According to a survey made by Unioncamere and from Tagliacarne Study Center seven out of ten Italian companies they are preparing to face up to the possible ones consequences deriving fromintroduction of duties by the United States. Although the US market represents a significant portion of Italian exports, the ability of companies to diversify markets destination of their products could cushion the effects of any trade barriers. Italian companies export to an average of 11 countries, which makes them more resilient in the face of economic challenges such as the possible imposition of tariffs by the US.
The effect of tariffs on Italian companies
The investigation shows that the dominant concern for Italian companies it is the possible reduction in exports to the United States: 56% of companies report this risk as the most relevant. 26% fear an increase in procurement costs, while 22% highlight the potential sales decline of intermediate and semi-finished goods, often destined to be transformed by other countries before reaching the American market. Finally, 19% of companies expect a increased competition by companies that could redirect their exports from the US to the European Union.
What strategies to mitigate the impact of tariffs?
Despite these difficulties, seven out of ten Italian companies are taking steps to mitigate the impact of tariffs. Among the solutions adopted, 33% of companies plan to raise prices of sales to offset the additional costs resulting from duties. A further 25% will focus onexpansion into new markets within the European Union, while 18% are looking to expand their sales to non-EU markets. Only a small percentage (3%) is willing to move production directly to the United States.
The importance of the American market
- United States are one of the most important export markets for Italian companies. In 2024, Italy is positioned at the second place in Europe for share of exporting companies towards the USA (22,3%), after France. Furthermore, the total value of Italian exports towards the United States amounts to approximately 65 billion euros, equal to 10,8% of total national exports. Despite the strong commercial link with the American market, the Italian companies generate only 2,9% of their turnover thanks to exports to the United States but with large provincial differences. For example Trieste marks an impressive share of 36,2% of turnover deriving from the US market, followed by L'Aquila (17,6%), Isernia (16%), Grosseto (12,1%), Massa Carrara (8,5%), Rieti (8,1%), Sassari (7,6%), Modena (6,9%), Latina (6,6%) and Ferrara (5,2%).
Towards new markets, diversification
Italian companies, aware of global challenges, have developed a diversification strategy for reduce the risk of addiction from a single market. Manufacturing exporting companies sell on average to 11 different countries. In particular, Northern Italy stands out for its greater diversification: in the North-West each company exports to an average of 13 countries, while in the North-East to 11. In Central Italy, companies operate in 9 countries and in the South to 6. Some provinces, such as Reggio Emilia, Vercelli, Bologna and Ravenna, boast records of diversification, with companies exporting to 15-17 countries.
The role of the Chambers of Commerce
In this context of international uncertainties, the support of the Chambers of Commerce is fundamental: "43% of the companies interviewed by an Ipsos analysis released today are convinced that the Chamber of Commerce can offer a valid support inaccess to foreign markets and almost half think that the Chambers of Commerce can continue to be a landmark to face future challenges", underlined the president of Unioncamere, Andrew Priest. “Above all the small businesses need to be helped given that, according to our estimates, over 7 billion euros of additional exports could come from these very sectors”.
