Italy Letter of Credit Transactions

What are the key points of consideration as an exporter when working with a letter of credit which is issued in Italy or as an importer when issuing a letter of credit for an Italian exporter?

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You should understand Italy economy, Italy exports and imports as well as Italy banks before you proceed to work with a letter of credit which is issued in Italy.

Economy of Italy and Its International Trade at a Glance:

  1. Gross domestic product of Italy is $2,19 trillion US dollars in year 2012. This makes Italian economy 8th largest economy in the world after USA, China, Japan, Germany, France, Brazil and UK. Italy is the third largest economy of the Eurozone after Germany and France.
  2. Italy is the world’s 11th biggest importer with 453,50 billion US dollars import volume in year 2012 and 9th biggest exporter with 478,90 billion US dollars export volume in year 2012.
  3. International trade has been playing a significant role on Italian economy. Italian companies are famous for its quality products in global scale on different type of goods such as healty food, automobiles, textile, machinery, eye glasses and many more.
  4. Italian economy hit hard by the last global economic crises. Italian economy is one of the most badly effected economy in EU. Italian GDP has declined by 6.9% since the start of the financial crises in year 2008. You can have a look at the Italian economic’s current situation after the last financial crises from this link.)
  5. Main export products of Italy : Precision machinery (18%); metals and metal products (13%); clothing and footwear (11%); motor vehicles including luxury vehicles, motorcycles and scooters (10%), pharmaceuticals and other chemicals (7%) and food (6%).
  6. Main import products of Italy : Fuel (17%), motor vehicles (10%), raw minerals (10%), chemicals (9%), electronic devices (8%) and food (7%).
  7. Biggest Export Partners of Italy : Germany (13%), France (12%), United States (6%), Switzerland (6%) and Spain (5%).
  8. Biggest Import Partners of Italy : Germany (16%), France (8%), China (7%), Netherlands (5%) and Spain (5%).

Biggest Banks in Italy and their SWIFT Codes:

Bank NameAssets (Billion USD)Swift Code
Bank Name:
UniCredit SPA
Assets (Billion USD):
1,219,53
Swift Code:
UNCRIT2V
Bank Name:
Intesa Sanpaolo SPA
Assets (Billion USD):
841,14
Swift Code:
BCITITMM
Bank Name:
Banca Monte dei Paschi de Siena SPA
Assets (Billion USD):
316,73
Swift Code:
PASCITMM
Bank Name:
Banco Popolare SPA
Assets (Billion USD):
176,49
Swift Code:
BPVIIT22
Bank Name:
UBI Banca SPA
Assets (Billion USD):
170,80
Swift Code:
BEPOIT21
Bank Name:
Mediobanca SPA
Assets (Billion USD):
99,20
Swift Code:
BAMEITMM
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