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The economy of Italy is a highly developed market economy. It is the third-largest national economy in the European Union, the eighth-largest in the world by nominal GDP, and the 13th-largest by GDP (PPP). Italy is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20; it is the tenth-largest exporter in the world, with $632 billion exported in 2019. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. Italy is a large manufacturer and exporter of a significant variety of products. Its products include machinery, vehicles, pharmaceuticals, furniture, food and clothing. Italy has therefore a significant trade surplus. The country is also well known for its influential and innovative business economic sector, an industrious and competitive agricultural sector and manufacturers of creatively designed, high-quality products: including automobiles, ships, home appliances, and designer clothing. Italy is the largest hub for luxury goods in Europe and the third luxury hub globally.