China, Russia and USA boosting Italy’s non-EU exports, up 8.2% on year in June | bambinoides.com

China, Russia and USA boosting Italy’s non-EU exports, up 8.2% on year in June

 

by Laura Cavestri – 

The race for Italy’s non-EU exports is slowing. According to national statistics office ISTAT, in June 2017, exports toward non-EU countries were up 8.2% compared to the same month of 2016, and rose 9.1% in January-June versus the same period in 2016.

But the stumble was seen in the month-on-month figures. ISTAT said non-EU exports of “Made in Italy” products were down 1.6% in June compared to May this year. The April-June period also saw a negative reading (-1.5%) compared to the previous three months (January-March). On the quarterly front, that is the first decrease since the start of 2016 (when there was a 2.7% decline).

It is hard to predict if this is just a temporary blip. Certainly, if in June the Italian non-EU trade balance showed a surplus of €3.2 billion (compared to €3.4 billion in June 2016), this year there is in any case €8.2 billion more in the first six months compared to the same period of 2016.

The annual figure by sector and countries

Looking at the growth figure compared to June 2016, the most notable increases were seen in energy (+20.6%) and in durable consumer goods (+11.1%) with a lesser intensity in intermediate goods (+7.5%) and capital goods (+7.4%). Imports also grew (+12%), boosted by durable consumer goods (+26.8%) and energy (+21.5%).

Key drivers are above all exports toward China (+32.9%), Russia (+26.8%), the U.S. (+12.4%) and Turkey (+4.4%), that are continuing to rise, accelerating compared to rates of growth at the start of the year. But the positive dynamic (even if inferior to rates at the start of the year) also involves the Mercosur countries (+18.9%), the Asean area (+8.6%), and Japan (+4.2%). The fall in sales is evident, on the other hand, in the OPEC area (-2.8%).

In the six months (January-June 2017 versus the same period the previous year) non-EU sales rose 9.1%, registering a value just below €97.2 billion. The performance was decisively positive in the Americas (U.S. +9.9%) and in Asia, thanks to jumps in China (+28.4%), Japan (+11%) and India (+10%) and with growth of 13 percentage points (even if volumes are not so significant) in sub-Saharan Africa. Finally, the clear recovery of Italian exports toward Russia should be noted (+24.5%), after three difficult years between the economic crisis, monetary devaluation and a brake on purchases and investments.

Comment

“The result of the first half of this year in the U.S. market and in Asia awards our decision to concentrate the resources of our Extraordinary Plan for Made in Italy, with an average of more than €170 million annually, on some geographic zones,” said Economic Development Undersecretary Ivan Scalfarotto. What paid off “was committing the funds available in ‘special plans of attack’ on high potential markets: USA and Canada in the first two years, China and Russia this year.”

 


by Laura Cavestri | italy24.ilsole24ore.com


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