After the setback in September, in October exports are growing again on a monthly basis of +3,8%, more intense in the non-EU area (+6,5%) compared to the EU area (+1,4%), driven by greater sales of non-durable consumer goods and capital goods.
In the first ten months of 2023, exports recorded a trend growth of 1,2%, to which the greater sales of machinery and equipment n.e.c. contribute in particular. (+10,6%), motor vehicles (+24,7%), food, beverage and tobacco products (+6,8%), means of transport, excluding motor vehicles (+9,4%) and pharmaceutical, chemical- medical and botanical (+5,1%).
The estimate of the trade balance in October 2023 is equal to +4.699 million euros (it was -2.192 million in October 2022). On an annual basis, the countries that provide the greatest contributions to the growth of national exports are: OPEC countries (+42,0%), USA (+10,2%), United Kingdom (+10,9%) and Japan ( +25,3%). On the other hand, exports to Germany (-5,6%), Austria (-16,4%) and Belgium (-6,6%) decreased.
Exports grow by 3% on an annual basis in monetary terms (it was -6,4% in September) while it recorded a slight reduction in volume (-0,4%). The growth in exports in value is the synthesis of an increase of 9,4% for non-EU markets and a contraction of 2,6% for the EU area, more than half due to lower sales to Germany, Austria and Belgium.
Among the sectors that contribute most to the trend increase in exports are: machinery and appliances not classified elsewhere (n.e.c.) (+11,9%), motor vehicles (+ 34,5%), means of transport, excluding motor vehicles (+26,8%) and food, beverages and tobacco (+9,1%). Exports of base metals and metal products, excluding machinery and plants (-9,1%), chemical substances and products (-7,7%), computers, electronic and optical devices (-6,7%), decreased on an annual basis. %) and paper and paper products, printing products and reproduction of recorded media (-13,6%).
Italy and the success of automotive components
In this scenario, it continues to enjoy great success in the world automotive components Made in Italy, which has boasted a positive trade balance for over 20 years and whose exports grew by almost 12% in the first half of 2023.
Double-digit increase for exports of the food supply chain automotive components which, in the first half of 2023, with a value of 13,3 billion euros, grows by 11,9% compared to the same period of 2022, a value well above the total average of national exports (+4,1% ). At the same time, a increase in imports of components (+12,5%) for a value of 10,4 billion. While the trade balance of the entire Italian automotive sector has a negative balance, looking only at componentsthe balance has been positive for over 20 years (6,3 billion annual average from 2008 to 2022).
Le exports of the components sector they represent approximately 4,2% of the national total, while imports are worth 3,4%. For both exports and imports, almost all components are on the rise - specifically rubber, sound, engines and mechanical parts - while as regards infotainment components, imports decrease and exports increase.
Where Italian components are going
In the period January-June 2023, the value of exports increased to all the major countries in theEU+EFTA+UK area, with the exception of Switzerland (-13%) and Finland (-14%). The export of components to i EU27+UK countries instead it is worth 9,81 billion euros (+17%) and accounts for 73,8% of all component exports, with a trade surplus of 2,33 billion. The ranking by destination country sees in first place Germany, with 2,51 billion (+10,9%) and a 21% share of the total. They follow France (11,6% share), Spain (8,2%), Poland (6,6%), Use (5,8%) and Uk (5,4%).
Italian car exports
As it regards instead Italian exports of motor vehicles, in the first half of 2023, it reached the value of 14,7 billion, up 26% compared to the first half of 2022, while imports reached 20,4 billion (+43%). This generates a negative trade balance which amounts to approximately 5,7 billion. The strong trade deficit is, as always, determined by the high penetration rate of foreign manufacturers in the Italian market, unlike the markets of France and Germany, where the presence of foreign manufacturers is much lower.
It should not be forgotten that some fixed points have been made in the evolution of European legislation on the sector, with the new regulation on the reduction of CO emissions2 of light motor vehicles approved in March. In fact, this decrees it stop the sales of vehicles with internal combustion engines to 2035, although still with some elements of uncertainty linked to the use of e-fuels and biofuels.
