UAE-Italy trade volume reaches 4.8 billion euros in H1 of 2024

Sajjad Ahmad, Deputy Business Editor

Speaking to Gulf Today, Edoardo Napoli revealed, “In June 2024, we registered a bilateral trade volume of approximately 4.8 billion euros, with a 26% growth compared to the first six months of 2023. Italian exports are equal to approximately 3.8 billion euros, while imports are equal to 1 billion euros, with a positive trade balance of 2.8 billion euros for our country. Italy has confirmed itself as the 10th biggest supplier of the UAE, with a market share of 3% and as the second EU supplier after Germany (3%).”

Highlighting the growth of mutual trade between the two friendly countries, the Consul General added, “Current trends indicate that the annual trade between Italy and the UAE will continue to grow. For instance, a recent report issued by Euromonitor offered positive predictions on the Italian jewellery sector. Between 2022 and 2023 the average compound annual growth rate increased by 4%; according to Euromonitor forecasts for the next 5 years, the CAGR for that sector is going to increase on an average of 4.8%.”

Discussing new initiatives to strengthen the existing trade relations between Italy and the UAE, Napoli said,” Italy and the UAE are actively pursuing new initiatives to further strengthen the trade relations between the two countries. Trade missions and exhibitions are traditional, but always solid initiatives to connect Italian and Emirati businesses, showcasing opportunities in various sectors such as technology, fashion and jewellery.”

“Our Italian Trade Agency is also working on some innovative projects to promote high-quality Italian products on relevant digital channels. Plus, the country still has relevant potential for design, furniture and construction companies in relation to its real-estate sector. We also focus on facilitating mutual investments, primarily in sectors like innovation, technology, construction and energy.”

On the Italian exports products to the UAE, he added, “The main products we export to the UAE are jewellery, mechanics, fashion, electric appliances, agri-food and furniture.”

Sharing the participation details of Italian companies in the ongoing Watch and Jewelry Middle East Show, Napoli said, “On the 54th Middle East Watch & Jewelry Show, we are welcoming 49 prominent Italian jewellery manufacturers at the Italy Pavilion. We are very satisfied and thankful to the organisers as, compared to the previous edition, we have been provided with more space for Italian companies. We look forward to grow further in the future, showcasing an even higher number of Italian creations in this important fair.”

Organised by the Italian Trade Agency (ITA), designed by Artex, in collaboration with the Italian Confederation of Craft Traders and SMEs (CNA), this showcase aligns with the Ministry of Foreign Affairs’ mission to promote the Italian jewellery sector internationally. The Italian lounge will provide an additional opportunity for the Italian brands participating to showcase their products to the visitors.

Discussing the importance of exhibition for Italian brands to expand in the region, the Consul General  added,” This exhibition, which we can now call historic, is very important for Italian jewellery brands, not only for commercial reasons, but because, being a B2C event, it allows them to better understand the local culture, habits and purchasing patterns. At WJMES, Italian companies are able to build significant relations with customers and show the authenticity and quality of Italian craftsmanship, which make our jewellery unique and sought-after. In addition, the participation of industry leaders and influencers make this exhibition an even more valuable occasion for exploring partnerships and collaborations.”

Edoardo Napoli, as a strong advocate of cultural exchange between the two people, said,” Cultural promotion is one of our priorities, not only for the intrinsic value of culture, but also because cultural exchanges promote the mutual knowledge of people. We want the Emiratis and the many other residents in this very dynamic and international country to feel closer to our culture, art and way of living, while at the same time we want to know more of theirs.”

Napoli concluded, “To this aim, we organise different types of initiatives, together with our Embassy and Cultural Institute in Abu Dhabi, ranging from music to literature, and science to cuisine. We also pay special attention to innovative sectors, like digital art. In this regard, we hosted the first-ever exhibition of Italian art at the last edition of Art Dubai. There is no doubt that this is an incredibly interesting context to promote our country and we are glad of the interest it generates among so many friends and partners here.”