In 2013, Italian exports to China amounted to approximately 10 billion euros, an increase of 9,5% compared to the previous year, against a general stationary dynamic. The performance of sales from Italy in the country has always been sustained, with a average annual growth rate above 17% in the pre-crisis period (2000-2007), which fell to 8,3% between 2008 and 2012, due to the 10% drop recorded in 2012. In the first four months of 2014, then, Italian exports to the country grew by around 10% and, according to SACE forecasts, in the next four years they will record an average annual growth rate of 11%.
More than 50% of the Made in Italy destined for China is represented by capital goods, mainly instrumental mechanics: products that generate a strong demand in the country, in the light of the needs of modernization and raising of the quality standards of the industry. Even exports of consumer goods (durable and non-durable) are gradually assuming a gradually increasing role, supported by the increase in the middle class, by the growth of domestic consumption (rates above 8% on average in the period 2014-2019), without forgetting the urbanization process which is no longer involving only the large coastal cities, but also the inland regions characterized by a lower degree of development. The new Chinese consumers, united by their young age (over 70% are under 45), by a high degree of digitization and by the change in social conventions (today the display of wealth is no longer considered as indecorous as it was in the past) they are especially attracted to luxury goods.
In this scenario China is the third largest importer of medium-high end products in the food, furniture, clothing, eyewear and jewelery sectors, after Russia and the United Arab Emirates. In 2019, our exports of these goods to the country will exceed 18 billion (from 12 billion in 2013), also thanks to less restrictive trade policies in the country (average duty at 21%). About 30% of consumer spending in Beijing in 2030 will be directed towards food and furniture and as many as 5 Chinese cities will be among the top 10 global markets for clothing.
On the occasion of System mission in China, SACE announces a new 2 billion line of guarantees dedicated to Italian companies, which operate or intend to operate in the country. The initiative allows companies, especially SMEs, to access loans guaranteed by SACE, also in local currency, and to sell goods or services by offering their Chinese customers payment terms of up to 5 years, through the use of letters of credit and insuring himself from the risk of non-payment. It will also be possible to collect payments due from Chinese customers in advance, insuring against the risk of insolvency. Not forgetting the strengthening of SACE's ability to intervene under the reinsurance agreement with Sinosure, the Chinese export credit agency.
