If you are looking for the future of imports and exports of the US with EU (European Union) after Covid-19 then keep on reading this post. You are surely on the right page!
In this post we will focus on the trade between the US and EU, the strongest traders among European Union members, Italian trade features, how this is affected by the prevailing Covid-19 situation in the world, and future predictions about Italy’s trade with European Union.
Trade Between US and EU
Every one of you must be familiar with the Covid-19 pandemic and its smashes on the whole world. The international trade cycle has also been affected badly due to this pandemic, and even some countries are bearing great losses.
If we talk about the US trade, they are also affected due to the restrictions and lockdowns during the Covid-19, but as the US is considered a developed country in the world so its reserves made it stand out even in the tough times.
Recent reports show that US import and export with EU has increased by 0.4% in 2021 as compared to 2020.
The statistical analysts calculated this percentage by using the same methodology as they use to calculate in the past. Italy, one of the huge trade members of the EU also suffered due to Covid-19 but succeeded to retain its economical state after a little control over the pandemic.
Italy Imports and Exports After Covid-19
How Imports Take Place in Italy?
For importing goods in Italy there are some specific rules and regulations that traders have to follow, otherwise, according to Italian import laws you will not be allowed to do so.
For example, importers must have a legal license to import goods like food items. That license is issued to the importers after the approval of the EU because Italy is also a member of the EU (European Union).
How Exports Take Place in Italy?
For exports, Italy has two main industries that export goods in a large quantity i.e. machinery, and heavy metals. As Italy is the 8th largest exporter in the world so it also exports goods and services including drugs/medicines, clothes and footwear, luxury vehicles, automated bikes and scooters, agricultural products, fruits, vegetables, wine, and rice, etc.
Italy is contributing to more than 55% of exports that the EU gets from the member countries. Moreover, the US, Germany, France, and Switzerland have a very close and great trading relationship with Italy.
Centre of Italian Trade
The center of industrial trade in Italy is Venice, Milan, and Turin because many small businesses and companies are containing less than 50 employees who are contributing to the industrial trade of Italy with the EU.
Future of Italy’s Trade
Italy’s import and export take place via land, sea, and air. Like all other countries in the world, Covid-19 has also affected the economy of Italy including tourism, agriculture, automobile, luxury vehicles, but due to the past Italian economical records and stability, this country is likely to survive nicely after the extreme pandemic situation.
As per the predictions of expert economists regarding Italy’s trade after the pandemic, it is expected to increase with the EU and the whole world during the years 2021 and 2022. The estimated GDP growth in the year 2022 in Italy is above 3% despite the Covid-19 retention.
Check out this article about Italy’s import and export for detailed information as well.
After reading the above post, it is expected that you have got know-how about the US and EU trades and the impact of Covid-19 on them. It is clear from the facts and figures that Italy has contributed a big part in imports and exports with EU, and after a year of downfall Italy’s imports and exports are stabilizing positively. We have also mentioned the hot cities for holding your business in Italy i.e. Venice, Milan, and Turin.
If you are one of those who are planning to set personal business in Italy, then go ahead because according to experts Italy’s economy is predicted to grow at a good percentage in coming years. Keep in mind that they have some restrictions, rules, and regulations for holding a business. All the rules are variable for different industries, which are not impossible to follow.