The export growth of 1.7% recorded in February 2024, compared to the same month in 2023, is part of a highly volatile context that is difficult to predict. The data is characterized by strong divergences between destination countries: in the USA, exports in February 2024 grew by +23.7% compared to the same month of 2023, in China, for which any forecast is difficult, they fell by -57.6 %, as well as in Germany where we recorded a drop of -5.4%, continuing a trend that has been going on for 11 months now. This was reported in a note from the president of Italian Trade Agency (ITA) Matteo Zoppas .

"We are therefore faced with a situation marked by profound uncertainties also caused by the persistence of international geopolitical tensions", comments Zoppas . "In the first two months of 2024 the Italian trade balance was positive for 8.5 billion euros, an encouraging figure considering that in the same period of 2023 it was negative for -2.1 billion. Italian exports in the period January- February 2024 exceeded 100.8 billion euros thanks to the good performances of transport vehicles (+18.1%), machinery (+6.6%) and food (12.7%)".

In the period January-February 2024, exports to China decreased by -52%, a trend which however discounts the exploit of the pharmaceutical sector in the same period of 2023, equal to 3.3 billion euros against the 114 million euros of first two months of 2024. If pharmaceuticals are excluded, exports to China grew by 16.6% in the first two months of 2024. Sales to Germany slowed down, falling by 4.1% in the period January-February 2024, due to the trend in exports of the metals sector (-17.1%), textiles and clothing (-5%) and the furnishings (-10%).

The comparison with the performance of the main European exporters is positive, confirming consumers' preference for Made in Italy products. In the month of February alone, Italian exports grew by +1.7% compared to February 2023, in contrast with the EU average which recorded a contraction of 2%. The export trend of the main European countries was negative, with Germany falling by -1.1%, the Netherlands by -7.8% and Spain falling by -4%, the exceptions being France which February 2024 saw exports grow by 1.2%, however less than the growth of those of Italy.

The note concludes by reporting a good performance of Italy's sales in non-EU countries with growth in February (compared to January 2024) of 7.5%, thanks in particular to capital goods, to which high impact sales contribute of maritime navigation vessels to the United States. Exports to the EU area were stable with a modest +0.3%.