DEPARTMENT

UNITED

OF

STATES

COMMERCE

Prepared by the Southern Europe Division
Office of International Marketing

Bureau of International Commerce and based in part on information provided by the U.S. Embassy in Italy

Foreign Trade Outlook

Introduction

Italy has long been one of the best markets for U.S. products, with imports from the United States reaching over $2 billion in 1973 and our market share increasing from 8.3% in 1972 to 8.8% in 1973. A growing volume of imports is needed to meet Italy's requirements for foodstuffs, raw materials. Consumer goods and capital equipment. Prospects are favorable that the already high level of U.S. exports to Italy will be surpassed in the future.

Historically the Italian economy has been dependent on foreign trade and the fostering of exports has always been a primary objective of the Government's economic policy. The contribution of foreign trade to the GNP has continuously risen from 16% in 1962 to 34% in 1972. The increase in imports is due mainly to the rapid economic growth and the improved standard of living that has taken place in Italy in the last decade. At the same time, rapid industrialization, improved competitiveness, and opportunities resulting from Italy's membership in

the European Community (EC) have led to considerable expansion and diversification of exports. These improved opportunities have been spured by an intensified governmental export expansion drive.

Trade developments have been greatly aided by Italy's determination to eliminate or greatly modify international commercial obstacles and to pursue a generally liberal external commercial policy. Italy is a participant in the numerous international organizations working to liberalize and facilitate foreign trade, e.g., the General Agreement on Tariffs and Trade (GATT), the Organization for Economic Cooperation and Development (OECD), International Monetary Fund and United Nations Economic Commission for Europe.

The information supplied in this report is not intended to serve in lieu of legal counsel. Such advice may be obtained from attorneys in the United States who specialize in foreign law. A list of attorneys in Italy may be obtained from the Office of Export Development, U.S. Department of Commerce, Washington D.C. 20230, or from Department of Commerce District Offices located in 43 cities around the United States. Information on other aspects of the country is available in the Background Notes series of brochures prepared by the U.S. Department of State. These reports on individual countries describe history, government and political conditions, economy and foreign relations. An annual subscription costs $14.50 (25 for single copies) and can be obtained from GPO Bookstore, Dept. of State, Washington, D.C. 20520.