Recent export developments in the pharmaceutical sector in Italy and in the Lazio region
Gloria Allione (),
Raffaello Bronzini () and
Claire Giordano ()
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Gloria Allione: Banca d’Italia
No 566, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area
According to international trade statistics, the pharmaceutical sector, in which Italy has a significant degree of specialization, has contributed markedly to the rebound in Italy’s goods exports since 2010; in 2019 foreign sales of these products recorded a sharp increase, even by international comparison, which was boosted by Italy’s main exporting region, Lazio. The growth in exports benefited from a significant expansion in the productive capacity of a number of firms in the region and to the spread of contract manufacturing, both at the national and regional level. This activity, when it occurs without a change in ownership of the contracted good between the foreign contractee and the contractor in Italy, is defined as “processing” and is included in goods exports sourced from international trade statistics but not in the corresponding series in national accounts. The pharmaceutical sector’s contribution to the growth in total goods exports in Italy in 2019 is smaller when computed net of processing, yet still larger than that recorded in the previous two-year period, confirming the structural soundness of the sector.
Keywords: international trade; pharmaceutical products; contract manufacturing (search for similar items in EconPapers)
JEL-codes: E01 F10 (search for similar items in EconPapers)
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