The Treasurer’s Guide to Trade Finance

Italy

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 2,197 bn Goods Exports 503

GDP per capita (USD) 36,138 Imports 523

GDP volume growth (year-on-year) + 0.4% Net – 20

Population 60.79m Services Exports 105

MMR (year average) 2.73% Imports 118

Exchange rate EUR / USD (year average) 0.7194 Net – 13

BoP (goods, services & income) as % of GDP – 2.1% Source: IFS, IMF, January 2013

International/Regional memberships

European Union (EU): founding member
since 25 March 1957. Italy is also a member
of the European Economic Area (EEA).

International Monetary Fund (IMF):
since 27 March 1947.

World Trade Organization (WTO):
since 1 January 1995.

Government trade policy

ƒ Italy implements the EU’s trade regulations,
commercial policies and customs code
(ec.europa.eu/trade).

ƒ Italy trades freely with its fellow EEA member

states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ National export credit insurance provider:

SACE (Servizi Assicurativi del Commercio

Estero — http://www.sace.it)

ƒ The EU maintains 74 free trade zones,

including three located in Italy: Gioia Tauro,

Trieste and Venice.

Currency and exchange controls
Official currency: Euro (EUR).

Exchange rate arrangement: free floating.

Italy does not impose foreign exchange controls.

Bank accounts

Permission to hold currency accounts

Within Italy Outside Italy

EURForeign currency EURForeign currency

Resident

company ✔ ✔ ✔ ✔

Non-resident

company ✔ ✔ ✔ N/A