The article investigates the practical aspects of the implementation of foreign economic relations between Ukraine and Italy. The features and patterns of the development of foreign trade in goods and services between from Ukraine Italy and specificity of investment cooperation are investigated by the author. The analysis of the intensity and efficiency of foreign trade in goods and services on the basis of index intensity of trade, net trade and export to import ratio are made. It was established that during the period that has been analyzed, Ukraine has a positive balance in goods and services, value amounts of trade balance are characterized by a tendency to decrease. Ukraine in cooperation with Italy is a net exporter, but the dynamics of the increase in imports of both goods and services outstrips the growth dynamics of exports, that indicates the loss of Ukrainian positions in bilateral trade. For comparison the structure of trade in Italy and Ukraine the comparative diversification index of exports (imports) has been calculated and show that Italy exports more diversified and close to the world structure, and Ukraine's exports are different to a greater extent from the world’s exports. The current state and dynamics of changes in the structure of trade in goods and services are analyzed. The use of indicators of structural changes in the time allowed to assess the degree of the significance of changes that happened in the period analyzed. It has been shown that significant changes in the commodity structure of exports and imports in the period of 2007-2012 and the structural changes in exports are more substantial than in imports. The object structure of trade in services has not changed.