Centro Studi February 2015

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1 Turnover for talian Textiles in 2014 surpassed 8 billion euros (+3.8% over 20). A positive trade balance of 2.3 billion euros is confirmed for the sector 1. Preliminary Sectorial Balance for 2014 Following two years of negative results, the talian Textile ndustry (comprised of woolen, cotton, linen, silky and knitted fabrics) experienced a trend reversal in n fact, according to SM estimates, the sectorial turnover should surpass 8 billion euros, registering an increase of +3.8%. Considering these results, the weaving sector accounts for 1.3% of the total turnover for the Textile-Fashion Production Chain (Fig. 1), substantially in line with 20 statistics (1.%). The woolen division plays the leading role, making up 37.2% of sector turnover, followed by the cotton division (21.%) and knitted fabric division (19.9%). Both foreign and domestic demand were favorable, as we will elaborate later in more detail. n fact, the various divisions making up the talian weaving sector showed dissimilar dynamics in terms of market performance. The only countertendency below average came from the cotton division which registered negative results, even though figures were less drastic than before; both the woolen and linen divisions abandoned their stagnancy and started to grow once again. On the other hand, n 2014 the textile industry underwent a trend reversal with an estimated increase of +3.8% The weaving sector makes up 1.3% of total turnover for the Textile-Fashion Production Chain The cotton division, still hampered by negative trends, is the only exception to the overall positive picture Tab. 1 The talian Textile ndustry ( ) (1) (in mlns of euros) (2) Fatturato Var. % -4, -2,0 14,3 9,3-4,6-3,2 3,8 Valore della produzione Var. % -,2-24,1 14,2 6,8-4,7-3, 2,9 Esportazioni Var. % -9,7-26,2, 7,9-3,6-2,2 3,3 mportazioni Var. % -6,2-20,1 28,,9 -,7 4,2 6, Saldo commerciale Consumo apparente Var. % 1,0-19,4 23,0 9,0 -,0-1,1 4,4 ndicatori Strutturali (%) Esportazioni/Fatturato 6,8,9,0 4,2 4,8,3,1 mportazioni/cons. apparente 47,3 46,9 49,0 1,2 49,6 2,3 3,4 Fonte: SM su dati STAT e ndagini nterne (1) Tessuti serici, lanieri, cotonieri, linieri e a maglia. (2) Stime 1

2 Fig. 1 Textiles in the taliantextile-fashion Production Chain (2014) (1) (% of turnover) Altri Prodotti Tessile-Moda (84,7%) T essitura (1,3%) Tessuti cotonieri (21,%) Tessuti linieri (3,%) Tessuti serici (17,9%) Tessuti a maglia (19,9%) Tessuti lanieri (37,2%) Fonte: SM; (1) Stime the knitted and silky fabric divisions continued their positive trend which began in 20 and extended throughout the following period; in fact, both divisions are expected to grow, with respect to 20 figures. Even the production value (in SM estimates, the value of total sales is distinguished from sales deriving from imported products) should be characterized by a positive trend reaching +2.9% according to current estimates. There was friction during the year for the textile sector, as far as employment was concerned; however, when compared to the recent past, the decrease was limited to -1% in 2014, according to an SM survey conducted at a panel of sector firms. As for foreign fabric trade, 2014 was characterized by an increase in export and import, which had already entered the positive zone in 20. n particular, an average annual increase of +3.3% is estimated for sectorial exports. This could bring the total level to 4.7 billion euros, while imports from abroad should also increase by at least +6.% (a total of 2 billion euros ca.). n view of this trend in foreign trade, the sectorial trade balance should be slightly higher, which would confirm 20 results, totalling 2.3 billion euros. Therefore, the textile surplus would account for 2.% of total turnover for the Textile-Fashion Production Chain. Sector employment is still on the decrease Annual growth in export is estimated at +3.3%, while import is expected to reach +6.% The trade balance should confirm 20 figures, assuring 2.% of Textile- Fashion surplus 2

3 Fig. 2 Textiles: STAT industrial production index (adjusted for work calendar, basic year 20=0), 1 st qtr 20-3 rd qtr 2014 (tendential var. %) 3 2 Tessitura Tessile V V V V V Fonte: SM su STAT (Cod. ATECO 2007 CB e CB2) The comeback of a positive trend regards not only textile import from abroad but also domestic production value. n fact, domestic demand in 2014 (approximated in the apparent consumption variable) shows an end to the slowdown and the beginning of an upswing estimated to reach +4.4% annually (pre re-stocking). The positive trend that characterized talian textiles is also evident in STAT surveys pertaining to the evolution of industrial production (cfr. Fig. 2). With specific reference to orthogonal textiles (excluding knitted fabrics), the production index, adjusted for the work calendar, after the slowdown experienced during the 2 nd quarter of 20 (+0.1%), shifted into the positive zone for the following five consecutive quarters. n particular, an increase of +9.4% was registered from January-March 2014, while during the 2 nd and 3 rd quarters it surpassed +6%. From January-September 2014, the STAT index for industrial production regarding orthogonal fabrics remained on the rise 2. Foreign Trade During the First months of 2014 f we analyze foreign trade regarding knitted and orthogonal fabrics in natural fibers (cfr.fig. 3 Nota1), we find that from January to October 2014 there was a trend reversal registering a +2.% increase, totalling 3.1 billion euros. At the same time, import, which had been enjoying a positive trend since 20, showed a more dynamic increase, going from +3.7% during the first months of 20 to +6.6% during the same period of As for total volume, export increased by +1.9% while import reached the double-digits (+%). As indicated in Fig. 3, EU countries were more favorable than non-eu nations, like in 20: while the former show a +4.7% increase, the latter halted at levels obtained in the January-October 20 3 For knitted fabrics and natural fiber fabrics, export and import increased +2.% and +6.6%, respectively (January-October 20) Export among EU countries increased (+4,7%) while export to non-eu countries remained stable

4 period. This represents a countertendency to results obtained during the 20-20, period when non-eu nations became more dynamic than EU-market countries. n fact, EU countries continue to absorb the major share of talian textile export, amounting to 3.3% of the total (compared to 2.1% during the same period in 20). On the other hand, non-eu suppliers making up 67.3% of total fabric import registered a +6% increase, while EU suppliers recorded an increase of +8%. n addition to average data per macro-area, it is essential to analyze the dynamics involving single countries, major business partners of talian textile firms (cfr. Tab. 2), which reveal different trends. Germany remains the primary market outlet for talian fabrics, absorbing.6% of total goods exported: during the first ten months of 2014, Germany purchased 333 million euros worth of talian textiles, a slight decline of -3.4%. Romania, in second place, registered an +8.3% increase while France showed a decline of -1.9%. Other EU countries showed positive results like Spain (+.8%) and Portugal (+.6%) on the berian peninsula. n addition, talian export to Bulgaria reached the double-digits (+.%). Export to Germany, the primary market outlet for talian textiles, decreased - 3.4%, while export increased to Romania (+8.3%), Spain (+.8%) and Portugal (+.6%) Fig. 3 Foreign Textile Trade: analysis by geographic macro-area (1) (January-October ) 3.1) mport (tendential var. %) 3.2) Export (tendential var. %) ntra-ue Extra-UE Totale ntra-ue Extra-UE Totale (1) The products analyzed make up a sub-group (including only orthogonal fabrics with at least 0% natural fiber) of those used to define the sectorial balance shown in Tab. 1. On the other hand, in Tab. 1 orthogonal fabrics are taken into consideration, where natural fiber is less than 0% and the rest is composed of chemical fiber. Knitted fabrics are considered in both versions. Source: SM on STAT data + f we consider non-eu market outlets, we note that Tunisia showed a -3.% decrease. China, which has had positive performance over the last two years, is now in th place with a -9.6% decline; this is probably due to negative results regarding cotton fabric, carded and worsted woolens, while Export to non-eu markets experienced a slowdown, Tunisia (-3.%), China (-9.6%) 4

5 knitted fabrics are on the increase. Hong Kong registered a -.9% decrease while Turkey. declined by only -3,2%. Among non-eu countries, the United States bounced back with a +% increase and Japan remained almost stable with -0.8%. Export to the USA gains ground (+%) f we analyze fabric import from a geographic viewpoint, we discover that it is characterized by a higher concentration of non-eu countries than in the recent past, when China triumphed over other suppliers data confirms the trend that was anticipated the previous year, that is, a marked increase from Turkey. While the asiatic powerhouse still supplies taly with 26.1% of fabric imports, mports on the rise from main suppliers China (+7.4%) and Turkey (+9.1%) Turkey supplies 21.6% of the share; From January-October 20, China supplied taly with 39.9% of semifinished products and Turkey provided.4%. During the same period, imports from China increased +7.4%, while Turkish fabric imports increased +9.1%, after the 19% registered in the January-October 20 period, for a total of over 320 million euros. Tab. 2 Foreign Textile trade: analysis by country (1) (January-October 2014) 2.1) mport 2.2) Export Paesi di origine Mln. di Euro Var. % % sul totale Paesi di destinazione Mln. di Euro Var. % % sul totale Totale generale ,6 0,0 di cui: ntra UE ,0 32,7 Extra UE ,0 67,3 primi 1 fornitori Cina 388 7,4 26,1 Turchia 321 9,1 21,6 Pakistan 4,7 7,0 Repubblica Ceca 9 2,8 6,4 Germania 92,7 6,2 Spagna 66,6 4,4 Francia 41-2,2 2,8 ndia 36-4,4 2,4 Corea del Sud 3-7,6 2,4 Regno Unito 31,9 2,1 Romania 29 23,9 1,9 Belgio 27-0, 1,8 Ungheria 26 9,1 1,7 Egitto 2 20,2 1,7 Paesi Bassi 20 7,7 1,3 Totale generale 3 9 2, 0,0 di cui: ntra UE ,7 3,3 Extra UE ,0 46,7 primi 1 clienti Germania 333-3,4,6 Romania 24 8,3 8,1 Francia 218-1,9 7,0 Tunisia 184-3,,9 Cina 147-9,6 4,7 Spagna 14,8 4,6 Stati Uniti 8,0 4,4 Turchia 2-3,2 4,2 Hong Kong 1 -,9 4,2 Portogallo 7,6 3,7 Bulgaria 1, 3, Giappone 6-0,8 3,4 Regno Unito 0 6,9 3,2 Polonia 90 22,6 2,9 Svizzera 73 1,2 2,3 (1) - Cfr. Fig. 3 Nota 1 Source: SM on STAT data Although inferior to the first two main suppliers, Pakistan registers a marked increase into double digits (+.7%), thus supplying 7% of fabrics imported to taly, surpassing the Czech Republic which increases +2.8%.

6 f we examine foreign trade according to various types of fabrics (Fig. 4), during the January- October 2014 period, the best performance goes to knitted fabrics, with export increasing +8.6%, followed by linen fabrics (+6.6%). Worsted woolen fabrics showed a +.% increase, while carded Export of pure wool, linen and knitted fabrics increased from January to October 2014 woolens increased +3.4%. On the other hand, pure silk fabrics are losing ground (-7.7%) while silky fabrics in chemical fibers are on the rise in foreign markets. Pure cotton fabrics (-2.9%) follow a countertendency with respect to the division average, although the decline has diminished with regard to figures recorded over the past two years. During the first ten months of 2014, the import of knitted fabrics continued to grow, reaching a high rate (+16.2%); the import of pure cotton and linen fabrics continued to increase, +1.% and +7.8%, respectively. As for woolen fabrics, the import of worsteds registered +4%, while carded woolens As for import, all divisions are on the rise except pure silk and carded woolens showed a slight decline, -2.6%. Lastly, pure silk imports from abroad came almost to a halt, -0.1%. Short term forecasts monitored during the Sample SM Survey conducted last November, showed that wool division operators did not expect significant changes in the market, but leaned towards a stability in business conditions as experienced during 2014 (77.8% of sample group); orders in the portfolio for S/S 201 resulted on the rise by +6.7%, characterized by a discreet dynamism, both on Fig. 4 Foreign Textile Trade: analysis by division (1) (January-October 2014) 4.1) mport (Mlns of euros; tendential var. %) 4.2) Export (Mlns of euros; tendential var. %) Fonte: SM su dati STAT (1) Cfr. Fig. 3 Nota 1 domestic and foreign fronts. On the other hand, cotton division operators remained equally divided between those counting on improvement over stability and those expecting a downturn (33.3%). However, even in the case of cotton fabrics, orders in the portfolio (although partial and temporary at survey time), were on the increase. A 2014 trend reversal that we had predicted in our study the previous year has been confirmed. During the first half of 201 a positive trend is expected to continue, based on recent research and 6

7 indications from firms. Although this must be handled with extreme caution, due to the fragility and uncertainty of the economic scenario, the Milano Unica event is the perfect thermometer to understand market orientation and distinguish opportunities that may arise in months to come for Made in taly textiles, both on domestic and international levels. Milan, February 4, 201 Publication by Tessile & Moda Service -soc. Unipersonale. This publication is an exclusive and original document property of SM-Sistema Moda talia (Textile and Fashion Federation, member of Confindustria) for Tessile & Moda Service soc. Unipersonale. SM - Sistema Moda talia is dedicated to numerous activities concerning the safeguard and promotion of the interests of textile-fashion firms. This Document may be distributed by electronic or regular mail and cannot be redistributed, reproduced, published or altered in any way without official authorization. All rights reserved. The Document serves informative purposes and does not represent an offer or solicitation of any kind. The information, opinions, evaluations and viewpoints contained in this Document have been obtained from sources that SM- Sistema Moda talia considers reliable. However, they do not constitute a guarantee, either implicit or explicit, and therefore, SM-Sistema Moda talia and Tessile & Moda Service soc. Unipersonale do not consider themselves accountable. 7

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