Purchasing From Italy Italy "a prosperous, discerning, and highly competitive market..." is a strong global player. United States companies involved in engineering, textiles, transportation, and chemicals, needing a strong alternative for sourcing, should consider what Italy has to offer (Tradepartners UK).
Business: (Tradepartners UK) ÃÂ· Worlds seventh largest economy ÃÂ· Member of GATT/WTO ÃÂ· Part of the European Union ÃÂ· Member of the G8 group of industrialized countries ÃÂ· Strong economic growth with a expected real GDP growth of 2.4% to 2.7% ÃÂ· Unemployment figures are down from 11% to 9.9%. (Unemployment is higher in the southern region of the country than in the North) ÃÂ· Inflation Rate of 2.4% ÃÂ· Exports Italian Exports (US$B) -Engineering products 88.1 -Textiles, clothing and leather 35.8 -Transportation equipment 26.5 -Chemicals 20.5 -Food, beverages and tobacco 12.6 -Non-metal minerals 8.6 -Rubber and Plastics 8.5 Export Destinations (% of a whole) -European Union 57.2 -Germany 16.7
-France 13.0 -United States 9.5 -United Kingdom 7.1 -Spain 6.0 ÃÂ· Imports Italian Imports (US$B) -Engineering products 72.2 -Transportation Equip. 32.8 -Chemicals 29.5 -Food, beverages and tobacco 16.2 -Textiles, clothing and leather 15.5 -Energy products 14.4 Import Origins (% of a whole) -European Union 60.6 -Germany 19.2 -France 12.6 -Netherlands 6.3 -United Kingdom 6.1 -United States 5.0 Source: OECD Series A EIU World Economic Outlook; British Embassy monthly economic report February 2000;EIU country report Italy 1st qtr 2000; ISTAT Monetary Payments and Conversion When doing business with an Italian company, one of the most important considerations should be the way in which a monetary transaction will take place. The agreed upon method should be negotiated during the contractual phase of the process and the outcome depends solely on the relationship between the two parties.
Methods of Payment ÃÂ· Open Account ÃÂ· Documentary Collection (Cash Against Documents) ÃÂ· Letters of...