Italian fashion industry’s export demand to the United States remains key
According to a report by Italy’s “24 Hours Sun” on March 4, according to data released by the Italian National Statistics Institute, exports of the Italian fashion industry (including textiles, ready-made clothing and leather products) increased by 1.7% in 2015. Germany and France are still Italy’s largest export markets, but their demand fell by 2.2% and 0.5% respectively. The fastest growing regions for Italian fashion product exports include the United States and Active Economies in Asia (EDA, including Singapore, South Korea, Taiwan, Hong Kong, Malaysia and Thailand), with growth rates of 17.1% and 9.3% respectively.
Experts from the Research and Survey Department of Intesa Sanpaolo pointed out that the accelerated export growth at the end of 2015 and the expansion of exports to markets outside the EU were the main reasons for the annual export growth of Italian fashion products. Unlike France and Spain (Italy’s traditional competitors within the EU), which focus on the internal market of the 28 EU member states, Italy’s export growth mainly comes from the market outside the EU, with its export growth rate in 2015 being 3.1%. Analysts pointed out that the overall recovery of the U.S. economy and the expansion of fashion and luxury goods consumption are the main factors driving Italian export growth. On the other hand, due to the depreciation of the ruble and the drop in oil prices, Russian consumers’ purchases dropped severely, causing Italy’s exports to Russia to plummet by 30.8% to only 1.237 billion euros. At present, Russia has fallen out of the top 10 exports of Italian fashion products, ranking 11th. In terms of exports to China, Italian fashion products also increased by 10% in 2015. However, reports pointed out that China’s total imports of products were only 1.748 billion euros, less than half of the United States (4.017 billion U.S. dollars).
When predicting the export situation in 2016, the report stated that, similar to 2015, whether Italian exports can continue to grow still depends on U.S. market demand. According to current trends, the United States is expected to replace France and become the largest market for Italian fashion products. Italian fashion industry’s export demand to the United States remains key
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