Canada and Italy have a strong commercial relationship. The greatest potential lies in promoting two-way investment, as well as innovation and technology-based partnerships.
Important business and Science and Technology delegations in both directions between Canada and Italy have given new impetus for the advancement of innovative commercial opportunities and partnerships.
In 2022, total Canadian exports to Italy increased by 6.9% totaling C$2.855 billion compared to C$2.672 billion in 2021. Meanwhile, Italian imports hit C$12.098 billion in 2022, a 15.6% hike from the previous year (C$10.468 billion in 2021).
Italy ranks 8th largest in the world and 2nd largest in Europe, as a source of total imports to Canada. Source: Statistics Canada
| Canadian Exports: | $ 2,855 |
| Canadian Imports: | $ 12,098 |
| TOTAL TRADE: | $ 14,953 |
In 2022, Italy was Canada’s 19th largest export destination in the world and the 9th major European destination.
Italian Direct Investment in Canada $ 1.5 billion (-2.59%) Canadian Direct Investment to Italy $ 1.1 billion (+38.3%)
Source: Statistics Canada
| 2021 | 2022 | |
|---|---|---|
| Total Merchandise Exports: | 2,672 | 2,855 (+6.9%) |
| Pharmaceutical products | 902.29 | 846.21 (-6.2%) |
| Mineral fuels and oils | 540.19 | 371.74 (-31.2%) |
| Boilers, machinery and mechanical appliances | 217.88 | 227.62 (+4.4%) |
| Cereals | 139.42 | 291.28 (+108.9%) |
| Grains, seeds, fruit | 122 | 150.9 (+23.7%) |
| Aircrafts, spacecrafts | 102.62 | 115.46 (+12.7%) |
| Vehicles, other than railway | 98.60 | 47.3 (-52%) |
| Optical and medical instruments | 96.68 | 93.10 (-3.7%) |
| Precious metals, stones and pearls | 83.02 | 133.63 (+61%) |
| Electrical machinery and equipment | 67.32 | 71.73 (+6.5%) |
Source: Statistics Canada
| 2021 | 2022 | |
|---|---|---|
| Total Merchandise Imports: | 10,468 | 12, 098 (+15.6%) |
| Boilers, machinery and mechanical appliances | 1,946.42 | 2,118 (+8.9%) |
| Beverages, spirits and vinegar | 624.98 | 645.12 (+3.2%) |
| Vehicles, other than railway | 540.47 | 516.3 (-5.8%) |
| Pharmaceutical products | 482.83 | 656.30 (+36.3%) |
| Electrical machinery and equipment | 313.57 | 314.99 (0.00%) |
| Furniture | 289.01 | 316.94 (+9.7%) |
| Footwear | 272.91 | 278.8 (+1.6%) |
| Perfumes and cosmetics | 252.29 | 228.1 (-9.5%) |
| Optical and medical instruments | 234.96 | 225.97 (-3.9%) |
| Leather articles | 223.03 | 245.4 (+9.6%) |
Both the Italian and Canadian governments have recognized the importance of Science, Technology and Innovation partnering as a lever to prosperity. As a result, in January 2015, Canada and Italy signed the Canada-Italy Joint Action Plan in Science, Technology and Innovation.
The Action Plan is intended to encourage collaboration and R&D linkages between major Italian and Canadian research institutes and universities, innovative companies, and public and private sector laboratories in priority sectors, which will be regularly reviewed and assessed: