Italian fastener Market | FASTENER EURASIA MAGAZINE
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Italy Analysis

Italy Economic Overview

Italy is the world’s ninth biggest economy. Its economic structure relies mainly on services and manufacturing. The services sector accounts for almost three quarters of total GDP and employs around 65% of the country’s total employed people. Within the service sector, the most important contributors are the wholesale, retail sales and transportation sectors. Industry accounts for a quarter of Italy’s total production and employs around 30% of the total workforce. Manufacturing is the most important sub-sector within the industry sector. The country’s manufacturing is specialized in high-quality goods and is mainly run by small- and medium-sized enterprises. Most of them are family-owned enterprises. Agriculture contributes the remaining share of total GDP and it employs around 4.0% of the total workforce. 

The country is divided into a highly-industrialized and developed northern part, where approximately 75% of the nation’s wealth is produced; and a less-developed, more agriculture-depended southern part. As a result, unemployment in the north is lower and per capita income in higher compared to the south. 

Italy suffers from political instability, economic stagnation and lack of structural reforms. Prior to the 2008 financial crisis, the country was already idling in low gear. In fact, Italy grew an average of 1.2% between 2001 and 2007. The global crisis had a deteriorating effect on the already fragile Italian economy. In 2009, the economy suffered a hefty 5.5% contraction—the strongest GDP drop in decades. Since then, Italy has shown no clear trend of recovery. In fact, in 2012 and 2013 the economy recorded contractions of 2.4% and 1.8% respectively. 

Going forward, the Italian economy faces a number of important challenges, one of which is unemployment. The unemployment rate has increased constantly in the last seven years. In 2013, it reached 12.5%, which is the highest level on record. The stubbornly high unemployment rate highlights the weaknesses of the Italian labor market and growing global competition. Another challenge is presented by the difficult status of the country’s public finances. In 2013, Italy was the second biggest debtor in the Eurozone and the fifth largest worldwide. 

 

Italy Trade Data

Despite the winds of the crisis, trade between Italy and Germany increased by 5.4% to 128.4 billion euros in 2018, reaching the all-time high. According to data from the Italian Statistical Institute (Istat), Italy's exports to Germany increased by +3.8% year-on-year to € 58.1 billion last year, while imports from Germany increased by +6.8% reaching 70,3 billion euros.
 
Italy's leading trade partner is Germany followed by France (EUR 85 billion) and the United States (EUR 58.4 billion). Among the commercial partners of Germany, respectively; Netherlands, USA, France, China, and Italy (5th row).
 
12.5% of Italy's exports abroad are for Germany. Germany is followed by France (10.5%), USA (9.1%) and Spain (5.2%). In terms of imports, 16.6% of Italy's total imports are from Germany. In imports, Germany is followed by France (8.6%) and China (7.2%).
 
Regionally, trade relations between the Northern Italian Regions (mainly Lombardy, Veneto and Emilia-Romagna) and Germany's most industrialized regions (Baviera, Baden-Württemberg and North Rhine-Westphalia) are highly developed. Trade relations of Italy's Veneto region with the with Germany (EUR 19.7 billion) are more than Germany's trade relations with Brazil. Similarly, the trade relations of the Lombardy region with Germany (EUR 44.3 billion) are more than Germany's trade relations with Japan alone.
 
The keystone of the Italian-German commercial partnership is the manufacturing industry, and the sectors in which the trade flows are highest are the machinery, automotive, chemical-pharmaceuticals and electrotechnical-electronics sectors. At the sector level, the crisis in the automobile sector had a negative impact on 2018. Thus, in the automotive sector, Germany's sales to Italy declined from EUR 12.3 billion in 2017 to EUR 11.4 billion in 2018.

The strongest increase in Germany's exports to Italy is in the chemical and pharmaceutical sectors. In this sector, exports from Germany to Italy increased by EUR 3.5 billion and reached EUR 13.4 billion. On the other hand,  the four main sectors of Italy's exports to Germany that remained steady are automotive, machinery, chemical and pharmaceutical, electrical and electronic sectors.

Exports from Italy

Since the country’s manufacturing sector is specialized in high-quality goods, Italy plays an important role in the global market of luxury goods. The country’s main exports are mechanical machinery and equipment, which account for around 24% of total exports, as well as motor vehicles and luxury vehicles (7.2%). Home to some of world’s most famous fashion brands, Italy occupies a special niche in the global market of fashion and clothing. In fact, exports of clothing and footwear account for around 11.0% of the country’s total exports. Other important exports include electronic equipment (5.6%) and pharmaceutical products (4.6%). 

Since 2008, the country has experienced anemic growth in merchandise exports of 1.6% annually. In nominal terms, merchandise exports have gradually outsized imports, which caused the last two years (2012 and 2013) to close with a trade balance surplus. 


Imports to Italy

Italy’s main imports are fuels, which account for around 17% of total imports. This is due to the country’s lack of natural resources, which makes it highly dependent on energy imports. Other imports include machinery (14.2%), raw materials (10.0%) and food (7.0%)— Italy is a net food importer because the landscape is not suitable for developing agriculture. 

Since the financial crisis, merchandise imports have expended at a slower rate on average than merchandise exports. In fact, in the last six years merchandise imports have grown a meager 0.4%.

ITALIAN FASTENER MARKET

List of importing markets for fasteners exported by Italy in 2018

 

Italy's exports represent 5% of world exports for fasteners and its ranking in world exports is 6

 

 

 

Importers

 

 

Value exported (USD thousand)

Trade balance

 (USD thousand)

Share in Italy's exports (%)

      Quantity

tons

 

World Total

2,081.093

1,052.779

100

451,168

 

GERMANY

627,100

333,426

30.1

154,581

 

FRANCE

333,721

290,674

16

81,788

 

USA

112,597

64,637

5.4

19,015

 

POLAND

102,895

91,378

4.9

21,394

 

SPAIN

101,202

90,218

4.9

25,189

 

UK

86,074

56,174

4.1

17,404

 

SWITZERLAND

71,318

41,711

3.4

9,038

 

CZECH REP.

51,812

43,969

2.5

11,639

 

ROMANIA

43,872

39,135

2.1

7,148

 

HUNGARY

43,607

36,921

2.1

9,663

 

AUSTRIA

39,944

5,650

1.9

7,433

 

BRAZIL

35,930

35,354

1.7

6,133

 

BELGIUM

35,882

22,708

1.7

9,159

 

SLOVAKIA

34,880

21,464

1.7

7,049

 

SWEDEN

34,607

29,924

1.7

6,800

 

NETHERLANDS

31,403

22,802

1.5

6,260

 

TURKEY

29,842

15,122

1.4

5,410

 

MEXICO

27,210

26,606

1.3

4,367

 

CHINA

23,258

-145,366

1.1

2,388

 

PORTUGAL

16,529

16,245

0.8

3,926

 

 

List of supplying markets for fasteners imported by Italy in 2018

 

Italy's imports represent 2.3% of world imports for fasteners and its ranking in world imports is 11

 

 

 

Exporters

 

 

Value imported (USD thousand)

Trade balance (USD thousand)

Share in Italy's imports (%)

Quantity

tons

 

World Total

1,028.314

1,052.779

100

267,285

 

GERMANY

293,674

333,426

28.6

44,255

 

CHINA

168,624

-145,366

16.4

79,233

 

TAIWAN

108,748

-108,326

10.6

39,488

 

USA

47,960

64,637

4.7

1,268

 

FRANCE

43,047

290,674

4.2

6,428

 

AUSTRIA

34,294

5,650

3.3

4,411

 

INDIA

34,225

-18,477

3.3

10,836

 

UK

29,900

56,174

2.9

2,234

 

SWITZERLAND

29,607

41,711

2.9

3,290

 

THAILAND

24,274

-21,230

2.4

11,734

 

VIETNAM

21,651

-20,955

2.1

8,534

 

BOSNIA & HERZEGOVINA

18,983

-18,511

1.8

5,970

 

TURKEY

14,720

15,122

1.4

5,851

 

SLOVENIA

14,536

-6,137

1.4

8,862

 

MALAYSIA

14,230

-12,851

1.4

5,577

 

SLOVAKIA

13,416

21,464

1.3

4,051

 

BELGIUM

13,174

22,708

1.3

2,041

 

POLAND

11,517

91,378

1.1

3,338

 

SPAIN

10,984

90,218

1.1

3,350

 

BULGARIA

9,983

4,735

1

2,240