Goods export growth in 2022 was more pronounced in Italy than in the other major euro-area countries. Among the possible explanations, this paper explores trends in price competitiveness, the weight and dynamics of exports of energy-intensive manufacturing sectors, as well as the degree of exposure to global supply bottlenecks.
The following factors contributed to Italy's export growth: competitiveness gains, also as a result of smaller producer price increases compared with the main trading partners; specialization in non-energy-intensive sectors (such as pharmaceuticals and the food industry) and the more limited negative contribution of energy-intensive sectors (such as chemistry and metals), particularly compared with Germany; the lower exposure to input shortages compared with the other euro-area countries.
