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Cooperazione economica

 

Cooperazione economica

Economic cooperation

 

Trade relationships between Italy and Yemen

 

The crisis that hit Yemen in 2011 caused an important reduction of the national economy (GDP –7,8 %, Economist Intelligence Unit - EIU). As statistics for trade volumes in 2011 are yet not available, reference has to be made to the 2010 consolidated data.

 

Main Italian Imports from Yemen (in Euro)

January – December 2010, total % variation 2009                                                                           

1. Skins (not fur) and leather

3.662.061

 

2. Fishery products

3.514.940

 

3. Lead and lead work

525.471

 

Total

8.375.411

+ 56 %

 

 

Main Italian Exports towards Yemen (in Euro)

January – December 2010, total % variation 2009                                                                            

1.Machinery, mechanical appliances and parts

76.273.943

 

2. machinery and electrical equipment and parts

10.516.603

 

3. preparations of cereals, flour, starch or milk; pastries

5.654.579

 

4. articles of iron and steel

4.614.570

 

5. plastics and articles of plastics

4.569.450

 

Total

123.996.235

+ 8 %

Source: ISTAT

 

The 2010 data confirm a relatively modest overall trade volume, albeit in presence of a growing trend (+ 56 % for Italian exports, + 8 % for imports), with a trade balance surplus in favor of Italy  (+115 million Euro).

The commercial perception of Italy is positive and ‘made in Italy’ products are extremely appreciated, although not always competitive on the Yemeni market.

Indeed, Yemen offers factors of potential interest for operators in light of the size of its market (25 million inhabitants) and the presence of cheap labor; in perspective, the most interesting sectors appear to be energy (oil and gas), machinery (which represents already the main export figure but which could offer further margins of improvement) and fishery (Red Sea). At the same time, the Yemeni internal market still suffers from limited purchasing power and security issues in many areas of the country.

The investment protection Agreement between Italy and Yemen entered into force on May 4th, 2008.

 


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