In a very stormy 2022, marked by high inflation and the war in Ukraine, exports can play an important role in restarting growth and development. But in these as in the coming months, export will be an even more complex and fascinating challenge, especially for SMEs that want to sell abroad.
The scenarios in which they go about their business will become more dynamic, entire industrial sectors may come out redesigned. In international markets, here, then, distribution, financial and logistics systems go in search of new arrangements and balances.
And here's where risks can become opportunities: as Fortis notes, the Italian economy appears more resilient than expected even in this new context of global turmoil, with skyrocketing energy and commodity prices, shortages in raw material and component supplies, to war in Ukraine and new Covid restrictions in China (Which will be replaced by India in international trade).
The first six months of 2022 reported domestic exports of 306 billion euros, a full 56 billion euros more than in the previous year. The numbers are record-breaking with more than 572 billion in 12 months.
Geographically, Made in Italy is oriented to both European markets, with France and Germany in first place (with a growth of over 15%), both in non-European markets where our country's products are highly valued, particularly in the United States, which recorded an increase in imports from Italy of beyond the 31%, touching a new all-time high. Also a reason for strong interest in the United States is the strength of the dollar at this historic moment.
Thus, Made in Italy is flying around the world, to the point of keeping Italian exports at excellent levels and boosting GDP. Let's find out which sectors SMEs should focus on to sell abroad.
According to the most recent estimates by Monitor Deloitte for Intesa Sanpaolo, In the United States, one out of every three packages of pasta is made in Italy.
Indeed, U.S. pasta production is falling dramatically, with A decrease of 3% recorded in 2021. Indeed, the U.S. market had a passive balance: while exports were worth $710 million in 2021, imports topped $940 million.
And so here is how the Italian operators fit in: the average American consumer is increasingly attentive to the quality and safety of the food they put on the table. Characteristics that Italian food products, together with their unique taste and iconicity, know how to offer. And in the last three years, Italian exports of raw materials, finished products (considering both pasta and derived products) and sector technologies have experienced a real economic boom, reaching To touch the figure of $682 million (it was 488 million in 2018 alone).
And looking to the future, according to analysts, US will remain the favorite market for Italian pasta in the coming years, which will continue to be the top supplier for both raw material, machinery and technology, and finished product, with growth of 3.7% over the next 5 years.
If you are interested in the food&beverage industry, find out. all the opportunities for Italian pasta in the United States in the dedicated article.
Also increasing are exports of Made in Italy olive oil, with A jump of +23% compared to last year. And again, according to the latest data released by Coldiretti, the main country of destination is the United States, where more than 62% of the sales value is recorded.
In fact, in the first six months of 2022, the US market grew by +20% in value compared to the first six months of the previous year. But also watch out for Canada, where the value of Made in Italy olive oil exports grew by 40% in the same period.
Finally, also of note is the growth in consumer purchases from Germany (+22%), and Japan (+27%) and France (+29%).
Great opportunities also exist in the furniture and wood industries: In the first 6 months of 2022, we saw a +16.3% increase in Italian exports compared with the same period in the previous year, in terms of value.
This figure is only partially due to inflation and higher prices, as the change in sales compared to the first half of 2021 was really significant, registering +22.2%
Particularly significant was the furniture and lighting system, which saw an increase in revenue of +15.5% in the first half of 2022.
Italian fashion at the end of 2022 will exceed pre Covid levels, Touching 92 billion euros in revenues, up 10.5% on 2021 and 2.5% on 2019.
This can be attributed to the increase in exports, which will exceed 75 billion euros according to Sole 24 Ore, an increase of +11% over 2021: this is still higher than the 71.5 billion euros in exports recorded in 2019, the last year before the health crisis by Covid-19.
In particular, Made in Italy fashion exports in the first five months of 2022 grew at a rate of +21.9%. Among the main export markets for Italian fashion, the United States once again stands out (+59.7%), followed by South Korea (+34.1%). On the other hand, among European Union countries, Spain (+31.5%), France (25.1%) and Germany (+20.2%) are worth mentioning.
So many numbers that serve to indicate a trend but more importantly a great opportunity. Perhaps never before has the world been ready to welcome Italian excellence. Many companies have already realized this; others will arrive late.
If right now you are wondering in which sectors your SME should sell abroad, then the answer is right in the numbers you just read. Italian excellence receives maximum interest and enables our companies to generate, through foreign markets, additional sales and profits.
Octagona is the right partner to support your company in the internationalization process: in 20 years we have successfully worked on more than 750 projects of internationalization, becoming one of the leading companies in International Advisory and among the top 5 in Italy.
What can we do to grow your business? Contact us: we will study with you the best solution for your needs.
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The sectors showing the best results are food and pasta, olive oil, furniture and wood, fashion and clothing. In the first half of 2022, furniture exports grew by 16.3%%, while fashion will exceed 75 billion euros in exports at the end of the year, up 11% from 2021.
The United States is the most interesting market: imports from Italy have increased by over 31%, reaching an absolute maximum, also thanks to the strength of the dollar. The USA is the first market for olive oil, with over 62% of sales value, and for fashion, with a +59.7%.
In the first six months of 2022, Italian exports reached 306 billion euros, 56 billion more than the previous year, with over 572 billion euros in twelve months. In Europe, France and Germany are in the lead, with growth exceeding 15%.
In the USA, one in three pasta packages is produced in Italy, because consumers seek quality and food safety. American production fell by 3% in 2021 and Italian exports of raw materials, products, and technologies rose from $488 million to $682 million. There is expected to be a 3.7% growth over five years.
In addition to the United States, where the value grew by 20% in the first half of 2022, Canada (+40%), France (+29%), Japan (+27%) and Germany (+22%) are also growing. According to Coldiretti, the total export of Italian olive oil has increased by 23% compared to the previous year.
A SME can rely on a consulting firm specializing in International Advisory, Temporary Export Manager and Digital Export. Octagona boasts 20 years of experience, over 750 internationalization projects and is among the top 5 Italian companies in International Advisory, and studies tailor-made solutions for each company.
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