Exports in June increased by +0.7% compared to 2019. Moreover, in July production fell by -0.4%: it can be said that “the sector is somehow touching the bottom of the crisis” – says Federalimentare in an official statement. The coming months should not bring new, marked changement in these trends.
ITALIAN FOOD EXPORTS DRIVING ITALIAN ECONOMY, EXPLAINED
Exports of the agri-food sector still maintain a clear advantage compared to the -15.6% fall recorded by Italy’s total exports.
Italian food exports growth by category in the first half of 2020
|PRODUCT||EXPORTS 2019 (mio €)||EXPORTS 2020 (mio €)||VAR. %|
|Oil and fats||973.41||1,038.08||6.6%|
The expansive step of the food industry is the result of mainly positive trends in many different sectors. Among these, it is worth pointing out the double-digit growth of pasta (+24.7%) and rice (+16.9%), and the significant growth of processed vegetables (+9.8%), animal feed (+9.3%), fish products (+8.7%), coffee (+6.8%), and oils and fats (+6.6%). Mineral waters (-13.9%) and spirits and liqueurs (-12.2%) show the most marked decreases. Wine, the Italian exports leader, confirms its downward trend (-3.5%).
The slight economic growth in the first half of 2020 appears to be linked to the EU area. In fact, Italy’s food exports to the EU countries show a slightly more marked growth (+2.8%) compared to total food exports (+2.6%). However, the most striking performances concern Morocco (+38.9%), Egypt (+36.1%), and Ukraine (+34%).
Among the main markets we can find Germany (+6.1%) and France (+4.7%), where exports growth is slightly stronger compared to 2019, in addition to the USA where Italian food and beverage sales grow by +4.5%. Worthy of note is the performance in Canada (+14.1%) among the general flat trend in almost all major outlets.
Top Destinations: Italian food exports by country in the first half of 2020
|COUNTRY||EXPORTS IN VALUE (mio €)||% VAR. 2020/2019|
Finally, food imports confirm a decrease in the first half of the year, equal to -3.5%. This leads to a positive trade balance (+6,852.2 million), growing by +13.5% compared to the first half of 2019.