Piedmontese economy, despite the geopolitical situation, the recovery touches a hand

TURIN. The geopolitical situation is unstable but the recovery is there and is tangible. This is what the latest edition of the “monitor of the Piedmont districts” edited by the Studies and Research Department of Intesa Sanpaolo reveals: with 11 billion euros in exports – + 15.6% compared to 2020 – the distance compared to the pre-pandemic period.
“Just” 387 million is missing from the appeal, largely due to the slower recovery in the fashion sector. Compared to 2020, the performance of Piedmontese district exports is good both on mature markets (+ 11.4%), driven by Ireland, Germany and the United States, and on new markets (+ 25.4%) with China in the lead . On the other hand, if we consider the trend of exports compared to 2019, substantial differences emerge: exports to new markets are 5.1% above the pre-crisis levels, while exports to mature markets are down by 7%. . Among the countries with the largest gaps are Switzerland, France, the United Kingdom, Spain and Japan.
“A good recovery”
“Businesses made a good recovery in 2021. In the current scenario, the most significant risks come from the energy front »comments Stefano Cappellari, Regional Director of Northern Piedmont, Valle d’Aosta and Sardinia of Intesa Sanpaolo. “The supply chain system, a key element of our economy, – he adds – has been one of the main factors of resilience in the crisis phase just as today they can be a driving force for the diffusion of technology, digitization and towards a more sustainable way of producing. “.
The technological poles
The performance of the Piedmontese technological hubs on foreign markets was very positive. The ICT Hub of Turin – Information Communication Technology – is 29.2% above 2020 levels and 24.2% above 2019 levels. The Piedmont aerospace pole has exports up 45.1% compared to the 2020 and 14.1% compared to 2019.
War in Ukraine
As far as trade with Russia and Ukraine is concerned, the research explains, the sum of the two countries represents 2.8% of Piedmontese district exports and 0.4% of Piedmontese technological hubs exports. The most exposed district is that of Turin coffee, confectionery and chocolate. Above the average of the Piedmontese districts are also the taps and valves of Cusio-Valsesia, the wines of the Langhe, Roero and Monferrato and the textile machinery of Biella.