The Study and Research Service of Intesa Sanpaolo has published the Monitor of the Lombardy districts for the third quarter of 2012, which shows that the traditional districts have left behind a 3rd quarter of 2012 with a slight contraction in exports at current values (-1,5%), which adds to the decline (by 1%) experienced in the 2nd quarter. The positive results of the first 3 months of the year however allow the cumulative results of the first 9 months of 2012 to close with a growth of 0,5% on the corresponding period of 2011.
– At the individual district level, mixed results are still observed. The contraction in the 3rd quarter is in fact mostly attributable to the performance of the first 3 districts in terms of importance of export value: Brescia metals (-3,1%), Lumezzane taps and cookware (-4,7%), the engineering industry of Lecco (-2,3%). The metal supply chain paid for the sharp slowdown in steel consumption in Europe in 2012. Other districts with a strong mechanical specialization, however, collected export growth results: in the case of Vigevano leather tanning machines (+15,5% in the 3rd quarter) the export levels of 2008 were exceeded. Good the performance of the three agro-food districts (which also collect volumes higher than those of the first 9 months of 2008), of the two wood districts and of a couple of districts of the fashion/textile system (the footwear of Vigevano and the silk-textile of Como , with exports driven by the luxury segment). In slight decrease, more physiological than structural, the exports of the rubber districts, starting from the renowned Bergamo "Rubber Valley", which still holds the European leadership in the segment and collects, overall in the first 9 months of the year, levels of exports higher than those of 2008.
- Both mature and emerging markets penalized exports in Q3 2012. Among the mature ones, only the United States stood out for having collected growing export values (a trend that actually unites the first 3 quarters of the year). Among the emerging ones, however, there is a positive contribution from Turkey (primarily metalworking exports, due to a growing local industry), China (metalworking and high-end exports: silk/textiles but also wood/furniture), Brazil (engineering) and Saudi Arabia (luxury segment).
– 3,6% contraction for exports of Lombard technological hubs, again in the 3rd quarter of 2012. The slowdown is attributable, as in the 2nd quarter, to the performance of the regional ICT supply chain (-14%), which discounts a competitiveness lag. Positive results for the pharmaceutical pole (+5%) and for the aerospace one (+9,9%), which has made its entry into the brand new national aerospace technological cluster. The mature markets, primarily France and the United States, acted as a driving force for these productions.
– The data on the social shock absorbers activated in the first 11 months of the year highlight a return to growth of the Ordinary Fund in the traditional districts, which affects the total number of authorized hours (77,6 million), up by 3%. The CIGO, linked to situations of economic crisis, reaches a weight close to 50%. The number of hours of Extraordinary Fund is down, linked to situations of structural crisis; which remains, however, high (weight of 35,5%, in the traditional). In correspondence with the technological hubs, the number of authorized CIG hours (5,9 million) decreased overall by 20,3% in the first 11 months of 2012, thanks to the drop in CIGS, which nevertheless accounts for close to 67,1%.
Attachments: Monitor of the districts of Lombardy third quarter 2012.pdf
