The impact and response to the deadly novel coronavirus in Italy has, expectedly, led to business impacts, Reuters reports, with manufacturing output at 15% below normal levels and warnings of a “significant fall” in GDP according to Economy Minister Roberto Gualtieri. There’s likely to be a ripple effect for global supply chains, including U.S. importers of consumer and industrial goods.

Panjiva data, retrieved via S&P Global Market Intelligence XpressFeed, shows that U.S. leather and wool imports are at particular risk. Italy accounted for 35.5% of the leather imported to the U.S. by value equivalent to $208.9 million in 2019. Similarly, Italy accounted for 23.9% of U.S. wool imports. Luxury goods had already been at risk from an nascent U.S.-EU trade war, as outlined in Panjiva’s 2020 Outlook.

The largest import lines from Italy meanwhile were industrial machinery, worth $11.1 billion or 3.0% of total U.S. imports of machinery, while pharmaceuticals were worth $8.3 billion, or 6.6% of U.S. pharma imports. The latter is of particular importance given the coronavirus outbreak, and will likely be covered by a new EU prohibition on exports of medical supplies launched by the European Commission.

Chart segments U.S. imports from Italy by product (HS-2) comparing value of imports to proportion of total U.S. imports of those products. Bubble size indicates total U.S. imports. Data covers calendar 2019. Source: Panjiva

Companies in those categories that may be affected by an economic slump in italy include Leather Miracles, a furniture maker, whose imports of leather from Italy fell by 16.9% year over year in the three months to Feb 29. 

In the pharmaceutical category, Panjiva data shows Nichi-Iko Pharmaceutical is a major importer from Italy, while imports associated with the firm in the pharmaceutical category fell 95.9% year over year in the same period. SPAL Automotive may also face challenges with a fall in associated machinery imports of 78.0% year over year.

Chart segments U.S. imports from Italy on a monthly and three month average basis. Source: Panjiva

Recreating this analysis in S&P Global Market Intelligence Xpressfeed

To recreate the company searchin Xpressfeed, create a multi-year HS code enabled subquery. Filter the subquery for HS codes 30, 41, 51, and 84 as well as shipment origin from Italy.