Analysis: imports and exports of "Made in Italy" technologies for the wood and furniture industry in the first quarter of 2024

The Italian association of woodworking technology manufacturers, Acimall, recently published a detailed analysis of imports and exports in the sector for the first quarter of 2024. The data provides valuable insight into market trends in a period marked by economic uncertainties.

Exports down but with regional variations

In the first three months of 2024, exports of Italian wood and furniture technologies totaled €379.4 million, down 6.1% from the same period of the previous year. Although one quarter is too short a period to draw definitive conclusions, some interesting trends can be observed:

1. The European Union remains the main market, with a share of 52.8% of total exports and a slight decrease of 1.2%.
2. Exports to non-EU Europe fell by 30.3%, largely due to the conflict between Russia and Ukraine.
3. The Middle East saw a significant drop of 55.1% in imports of Italian technology.
4. North America grew by 4%, mainly due to US policies to repatriate production.
5. Markets such as South America (+28%), Oceania (+18.4%) and Africa (+9.3%) have seen notable increases, although volumes remain relatively low.
6. Asia saw a 16.4% fall in imports, possibly due to increased competition from technologies produced in China.

The country-by-country analysis reveals some interesting facts:

• The US and France have returned to the top spots after declines in 2023.
• Sweden had a spectacular growth of 137%, mainly due to spare parts and improvements to existing technologies.
• The United Kingdom continues to show a sharp fall in imports (-36.61 TP3T).
• China maintains a strong interest in Italian technology (+12.6%), despite rising domestic production.
• India loses ground (-30.5%) but remains a market with potential.

Falling imports

Italy's imports of foreign technology fell by 23.9% in Q1 2024 to 39.4 million. Although representing a small share of the total, Romania stands out with an increase of 1542.9 %. The main suppliers were:

1. Germany: -35.6%
2. China: -20.5%
3. Austria: +8.7%
4. Switzerland: -12,3%

The European Union remains the main source of imports, accounting for 59.2% of the total.

Perspectives and challenges

Dario Corbetta, director of Acimall, highlights some important points in his statement:

"The evidence we should probably focus on is the marginal role of Africa for Italian manufacturers. Despite geographic proximity and our government's commitment to develop more profitable relationships, our industry's penetration in Africa is still limited, especially considering that China, in contrast, is reported to have sold around €100 million worth of wood processing technology in 2023."

Corbetta continues, "North America remains a highly relevant partner for our companies, as does Europe, although perhaps we should consider Europe more as an extension of our domestic market rather than an export destination."

These comments by the director of Acimall highlight:

1. The untapped potential of the African market for Italian producers contrasts with China's success in the region.
2. The continued importance of North America as a key trading partner.
3. View of Europe as an extension of the Italian domestic market rather than a traditional export market.

In conclusion, the Italian woodworking and furniture manufacturing technology industry faces significant challenges in 2024, but there are also opportunities for growth in certain markets. Adapting to the new economic and geopolitical realities will be crucial for the future success of this important sector for the Italian economy.