EXPORTING TO CANADA GOOD NEWS FOR ITALY
In the two years since the Comprehensive Economic and Trade Agreement (CETA) has provisionally come into effect, Canadian merchandise exports to the EU, including the United Kingdom (UK), averaged $46.6 billion in 2018 and 2019, up 16.6 percent compared to the pre-CETA level of $40.0 billion in 2016. Merchandise imports from the EU rose 24.1 percent.
Over the same period, imports from Italy posted strong growth, up to 1,96 billion cad dollar ( + 22,5%).
Italy is Canada’s 12th-largest export market in the world and the 6th-largest in Europe.
CETA represents a boost for exports to Canada, really a good news for italian companies.
IMPORT AND EXPORT STRONGER THAN EVER
Canadian imports from Italy continued to improve with upward growth of 10.2% totalling $9.0 billion compared to $8.2 billion in 2017.
Machinery, beverages, and motor vehicles and parts were the top 3 items, accounting for 37.9% of total imports from Italy.
Pharmaceutical products, mineral fuels and oils, and machinery were the top three products Canada exported to Italy in 2018, amounting to 56.2% of total exports to the country.
Major highlights include a surge of 100.6% in pharmaceutical products exports worth $929 million, a rise of 27.5% in mineral fuels and oils reaching $540 million and, an increase of 295.7% in vehicles totalling $116 million.
Italy ranks eighth in the world and third in Europe as a source of imports to Canada.
CURRENCY: OPPORTUNITIES AND RISKS
These are some of the reasons why Canada represents an extraordinary opportunity for Italian companies and viceversa.
Canada and Italy have an established and growing trade and investment relationship!
To better address international markets it’s essential to have a global vision and carefully consider that changes in currency can affect the imports and exports.
Most of all, changes in currency can improve or make worse competitiveness and marginality.
WB OUTLOOK EUR/CAD
To define a appropriate outlook, our team expects the Euro to try to approch the 1.60 zone again
In the past, many sell orders of Euro have been set in this zone and also the market it’s likely to test 1.6 zone again to define the medium long term trend.
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