Page 19 - Investing in Bergamo EN

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AN OPEN ECONOMY

Last year, Bergamo exported 14 billion euros with a trade surplus of over 8, a new
historical maximum. It is the fifth most important Italian exporting province. The industry
accounts for 98.5% of exports and 95% of imports. The actual balance is, in fact, lower
because the imports do not include energy.
In 2012, 17.5% of Bergamo’s GDP came from international trade. This percentage was
steadily growing even before the recession of 2008, which emphasised the importance
of the presence on international markets.
Since the early nineties, world trade increased 5.2 times and Bergamo did not lose
a significant share of the market, with an increase of 4.8 times, despite the fact that
during this period the Euro weakened against the US dollar and China and India became
members of the WTO. In the past five years, the orientation towards exports grew
significantly. From 2009 to 2013, world exports grew by 16.5% (in US dollars),
while exports in Bergamo grew by 38.1%.
Europe is by far the main supply market, where the largest share is reserved to
the domestic market of the Eurozone, which reached its historical peak in 2014.
Productions however are directed to all high-income areas. The trade balance is active
with all continents. China is the only partner with whom Bergamo has a deficit, which
nevertheless is decreasing.
Exports are the engine that drives all manufacturing sectors. In absolute value, machines
and plants (26.5%) are in first place, followed by metalworks (15.4%), chemicals
(14.5%), rubber and plastics (9%) and transportation (8.9%). Compared to the Italian
average, Bergamo is one of the leaders for chemical products (2nd place), machines
and plants, rubber and plastic materials, electrical equipment and metal products (all in
5th place) and is still the leader in the wood and transportation industries.
With regard to international markets, the other area of specialisation is textiles which,
although recording a lower turnover, has a strong positive trade balance. Export prices
show that the quality of textile products places it at the top of major markets.
Direct imports mainly consist of raw materials and some commodities. The share of
products manufactured in Bergamo is not particularly significant. This trend suggests
that purchases aimed at domestic or international marketing alone are limited.