Good news for Piedmont's manufacturing districts. The third quarter of 2021 was a period of growth for companies exports of the Piedmont districts (+9,3%), during which the export levels of the third quarter of 2019 were almost recovered (-1,3%). A positive picture emerges from the analysis by individual district: all Piedmont districts (with the exception of Vercelli Rice) are growing compared to the first nine months of 2020 and 8 districts out of 12 are already above the export levels of the same period of 2019 The agri-food and mechanical sectors stand out positively. Signs of recovery also from the Fashion sector, although still far from the levels of 2019. Positive performances on the foreign markets of the Turin ICT hub and the Piedmont aerospace hub. These are the main results of the Monitor of the Districts of Piedmont edited by the Studies and Research Department of Intesa Sanpaolo.
Although the increases in raw material prices, the supply interruptions and the resurgence of the pandemic could slow down, even only partially, the momentum of world demand in the first part of 2022, the growth prospects for district exports remain positive in any case.
In detail, in the first nine months of 2021, exports from Piedmont's industrial districts recorded a leap of 16,6% compared to the same months of 2020. However, this growth is lower than the average for Italian industrial districts (+20,5 %) and Piedmontese manufacturing (+24,1%). Furthermore, the comparison with the first nine months of 2019 shows a gap of 5,8% (equal to 489 million euros) still to be filled compared to the pre-pandemic levels for the Piedmont districts.
As far as foreign markets are concerned, the performance of Piedmontese district exports is good both on mature markets (+12,3%) led by the USA, Ireland and Germany, and on new markets (+26,9%) with China and Hong Kong Kongs in the lead. However, if we consider the trend in exports compared to the first nine months of 2019, significant differences emerge: exports to new markets are 3,1% above pre-crisis levels, while to mature markets they are down by 9,4%. Among the countries with the largest gaps, Switzerland, France, the United Kingdom and Spain stand out.
The district that is showing the best performance is that of the Housewares of Omegna, with growth of 53,7% in the first nine months of 2021 (against +36,9% in 2019). But to achieve the best results compared to the Italian food districts, there are those food with a +16% compared to the first nine months of 2020 (against +9,8%). Piedmontese hazelnuts and fruit grew on foreign markets by 34%, wines from the Langhe, Roero and Monferrato by 17,9%, sweets from Alba and Cuneo by 15,3% and coffee, confectionery and chocolate from Turin by 13,2%. Only Vercelli rice was down (-5,5%). All the Piedmontese agri-food districts also abundantly exceeded the export levels of the first 9 months of 2019 (+18,4%), also in this case doing better than the Italian agri-food districts (+14,1%).
In strong recovery Mechanics Piedmont district (+15%). All districts show growth compared to the first nine months of 2020: Textile machinery in Biella (+47,5%), Taps and fittings in Cusio-Valsesia (+18,6%), Machine tools and industrial robots in Turin (+ 9,9%) and industrial refrigerators in Casale Monferrato (+5,1%). However, the recovery compared to the levels of the first 9 months of 2019 is not yet complete (-8,4%).
Positive signals also emerge from the sector Fashion (+18,2%), up compared to the first nine months of 2020: Goldsmiths of Valenza (+27,3%) and Textiles of Biella (+11,4%). However, the export levels recorded at the beginning of 2019 are still very distant: Valenza goldsmiths -36,2% and Biella textiles -19,4%.
The performance on foreign markets was very positive Turin ICT hub, which is above the levels of the first nine months of 2020 (+18,1%) and 2019 (+14,1%). Exports of the Piedmont aerospace hub are also making a comeback, up by 1,5%, but almost 2019% lower than the levels of the first nine months of 20.
