Despite stability in 2024 at €623.5 billion, Italy’s export future is at risk due to American protectionism and weak EU demand.
2024: Steady figures hide sectoral contrasts
Italian exports held steady in 2024, reaching €623.5 billion, just 0.4% below the 2023 level. However, behind the stability lie diverging trends. The automotive sector collapsed by 12.2%, dragging overall growth down by 1.3 points. Textile and fashion exports dropped by 4.5%, and metals by 3.3%.
In contrast, food exports rose by 9.5%, pharmaceuticals by 7.9%, and jewelry stood out with a 12.4% surge.
Germany and France slow down, Turkey sparkles with jewelry
Among key markets, Germany (-5%) and France (-3.6%) posted worrying slowdowns, especially in vehicle, steel, and iron exports.
Yet, there were bright spots: Spain (+4.5%), UK (+5.3%), and Netherlands (+4.3%) showed growth driven by pharmaceuticals. The standout case is Turkey, up 23.9%, thanks to a fivefold increase in jewelry exports. On the flip side, China dropped out of the top 10 due to plummeting pharmaceutical sales in Q1 2024.
US tariffs threaten Made in Italy in 2025
Looking ahead to 2025, the specter of US tariffs looms large. Key Italian sectors at risk include:
- Machinery (12.2% of US-bound exports)
- Pharmaceuticals (16.8%)
- Automotive (12.5%, peaking at 16.9% for vehicles)
- Wine and beverages (21.7%)
- Ceramics and construction stones (13%)
- Furniture (12.2%)
- Footwear and leather goods (11%)
In addition to direct impacts, there are concerns about supply chain disruptions, especially those involving Germany.
2025 strategy: diversify and protect
To mitigate risks, Coface recommends that Italian businesses focus on:
- Geographic diversification, targeting high-growth markets in the Gulf region and Asia
- Sector resilience, strengthening high-performing industries like pharma and food
- Commercial risk management, with tools like credit insurance
“2025 will be crucial,” says Pietro Vargiu, Country Manager at Coface Italy. “Businesses need to protect their exports and expand cautiously. Coface stands ready as a strategic partner in risk management and international expansion.”
Domande e risposte
1. What was the value of Italian exports in 2024?
€623.5 billion, down just 0.4% from 2023.
2. Which sectors drove growth?
Food (+9.5%), pharmaceuticals (+7.9%), and jewelry (+12.4%).
3. Which sectors declined?
Automotive (-12.2%), fashion (-4.5%), and metals (-3.3%).
4. Why did Turkey enter Italy’s top export markets?
Due to a fivefold increase in jewelry exports.
5. Why did China drop in ranking?
Pharmaceutical sales fell after peaking in early 2023.
6. Which EU markets slowed down?
Germany (-5%) and France (-3.6%).
7. Which sectors are most exposed to US tariffs in 2025?
Machinery, pharmaceuticals, automotive, wine, ceramics, furniture, leather goods.
8. How can Italy shield itself from US tariffs?
By diversifying markets and using risk protection tools.
9. What services does Coface offer?
Credit insurance, debt collection, and business information to protect international trade.
10. Which emerging markets offer new opportunities?
Gulf countries, Southeast Asia, and Latin America.
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