Acimall: Market performance in 2022 replicated previous two years, but with “slightly lower growth rate”

Xylexpo 2022, the Italian woodworking and furniture industry trade fair, resumed this year (Image: Xylexpo)

Acimall has released the production and market performance for the Italian woodworking and furniture machinery industries.

According to the association, total production reached a value of €2.65bn, up by 4.6% compared to the previous record in 2021.

The trend of export was stable, amounting to €1.757bn, which is a 1% increase compared to 2021, with domestic market sales at €889m, as much as 12.1% above last year, reportedly marking a new record for these categories.

Imports increased too to €257m, plus 5.3% over 2021, driving the trade balance to a positive result by €1.5bn, which is about the same value as in 2021 with a 0.2% increase.

Apparent consumption in Italy amounted to €1.146bn, up by 10.8% compared to last year.

The industry performance replicated the success of the past two years, but with a slightly lower growth rate. The lower growth rate in 2022 could be attributed to the aftereffects of the pandemic, the Russian-Ukraine war, soaring energy prices, the closure of many markets, and the enduring difficulty to provision components and raw materials.

These elements especially impacted the last quarter of 2022. However, the Italian client companies maintained a sustained investment flow, supported by strong incentives from the central authorities, which helped them renovate their equipment fleet.

Acimall is unable to forecast the market climate in 2023, since the earlier mentioned challenges and overall economic situation does not seem to support family spending or new mortgages for home buying or renovation.

Even so, the technological renovations carried out by companies in recent years suggest “cautious optimism”, which might translate into a substantial confirmation of the levels achieved this year, as Acimall believed.