Rising Chinese demand to boost Italian exports
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The rising Chinese middle class will play a crucial role in boosting the export of Made-in-Italy traditional products, Umberto Vattani, president of the Italian Institute for Foreign Trade (Ice), told Xinhua on Wednesday.
"Italian exports to China are the only ones to have increased in 2009 thanks to an 8 percent rise in Chinese consumer demand, which resisted the global downturn,"said Vattani.
Ice on Wednesday presented a report predicting Italian export to increase by 3 percent on a yearly base in 2010 and 2011, highlighting that Italy is out of recession though the recovery appears slow and uncertain.
The report said that a boost in Italy's export is expected to come from the economic growth drive in the BRIC countries -- Brazil, Russia, India and China, if Italy is able to penetrate these markets.
"China's increasing consumer demand represents a great opportunity for Italian firms specialized in products with a high- quality appeal,"said Vattani.
Traditional Made-in-Italy goods leading Italian exports to China include machinery, fashion, cars, furniture, industrial design and food.
"The growing Chinese bourgeoisie is triggering an increase in China's consumption rates. There are more and more Chinese earning over 30,000 U.S. dollars a year and this trend is set to further increase," he added.
Vattani said the new Chinese middle-class is attracted to Italian products of quality because "these are the best in the world. Italian shoes, clothes and design represent the Italian style. Everything that is Italian is well-made."
Regarding the fact that the Italy-China trade deficit decreased in 2009 but still remained high, the Ice president said he was not worried about this, which he described as the product of internationalization.
"Today some Italian firms are producing in China, with the result that what before was exported from Italy to China is now directly produced in China," he said, stressing that it was essential to analyze sector by sector.
"Maybe in some sectors Italian firms have been substituted by others, either local or foreign."
Vattani announced that the Italian government will be sending an important mission to China in June together with Ice, the Italian bank association and a team of outstanding Italian entrepreneurs.
Talking of the Shanghai Universal Expo, he said it represented a unique chance to boost Italian exports to China and bilateral ties.
"Ice will be present at the Expo for all the six months period. We will be exhibiting a massive work of art by Italian master Arnaldo Pomodoro called the Gate of Marco Polo, representing the encounter between the West and Asia through the secular bridge created by Italy and China."
