Meloni sees Milei, close coordination between G7 and G20 needed. Among EU countries Italy second supplier to Argentina

The data from the Economic Observatory of the Ministry of Foreign Affairs is not among the most up-to-date, but it is nevertheless a first starting point to 'take the pulse' of trade relations between Italy and Argentina, on the day when the ultraliberal president Javier Gerardo Milei , after being received first by the Pope in the Vatican and then at the Quirinale by the President of the Republic Sergio Mattarella, at 4pm saw at Palazzo Chigi the premier Giorgia Meloni.

'The conversation,' reads a note issued at the end of the meeting with the leader of Fdi, 'focused on the common desire to strengthen bilateral relations starting with economic cooperation in strategic sectors such as energy, infrastructure and agriculture. They also discussed the regional situation, agreeing on the need - in light of the Italian G7 Presidency - for close coordination of the Group of 7 with the G20'.

The two economies are deeply intertwined. In the first seven months of 2022, Italy was Argentina's 10th supplier and 21st customer globally, while, among EU countries, it was confirmed in second place as a supplier (after Germany) and third customer (after Spain and the Netherlands).

In the same period, bilateral trade amounted to €1,368 million (+36.5% compared to the same period of 2021), with Italian exports to Argentina amounting to €759 million (+36.6%) and Italian imports amounting to €610 million (+36.5%), with a positive trade balance of €149 million. In general, almost all the items of Italian exports recorded positive changes, mainly represented by machinery, pharmaceutical products, electrical appliances, chemical products and fertilisers, and parts and accessories for motor vehicles, while the main items of our imports are represented by vegetable and animal oils and fats, fish, crustaceans and molluscs, and agricultural products (source: MAECI Economic Observatory elaborations on TDM Trade Data Monitor data).

According to information provided by the Ministry, there are more than 250 Italian companies present in Argentina, 110 of which are active in the manufacturing sector, employing more than 50,000 workers (estimates by the Italian-Argentine Chamber of Commerce), while, according to ICE estimates, the annual turnover of Argentine companies with Italian capital is around EUR 11 billion (EUR 9.2 billion is the turnover of foreign companies with Italian capital in Argentina and EUR 2 billion that of Italian companies with foreign capital in the country).