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India Italy Trade

Italy is India's 3rd largest trading partner in export in EU, after Germany and Netherland and 4th largest trading partner in import after Germany, Belgium and France.

Last updated: Feb, 2025

Introduction

The foundation of Italy and India’s relations stand firm based on the shared principles, and values of democracy, freedom, human rights, and upholding the rule of the law. In addition, the two countries work closely to increase research & and development in the field of science and technology. The main items of Indian exports to Italy are ready-made garments, leather, iron ore, motor vehicles, textiles, chemicals, and gems & jewellery.

India-Italy Trade

  • The bilateral trade between the two countries was valued at US$ 14.56 billion in 2023-24.
  • Italy is the 19th largest foreign investor in India with a cumulative FDI inflow of US$ 3.51 billion from April 2000-September 2024.
  • Italy is among India's top five trading partners in the European Union with the balance of trade in India’s favour since the early eighties.
  • Italy is India's 3rd largest trading partner in export in EU, after Germany and Netherland and 4th largest trading partner in import after Germany, Belgium and France. The bilateral trade between India and Italy has been growing strongly in the last three years following the economic recovery post Covid-19 pandemic.
  • The Indian community in Italy (estimated at 2.5 lakh including PIOs) is the third largest community of Indians in Europe after the UK and the Netherlands.
  • India ranks 15th as the country of origin of Italian imports, accounting for 1.5% of Italian imports.
  • Main items of Indian exports to Italy are ready-made garments, leather, iron ore, motor vehicles, textiles, chemicals, gems & jewellery. The main items of import from Italy are general and special purpose machinery, machine tools, metallurgical products, and engineering items.

Major exported items from India to Italy with amount & quantity

  • India exported 4,489 commodities to Italy during FY24.
  • India’s exports to Italy stood at US$ 8.77 billion in FY24.
  • India’s export to Italy stood at US$ 5.10 billion during April-November 2024.
  • Major exported items from India to Italy include Engineering Goods (US$ 3.8 billion), Electronic Goods (US$ 943.55 million), petroleum products (US$ 757.06 million), Organic and Inorganic chemicals (US$ 502.81 million), Ready-made garments (US$ 331.44 million), Leather and leather materials (US$ 311.27 million), Drugs and Pharmaceuticals (US$ 223.56 million) etc. in FY24.
  • Major exported items from India to Italy include Engineering Goods (US$ 2.04 billion), Electronic Goods (US$ 971.26 million), Organic and Inorganic chemicals (US$ 298.69 million), Others (US$ 238.90 million) and Coffee (US$ 221.23 million) during April-November 2024.

Major imported items by India from Italy with amount & quantity

  • India imported 4,465 commodities from Italy in FY24.
  • Imports from Italy to India stood at US$ 5.79 billion in FY24.
  • India's imports from Italy include Nuclear Reactors (US$ 2.27 billion), electric machinery (US$ 400.16 million), Organic Chemicals (US$ 359.80 million), optical, photographic cinematographic measuring, checking precision, medical or surgical inst. and apparatus parts and accessories (US$ 241.48 million), plastic and articles (US$ 204.59 million), articles of iron or steel (US$ 188.45 million), iron and steel (US$ 139.86 million), etc in FY24.
  • India’s import to Italy stood at US$ 4.02 billion during April-November 2024.
  • India’s imports from Nuclear Reactors (US$ 1,641.59 million), Electrical Machinery and Equipment (US$ 261.89 million), Organic Chemicals (US$ 259.65 million), and Plastic and Articles (US$ 145.40 million) during April-November 2024.

Recent Trends & developments

  • India and Italy’s 2025-2029 Strategic Action Plan aims to boost ties in trade, technology, green energy, defence, space, and cultural exchange. Key initiatives focus on food process, cybersecurity, education, mobility, and joint efforts in combating terrorism and advancing renewable energy solutions.
  • In July 2024, Union Minister of Commerce and Industry, Mr. Piyush Goyal, attended the G7 Trade Ministers' meeting in Reggio Calabria, Italy, focusing on global trade relations and economic cooperation. He held high-level bilateral meetings, notably with Italy's Deputy Prime Minister Mr. Antonio Tajani, where they agreed to enhance bilateral trade, investments, industrial co-production, and cooperation in clean technologies.
  • The 8th session of the India-Italy Foreign Office Consultations was held in February 2022 in Rome where the two sides reviewed the entire gamut of bilateral relations.
  • India and Italy agreed to explore the development of green hydrogen, setting up renewable energy corridors, and joint projects in the natural gas sector as the two nations sought to strengthen partnerships in the energy transition.
  • Prime Minister Mr. Narendra Modi has made his first ever visit to Italy to attend the G20 Leaders Summit in October 2021.
  • In March 2023, The Prime Minister of the Italian Republic, H.E. Ms. Giorgia Meloni has made her first ever visit to India. Following high level exchange of visits, the bilateral relationship of the two countries was elevated to the level of strategic partnership.
  • In March 2023, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Mr. Antonio Tajani and Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Mr. Piyush Goyal, co-chaired a Business Forum in New Delhi, which was attended by approx. 40 leading Italian and Indian Companies.
  • Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Mr. Piyush Goyal visited Italy from April 12 - 14, 2023 accompanied by a high-level business delegation from CII. During the visit in addition to bilateral meetings, they also participated in a high-level CEO interaction, which was co-chaired by both Mr. Antonio Tajani and Mr. Piyush Goyal. Both countries have committed to strengthen their cooperation in sectors such as agriculture, renewable energy, automotive, space, defence, IT and ITeS etc.

Trade and Investment

  • India ranks 19th as the country of origin of Italian imports, accounting for 1.2% of Italian imports.
  • More than 600 Italian companies are already present in India on sectors such as fashion and garments, textile and textile machinery, automotive and automotive components, infrastructure, chemicals, energy, confectionery, insurance, etc. They are FIAT Auto, Heinz Italia, FIOlA, Italcementi, Necchi Compressori, Perfetti, Lavazza, Fata Hunter Engineering, etc. The prominent Indian companies operating in Italy include Tata, TCS, Wipro, Engineers India Limited, L&T, Mahindra & Mahindra, Ranbaxy, Raymonds, etc.
  • Apart from this, six Italian banks have representation in India. Moreover, India's top sectors attracting FDI inflows are the automobile Industry/transportation, food processing, metallurgical industry, textiles, electrical equipment, and others.
  • Indian investment in Italy is estimated at around US$ 400 million. Indian companies in Italy are mainly in IT, pharma, electronics, manufacturing and engineering sectors.

Conclusion

The two countries enjoy a cordial relationship. There has been a regular exchange of visits at political and official levels between both countries. Apart from this, both countries enjoy a vibrant diaspora on both sides. If the India and EU sign a trade pact in the coming time, Italy and India can enjoy major two-way trade benefits.

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