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Italy-Rep. of Korea Bilateral Trade Analysis 2023

Complete trade statistics: $13.38B total volume •Italy surplus: $920.33M

Italy → Rep. of Korea

$7.15B

Exports (2023)

Rep. of Korea → Italy

$6.23B

Imports (2023)

Trade Balance

$920.33M

Surplus for Italy

Total Trade

$13.38B

Combined Volume

Trade Flow Visualization

Direct trade relationship between Italy and Rep. of Korea. Green line shows exports from Italy, red line shows imports.

Detailed Product Trade Analysis

Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Italy-Rep. of Korea commercial relationship and competitive positioning in global markets.

Italy → Rep. of Korea Exports

$7.15B
2023 Total

Export Market Intelligence

Product Diversity:
Highly Diversified
Market Share:
6.4% top product
1Cases and containers: handbags (whether or not with shoulder strap and including those without handle), with outer surface of leather or of composition leather
$458.67M
6.4% of exports
2Medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale
$362.26M
5.1% of exports
3Vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 3000cc
$187.65M
2.6% of exports
4Cases and containers: handbags (whether or not with shoulder strap and including those without handle), with outer surface of sheeting of plastics or of textile materials
$177.75M
2.5% of exports
5Footwear: n.e.c. in heading no. 6403, (not covering the ankle), outer soles of rubber, plastics or composition leather, uppers of leather
$155.88M
2.2% of exports
6Cases and containers: of a kind normally carried in the pocket or in the handbag, with outer surface of leather or of composition leather
$150.46M
2.1% of exports
7Aircraft and spacecraft: parts thereof n.e.c. in chapter 88
$136.01M
1.9% of exports
8Ceramic tiles: flags and paving, hearth or wall tiles other than those of subheadings 6907.30 and 6907.40, of a water absorption coefficient by weight not over 0.5%
$117.08M
1.6% of exports
9Anoraks (including ski-jackets), wind-cheaters, wind-jackets and similar articles: women's or girls', of man-made fibres, other than those of heading no. 6204 (not knitted or crocheted)
$103.70M
1.5% of exports
10T-shirts, singlets and other vests: of cotton, knitted or crocheted
$101.59M
1.4% of exports

🎯 Strategic Export Focus

Italy's export portfolio to Rep. of Korea demonstrates strong diversification across multiple sectors, with cases and containers: handbags (whether or not with shoulder strap and including those without handle), with outer surface of leather or of composition leather representing a key competitive advantage in this bilateral market.

Rep. of Korea → Italy Imports

$6.23B
2023 Total

Import Dependency Profile

Supply Diversity:
Well Diversified
Critical Imports:
8.3% concentration
1Blood, human or animal, antisera, other blood fractions and immunological products: immunological products, put up in measured doses or in forms or packings for retail sale
$517.87M
8.3% of imports
2Vehicles: with both spark-ignition internal combustion reciprocating piston engine and electric motor for propulsion, incapable of being charged by plugging to external source of electric power
$302.31M
4.9% of imports
3Blood, human or animal, antisera, other blood fractions and immunological products: immunological products, mixed, put up in measured doses or in forms or packings for retail sale
$267.85M
4.3% of imports
4Petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils
$255.70M
4.1% of imports
5Vessels: n.e.c. in heading no. 8901, for the transport of goods and other vessels for the transport of both persons and goods
$208.08M
3.3% of imports
6Vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity not over 1000cc
$141.69M
2.3% of imports
7Iron or non-alloy steel: in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of less than 3mm
$128.92M
2.1% of imports
8Rubber: new pneumatic tyres, of a kind used on motor cars (including station wagons and racing cars)
$115.42M
1.9% of imports
9Lathes: for removing metal, horizontal, numerically controlled
$105.13M
1.7% of imports
10Electric accumulators: lithium-ion, including separators, whether or not rectangular (including square)
$104.27M
1.7% of imports

📦 Import Strategy Analysis

Italy's import pattern from Rep. of Korea reveals strategic sourcingin blood, human or animal, antisera, other blood fractions and immunological products: immunological products, put up in measured doses or in forms or packings for retail sale, highlighting complementary economic structures and potential supply chain optimization opportunities.

Competitive Trade Position Analysis

🏆

Market Leadership

Italy demonstrates competitive strength in exportingcases and containers: handbags (whether or not with shoulder strap and including those without handle), with outer surface of leather or of composition leather to Rep. of Korea, leveraging comparative advantages.

Export Leader in 20+ Categories
🔄

Trade Complementarity

The bilateral relationship showsstrongcomplementarity, with each country specializing in different sectors.

Highly Balanced
📈

Growth Potential

The $13.38B trade volume indicates substantial economic integration with room for expansion in emerging sectors.

Major Partnership

Executive Summary: Italy-Rep. of Korea Trade Relationship

Key Trade Highlights 2023

  • Total Trade Volume: $13.38 billionrepresenting a significant bilateral economic relationship
  • Trade Balance: Italy maintains a surplus of $920.33 million
  • Export Focus: Italy's primary exports include cases and containers: handbags (whether or not with shoulder strap and including those without handle), with outer surface of leather or of composition leather, medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale, vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 3000cc
  • Import Dependencies: Key imports from Rep. of Korea include blood, human or animal, antisera, other blood fractions and immunological products: immunological products, put up in measured doses or in forms or packings for retail sale, vehicles: with both spark-ignition internal combustion reciprocating piston engine and electric motor for propulsion, incapable of being charged by plugging to external source of electric power, blood, human or animal, antisera, other blood fractions and immunological products: immunological products, mixed, put up in measured doses or in forms or packings for retail sale

Strategic Trade Indicators

Trade IntensityHigh
Export DiversificationDiversified
Trade Balance HealthBalanced

📈 Market Position: This bilateral trade relationship represents a significant global trade partnerships, with complementary economic strengths driving sustained commercial exchange.

Historical Trade Analysis & Economic Context

Trade Evolution Timeline

2019-2023: Recent Trends

Current trade volume of $13.38B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.

2015-2019: Growth Period

Sustained expansion in bilateral trade driven by complementary economic structures, with Italy leveraging its comparative advantages in cases and containers: handbags (whether or not with shoulder strap and including those without handle), with outer surface of leather or of composition leather.

2010-2015: Foundation Building

Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.

Pre-2010: Early Development

Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.

Key Economic Drivers

1

Comparative Advantage

Italy's specialization in cases and containers: handbags (whether or not with shoulder strap and including those without handle), with outer surface of leather or of composition leathercomplements Rep. of Korea's demand patterns, creating natural trade synergies.

2

Supply Chain Integration

Deep integration in global value chains has strengthened bilateral linkages, particularly in blood, human or animal, antisera, other blood fractions and immunological products: immunological products, put up in measured doses or in forms or packings for retail sale.

3

Market Access & Trade Policy

Favorable trade agreements and market access conditions have facilitated the growth of this $13.38B bilateral relationship.

Trade Pattern Insights

Trade ComplementarityAsymmetric
Seasonal VariationsModerate
Product ConcentrationLow
Market DependencyModerate
🔮

Trade Relationship Outlook

The $13.38B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.

Economic Impact & Strategic Outlook

Economic Impact Assessment

💰

Trade Volume Impact

The $13.38 billion bilateral trade volume represents a significant economic factorfor both economies.

Economic Significance: High
🏭

Industrial Integration

Trade flows in cases and containers: handbags (whether or not with shoulder strap and including those without handle), with outer surface of leather or of composition leather and blood, human or animal, antisera, other blood fractions and immunological products: immunological products, put up in measured doses or in forms or packings for retail sale demonstrate deep industrial linkages and supply chain integration.

Supply Chain Integration: Diversified
⚖️

Trade Balance Effects

Italy's trade surplus of $920.33 million strengthens its overall economic position in this bilateral relationship.

Balance Impact: Well Balanced

Strategic Future Outlook

🚀Growth Opportunities

Emerging Sectors
Technology transfer and innovation cooperation in medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale present expansion opportunities.
Market Diversification
Beyond current focus on blood, human or animal, antisera, other blood fractions and immunological products: immunological products, put up in measured doses or in forms or packings for retail sale, new product categories offer potential for trade expansion.

⚠️Risk Factors

Supply Chain Vulnerabilities
Moderate concentration in key sectors requires monitoring
Market Competition
Global competition in cases and containers: handbags (whether or not with shoulder strap and including those without handle), with outer surface of leather or of composition leather may affect future market positioning.

🎯Strategic Recommendations

  • Strengthen cooperation in high-value sectors beyond current trade patterns
  • Develop alternative supply chains to reduce dependency risks
  • Explore joint ventures in emerging technology sectors
  • Enhance trade facilitation and reduce transaction costs

Market Position & Competitive Summary

The bilateral trade relationship between Italy and Rep. of Korea represents a total trade volume of $13.38 billion in 2023. This partnership demonstrates a favorable trade balance for Italy, with exports exceeding importsby $920.33 million.

Export Strengths

Italy's exports to Rep. of Korea total $7.15 billion, with competitive advantages in cases and containers: handbags (whether or not with shoulder strap and including those without handle), with outer surface of leather or of composition leather, representing $458.67M or6.4% of bilateral exports.

Import Dependencies

Imports from Rep. of Korea amount to $6.23 billion, highlighting economic interdependence in blood, human or animal, antisera, other blood fractions and immunological products: immunological products, put up in measured doses or in forms or packings for retail sale, with Blood, human or animal, antisera, other blood fractions and immunological products: immunological products, put up in measured doses or in forms or packings for retail sale comprising8.3% of total imports.

The trade relationship reflects broader economic patterns and comparative advantages. The trade surplus indicates Italy's competitive position in this bilateral relationship. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.

Download Bilateral Trade Data

Access detailed trade data between Italy and Rep. of Korea in multiple formats.

Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023