Its trade with the rest of the world has increased noticeably, owing in particular to growing exchanges with new EU member states and the emerging economies. In 2011, euro-area exports and imports accounted for 49 percent of GDP, up from 32 percent in 1999; the corresponding figure for both the US and Japan is 29 percent.
The area’s financial assets and liabilities vis-à-vis the rest of the world amounted to 184 and 196 percent of GDP, respectively, up from 92 and 99 percent in 1999. In the US the corresponding figures in 2010 were 140 and 157 percent. Italy is very open to foreign trade.