Italy's Lock and Key Exports Decline to $2.2 Billion in 2023

Italy Lock And Key Exports

Lock and key exports from Italy declined to 185K tons in 2023, which is down by -13.8% against the previous year. Overall, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 22% against the previous year. As a result, the exports reached the peak of 236K tons. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, lock and key exports declined slightly to $2.2B (IndexBox estimates) in 2023. The total export value increased at an average annual rate of +1.1% from 2013 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 31% against the previous year. As a result, the exports reached the peak of $2.3B. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Germany (21K tons), France (19K tons) and Poland (19K tons) were the main destinations of lock and key exports from Italy, with a combined 32% share of total exports. the United States, Spain, the UK, Russia and China lagged somewhat behind, together accounting for a further 23%.

From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +8.8%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($279M), France ($262M) and Spain ($153M) were the largest markets for lock and key exported from Italy worldwide, with a combined 32% share of total exports. Poland, the United States, the UK, China and Russia lagged somewhat behind, together accounting for a further 21%.

Poland, with a CAGR of +6.8%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Exports by Type

Base metal mountings, fittings and similar articles for furniture, doors, staircases, windows, trunks, chests etc, castors with mountings of base metal, automatic door closers of base metal (167K tons) was the largest type of padlocks, locks and keys of base metal exported from Italy, accounting for a 90% share of total exports. Moreover, base metal mountings, fittings and similar articles for furniture, doors, staircases, windows, trunks, chests etc, castors with mountings of base metal, automatic door closers of base metal exceeded the volume of the second product type, locks; (other than those for motor vehicles or furniture), (key, combination or electrically operated), of base metal (8.3K tons), more than tenfold. Base metal motor vehicle locks (6.9K tons) ranked third in terms of total exports with a 3.7% share.

From 2013 to 2023, the average annual rate of growth in terms of the volume of base metal mountings, fittings and similar articles for furniture, doors, staircases, windows, trunks, chests etc, castors with mountings of base metal, automatic door closers of base metal exports was relatively modest. With regard to the other exported products, the following average annual rates of growth were recorded: locks; (other than those for motor vehicles or furniture), (key, combination or electrically operated), of base metal (-6.6% per year) and base metal motor vehicle locks (+4.8% per year).

In value terms, base metal mountings, fittings and similar articles for furniture, doors, staircases, windows, trunks, chests etc, castors with mountings of base metal, automatic door closers of base metal ($1.8B) remains the largest type of padlocks, locks and keys of base metal exported from Italy, comprising 82% of total exports. The second position in the ranking was taken by locks; (other than those for motor vehicles or furniture), (key, combination or electrically operated), of base metal ($143M), with a 6.6% share of total exports. It was followed by base metal motor vehicle locks, with a 5.8% share.

From 2013 to 2023, the average annual growth rate of the value of base metal mountings, fittings and similar articles for furniture, doors, staircases, windows, trunks, chests etc, castors with mountings of base metal, automatic door closers of base metal exports stood at +1.4%. With regard to the other exported products, the following average annual rates of growth were recorded: locks; (other than those for motor vehicles or furniture), (key, combination or electrically operated), of base metal (-3.3% per year) and base metal motor vehicle locks (+4.6% per year).

Export Prices by Country

In 2023, the lock and key price stood at $11,691 per ton (FOB, Italy), picking up by 14% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was the UK ($14,497 per ton), while the average price for exports to Albania ($5,293 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Slovakia (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform