MADE IN ITALY, CONFINDUSTRIA PRESENTS EXPORTING LA DOLCE VITA IN THE VESPUCCI TOUR: BBF IS WORTH 26.2% OF EXPORTS

Cimmino: Singapore strategic hub, first market by potential in ASEAN with €1 billion

Rome, 28 October 2024 - It was presented today in Singaporeduring the Amerigo Vespucci Ship World Tour, the 12th edition of 'Exporting the Dolce Vita', the Report by the Centro Studi di Confindustria, realised with the support of UniCredit and in collaboration with SACE, which analyses the potential of the beautiful and well-made in world markets. This is the third presentation event abroad, after Washington and Dubai, and Confindustria has chosen Singapore to valorise the potential of Italian exports in iconic Made-in-Italy sectors across the border and strengthen economic and trade relations with key partners of Italian industry. The economic hub of the growing South-East Asia, Singapore stands out as the leading destination for 'beautiful and well-made' in the ASEAN region.

Data updated at the presentation in Singapore shows that the BBF includes 711 product categories and is worth EUR 161.3 billion, accounting for 26.2% of Italian exports. Furthermore, the BBF has considerable growth potential: the market shares we can take away from competitors with a similar production structure are worth EUR 174.5 billion. If Italy were to improve its production capacity, this could translate into a increase BBF exports by EUR 53.9 billion over the next five years. This potential is particularly relevant in advanced marketswhere the top 20 countries offer opportunities worth EUR 26.8 billion, with the US, France and Germany leading the way. In the emerging markets, the top 20 countries represent a potential of EUR 18.1 billion, with China, the United Arab Emirates and Saudi Arabia leading the way.

"Singapore, strategic hub for South-East Asia and first market for potential in ASEAN, is a key partner for Italy. The 80% of the interchange is represented by our export, which has reached almost 3 billion euro (+17% in 2023), an indication of the strong appreciation reserved for Italian products. There is ample room for growth to increase the market share of Made in Italy in the area, with a potential increase for the BBF estimated at EUR 1 billion. We look forward to strengthening bilateral relations, supported by the free trade agreement with the EU, to promote an open and inclusive economic development," commented Barbara Cimmino, Vice President for Export and Investment Attraction of Confindustria.

The study focuses on two main themes: the opportunities in ASEAN countries and the growing role of corporate sustainability.

Asia is not just China: the ASEAN countries also offer significant potential, with Singapore leading the way. Italian exports to this region amount to €9.6 billion, of which €2.1 billion is BBF-related, accounting for 21.6% of the total. Among the ASEAN countries, Singapore is the most relevant partner for Italy, with a total export of 2.8 billion, of which 750 million is BBF-related, accounting for 36.2% of the entire export to the country.

The second key theme is the sustainability, which is assuming a central role to exploit the growth potential. Integrating sustainable development into business strategies paves the way for a new way of doing business that takes into account the impact of choices on the environment. The growing consumer interest in sustainability is now a crucial factor: in order to win new market shares and maintain the loyalty of existing customers, the sustainability level of the products sold can no longer be ignored.

BBF assets (Bello e Ben Fatto) include products in the food, fashion and furniture sectors, which represent the excellence of Made in Italy, distinguished by design, quality and attention to detail. These products are priced at least 20% higher than their competitors due to their ability to convey Italian character, a feature highly appreciated by global consumers.

BBF not only constitutes a significant part of Italian exports, but also strengthens the country's image in the world, combining economic and intangible value. Italy is second only to China in the variety of products exported in this sector, exporting 99% of goods traded globally. In order to develop growth potential, the study suggests focusing on sustainability, digital channels, international relations and recognition of Made in Italy.

The mission to Singapore to present 'Exporting the Dolce Vita' involved representatives of the associations that contributed to the report for their sectors and participated in the discussion afterwards: Federlegno Arredo, Sistema Moda Italia, Confindustria Accessori Moda, Confindustria Federorafi, Confindustria Nautica and Federalimentare.