 2019), with the US retaining its position as the third-largest destination for Italian exports and boasting a trade surplus of $39.3 billion.
This propitious phase is further underscored by the recent inauguration of a Confindustria office in Washington. Confindustria is Italy’s premier association representing manufacturing and service companies, encompassing over 150,000 enterprises of varying sizes and employing a total of 5,383,286 individuals.
The objective is to further amplify transatlantic ties and bridge Italian businesses with the American market. “The decision to establish a representative office in the US is both timely and apt in this phase, where the imperative to nurture relationships between trusted allies and consolidate value chains, especially in strategic sectors, is more pronounced than ever,” the Italian Ambassador to the US, Mariangela Zappia, remarked during the inauguration of the Confindustria office in Washington D.C. She emphasized the current robust economic partnership between the US and Italy.
Ambassador Zappia added, “The Confindustria office will ensure continuous liaison with American counterparts at both institutional and associative levels. It will serve as a beacon for the over 3,500 Italian-owned enterprises operating across the US. In the ‘land of opportunities’ that the US embodies, this office can expedite innovative endeavors involving Italian firms and also assist them in capitalizing on opportunities stemming from affiliations with major global financial institutions present here, such as the World Bank, the International Monetary Fund, and the Inter-American Development Bank.”
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