Regional exports lose 1.4 billion

After a 2023 characterised by solid growth, Lombard export performance seems to be showing signs of slowing down. Data from ISTAT (Italian Statistics Institute) for the first six months of 2024 reveal, in fact, a drop for the region of -1.65% compared to the same period last year (we are talking about a contraction of about 1.4 billion Euros) compared to a national average of -1.13%. The North-East (which lost only -1.31%, -756 million) and the South (which gained +3.59%, +982 million) fared better, while exports from the western part of the North fell sharply (-7.55%, about -2.9 billion). Within the region, only four of the twelve provinces that make up the area manage to end the six-month period with an increase in exported goods and services: Lodi (+15.95%, 16th nationwide), Monza and Brianza (+5%, 31st), Pavia (+1.45%, 45th) and Sondrio (+1.03%, 48th). On the other hand, the most significant losses in value are to be found in Milan (-692 million, which translates into -2.36% compared to the same six months of last year), largely determined by a reduction in sales of tanned and worked leather, travel goods, handbags, leather goods and saddlery, prepared and dyed furs (-237 million), medicines and pharmaceutical preparations (-219 million) and footwear (-188 million). For Lombardy, the losses suffered by Brescia (-€540 million), Bergamo (-€397 million), Cremona (-€143 million) and Varese (-€140 million) also had a significant impact. From a commodity point of view, the region mainly gains from the export of General Purpose Machinery (such as engines, turbines, hydraulic components and others, 4.7 billion in the first six months of 2024 alone) and Other General Purpose Machinery (heating systems, furnaces, burners, etc., worth around 4.3 billion); however, the sharpest export increase (in absolute terms) is seen for aircraft, spacecraft and related devices (+451 million, i.e. +74.3%), electronic components and circuit boards (+32.5%, +247 million) and telecommunications equipment (+12.1%, +214 million). Also worth mentioning are Materials Recovery Products (up from EUR 23m in 2023 to EUR 20m in 2024), forest plants and other forestry products (up from EUR 30m to EUR 167m) and computer games and other packaged software (up from EUR 608m to around EUR 1.9m), which are at the top of the list in terms of variation. Lastly, among Lombardy's outlet markets, exports to Germany (the main partner country, by almost -649 million), France (-444 million, in both cases due to a decrease in exports linked to steel products) and the United States (-407 million, largely determined by medicines and pharmaceutical products) have decreased significantly. On the other hand, exports to Spain (+293 million, +5.7%), Greece (+190 million, +20.3%) and the United Arab Emirates (+173 million, +18.9%) increased.