The US presidential election, won by Donald Trump, rekindled the discussion over the importance of commerce between Italy and the United States. In recent days, several government officials, including Prime Minister Giorgia Meloni and Lega party leader Matteo Salvini, have made statements on this topic to emphasize that Italy's exports have continued to grow over the years, regardless of changes in U.S. administrations. According to the most recent Istat annual figures, Italian exports to the United States totaled 67.3 billion euros in 2023. Imports into Italy from the United States, on the other hand, totaled 25.2 billion euros. Consequently, the combined value of commerce between the two nations exceeds 92 billion euros, with a positive trade balance of 42 billion euros for Italy, as exports exceed imports.
Between 2014 and 2023, the value of Italian exports to the United States has always increased, with the exception of 2020, which was influenced by the economic downturn due by the Covid-19 pandemic. And, during the last decade, the trade balance between the two countries has gradually widened. However, it is important to note that the data represents exports in nominal values, which exclude inflation. If we evaluate actual values, which account for the impact of inflation, the trade trend changes, with less pronounced growth and, in some cases, falls.