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ROME, August 07, /ITAR-TASS/. Russia’s restrictions on imports of food and farming products from the European Union will seriously impact Italy’s agrarian sector, Italian Minister of Agriculture, Nutrition and Forestry Maurizio Martina said on Thursday.
“It is absolutely obvious that this decision will have a serious impact on Italian exports. We are closely watching the development of the situation and will address this issue both at the national and at the European levels. But we are confident that there is only political way out of this crisis,” he said.
The ministry’s press service told ITAR-TASS that Italy was waiting from Russia a detailed list of products subject to the import ban. Apart from that, a number of Italian companies, for instance, Barilla, have established production lines in Russia.
According to official statistics, Italy’s food exports to Russian in 2013 reached 700 million euro, or slightly more than two percent of its overall exports. Wines accounted for a larger part of Italian exports to Russia, bringing it 115 million euro. Italy’s yields from exports of pasta stood at 50 million euro and from exports of dairy products - at 45 million euro.
Italy’s agrarian sector accounts for 17% of its GDP. Agriculture is the only sector of the Italian economy which demonstrated a minor growth of 4% on the background of a general economic slowdown (a decline of 0.2% of the GDP in the second quarter of 2014).