In a very stormy 2022, characterized 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, exporting will be an even more complex and fascinating challenge, especially for SMEs who want to sell abroad.
The scenarios in which we are going to operate will become more dynamic, entire industrial sectors could come out of it redesigned. On international markets, therefore, the distribution, financial and logistic systems are looking for new structures and new balances.
And here the risks can become opportunities: as Fortis points out, the Italian economy appears more resilient than expected even in this new context of global turmoil, with skyrocketing energy and raw material prices, shortages in supplies of raw materials and components, right up to the war in Ukraine and the new Covid restrictions in China (which will be replaced by India in international trade).
The first six months of 2022 recorded national exports of 306 billion euros, 56 more than the previous year. The numbers are record-breaking with over 572 billion euros in 12 months.
From a geographical point of view, Made in Italy is oriented both towards European markets, with France and Germany in first place (with a growth of over the 15%), and in non-European markets where the products of our country are highly appreciated, particularly in the United States, which recorded an increase in imports from Italy of over the 31%, hitting a new all-time high. A reason of great interest for the United States is also the strength of the dollar in this historical moment.
Therefore, Made in Italy flies around the world, to the point of maintaining Italian exports at excellent levels and increasing the GDP. Let's find out which sectors SMEs need to focus on in order to sell abroad.
According to the most recent estimates by Monitor Deloitte for Intesa Sanpaolo, in the United States, one package of pasta out of three is produced in Italy.
The production of US pasta is in fact declining drastically, with a decrease of 3% recorded in 2021. The US market has in fact had a passive balance: while exports were worth 710 million dollars in 2021, imports reached 940 million dollars.
And here is how the Italian operators entered: 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 their iconic nature, can 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 dollars (they were 488 million in 2018 alone).
And looking to the future, according to analysts, the USA will remain the favorite market for Italian pasta in the coming years, which will continue to be the first supplier both for raw materials, for machinery and technologies, and for the finished product, with a growth of 3.7% over the next 5 years.
If you are interested in the food&beverage sector find out all the opportunities for Italian pasta in the United States in the dedicated article.
Also increasing are the exports of Made in Italy olive oil, with a jump of +23% compared to last year. And also in this case, according to the latest data released by Coldiretti, the main country of destination is the United States, where more than 62% of the value of sales is recorded.
Indeed, 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, the growth in purchases by German consumers (+22%), and in Japan (+27%) and France (+29%) should also be noted.
Great opportunities also in the furniture and wood sector: in the first 6 months of 2022 we witnessed an increase of +16.3% in Italian exports compared to the same period of the previous year, in terms of value.
Given that it is only partially due to inflation and higher prices, as the change in sales compared to the first half of 2021 was truly significant, recording a +22.2%
The furniture and lighting system is particularly significant, which in the first half of 2022 saw an increase in revenues of +15.5%.
Italian fashion at the end of 2022 will exceed pre-Covid levels, reaching 92 billion euro of revenues, up 10.5% on 2021 and 2.5% on 2019.
This figure can be attributed to the increase in exports, which will exceed 75 billion euros according to Il Sole 24 Ore, with an increase of +11% on 2021: this figure is still higher than the 71.5 billion euros of exports made record in 2019, the last year before the Covid-19 health crisis.
In particular, the export of Made in Italy fashion in the first five months of 2022 grew at a rate of +21.9%. Among the main export markets of Italian fashion, the United States once again stands out (+59.7%), followed by South Korea (+34.1%). Among the countries of the European Union, Spain (+31.5%), France (25.1%) and Germany (+20.2%) should be mentioned.
Many numbers that serve to indicate a trend but above all 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 in the numbers you have just read. Italian excellence receives maximum interest and allows our companies to generate additional turnover and profits thanks to foreign markets.
Octagona is the right partner to support your company in the internationalization process: in 20 years we have successfully worked on over 750 projects of internationalization, becoming one of the leading companies in International Advisory e among the top 5 in Italy.
What can we do to grow your business? Contact us: we will study together with you the best solution for your needs.
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