In a world still grappling with various shocks and widespread uncertainty, Italian companies must know how to navigate international markets. Here are the data that emerged from the Export 2023 Report
According to the ISTAT forecast, the macroeconomic outlook for the rest of 2023 is generally positive, albeit threatened by unfavorable financial conditions and a still high inflation rate. World GDP will continue to grow (+1.7% and +2.5% in 2023 and 2024), albeit at a slower pace than last year, while for world international trade in volume, there will be substantial stagnation in goods (-0.3% and +3.5% respectively), compared with more buoyant dynamics in services (+5.8% and +12.2%).
Last year, due to the health emergency and the outbreak of the Russian-Ukrainian conflict, governments had to make restrictive interventions in international trade: the consequences led businesses around the world to Rethinking destinations for one's exports and to new geographical areas for the supply of raw materials. But even in this context the Made in Italy export, historically one of the drivers for the Peninsula's economy, shows great resilience. Indeed, Italian exports of goods in the rest of 2023 will grow by 6.8% compared with last year, with great dynamism albeit at a lower growth rate than in 2022, exceeding 660 billion. And the pace will remain strong even in 2024, with a rate of +4.6%, then slowing to about 3.8% in the following two years.
L’latest SACE report on exports clearly indicates how the development of the Belpaese country once again passes through international trade, emphasizing the opportunities offered by the fastest-growing markets and geographies that show great interest in Italian products. Among them, here are the destinations that represent the best possibilities for development For Made in Italy.
The world's largest consumer market with a GDP of more than 21 billion euros and 333 million people, the United States will see a decent growth performance over the medium term thanks to the boost of the Inflation Reduction Act passed by President Biden's administration. Italian companies will be able to benefit from these reforms, either by investing directly there or through supply contracts along the entire value chain. Factors that will be able to give important impetus to Italian exports, such as An increased demand for electrical appliances (+8.7% compared to 2021) and rubber and plastic products (+10,7%).
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India remains among the fastest-growing markets for our goods exports thanks to the deep economic and fiscal reforms put in place by the Modi government in recent years to transform the country's productive fabric. After the excellent performance of Italian sales in 2022 (+24.2%), India is confirmed as one of the Peninsula's most attractive export destinations. Especially for goods exports, growing by 10.3% in 2023 and 4.8% in 2024.
In detail, the fastest growing markets for our exports include. the electrical appliance industry (+11.4% compared to 2021) and that of the instrumental mechanics (+11.2%). India thus seems poised to take up the challenge to establish itself as a new global manufacturing hub, taking advantage of the demographic factor (the population has surpassed China's and is expected to continue to expand over the next three decades) and the current context of adjustment in global value chains, which is driving several multinationals to diversify more production, especially on the Asian continent.
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In Saudi Arabia Italian exports in the chemical sector recorded a record in terms of growth, with a +58% for 2023; also noteworthy is the performance of the’metal industry (+23% this year compared to 2022). Capital goods can also play a key role in the kingdom's economic diversification, especially in the field of mechanics instrumental (+6.2% in 2023 and +8.3% in 2024) and of the appliances electrical (+11% and +3.9% respectively).
Even the United Arab Emirates continue their growth process, as do Italian exports to the country, particularly for the’mechanical industry (+10% in 2023 and +6.7% in 2024) and for the electrical appliances (+9.3% and 9.8%). Finally, positive potential also for transportation equipment (+6.4% in 2023 and +10.1% the following year).
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These numbers show how Italian companies must believe in the possibility of increasing their turnovers exploring new markets: most companies that invest on exports in 2023 will get favorable returns. If you are eager to expand your company abroad but don't know where to start, countries such as the United States, India, Saudi Arabia, and the United Arab Emirates offer important development opportunities for Italian companies abroad. Want to learn more about how Octagona can help you explore these markets? Then contact us by clicking on the button below: we will study with you the best solution for your business.
Italian exports of goods will grow by 6.8% in 2023 compared to 2022, exceeding 660 billion euros. The pace remains sustained in 2024 with a +4.6%, then slowing to around 3.8% in the following biennium. The figure is below the growth of 2022, but confirms the resilience of Made in Italy.
According to the Italian Statistical Institute (ISTAT), global GDP will grow by 1.7% in 2023 and by 2.5% in 2024, at a slower pace than the previous year. International trade in goods in volume will be almost stagnant (-0.3% and +3.5%), while services will be more active (+5.8% and +12.2%). Adverse financial conditions and high inflation weigh heavily.
The SACE report indicates that the most promising markets are the United States, India and the Gulf countries, particularly Saudi Arabia and the United Arab Emirates. These are areas with strong growth and great interest in Italian products, especially in the fields of instrumentation, electrical equipment and transportation vehicles.
India is growing thanks to the economic and fiscal reforms of the Modi Government and the demographic factor, having surpassed the Chinese population. After the +24.2% of 2022, Italian exports of goods will grow by 10.3% in 2023 and by 4.8% in 2024. Electrical equipment (+11.4%) and mechanical and instrumental equipment (+11.2%) are showing good growth.
In Saudi Arabia, the chemical sector recorded +58% in 2023 and metals +23%, with good prospects for instrumentation mechanics and electrical equipment. In the United Arab Emirates, mechanical engineering (+10% in 2023 and +6.7% in 2024), electrical equipment and transportation (+6.4% and +10.1%) are growing.
The Biden Administration’s Inflation Reduction Act will favor demand for electrical appliances (+8.7% compared to 2021) and rubber and plastic products (+10.7%) in the United States. Italian companies can seize the opportunity by investing directly on-site or through supply contracts along the value chain.
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