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Italy-Russia trade jumped to €31 billion in 2013

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Italy-Russia trade jumped to €31 billion in 2013
Russian President Vladimir Putin. Exports from Italy to Russia were also up by 8.2 percent last year. Vladimir Putin photo: Shutterstock
12:35 CEST+02:00
Trade between Italy and Russia reached €31 billion last year, with imports to Italy up 9.5 percent on 2012, according to figures released on Thursday by the Milan Chamber of Commerce.

Exports from Italy to Russia were also up by 8.2 percent last year, to €10.8 billion, while imports were valued at €20 billion.

The most important Italian province for Russian deals was Milan, which boasted 11.7 percent of the bilateral trade. While exports from Milan were up 12.4 percent last year, imports fell 27 percent, according to the Milan Chamber of Commerce.

The north-west province of Vicenza accounted for 4.6 percent of trade in 2013, while Bologna in central Italy was the third most important province with 4.5 percent.

Rome failed to feature in the top 20 provinces listed for trade with Russia, based on figures from Italy’s national statistics agency Istat.

Italian manufacturing was the dominant economic driver, accounting for 98.8 percent of the export market, with 0.9 percent attributed to agricultural products.

Russia’s mining industry fuelled the country’s exports to Italy, making up 68.8 percent of the total trade, while 30.6 percent came from the manufacturing sector.

The figures reflect the strengthening of economic ties between Russia and Italy, including a €1 billion investment fund signed between the two countries last year.

READ MORE: Italy eyes Russian cash to boost economy

In a bid to boost Italy’s sluggish economy, the government is upping efforts to attract foreign investors. But some have raised concerns over the influx of Russian money into Italy, with commentators telling The Local last year that the Russian funds could come from dubious sources.

READ MORE: 'Italy-Russia deal is equal to one with drug cartels'

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