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Austria's trade balance 2010

Going up step by step © ADVANTAGE AUSTRIA

© ADVANTAGE AUSTRIA

19 May 2011

The trade surplus generated last year underlines yet again the strong competitiveness of the Austrian economy.

With a surplus of EUR 7.8 billion, 2.7% of GDP, Austria’s trade balance saw positive developments in 2010. This was a clear testament to the Austrian economy’s strong international competitiveness even so soon after the international financial crisis. According to Oesterreichische Nationalbank (OeNB) the positive result came from successful trade in services (+EUR 13.3 billion), which in addition to tourist traffic relies on other industries such as communication, IT and architectural services.

Austria’s export industry benefited from the global economic recovery last year, which was fuelled by the surprisingly strong rebound in world trade (+22%). The dynamic growth of key trade partners – such as in Germany, Switzerland or the USA – led to full order books for Austrian exporters and compensated for the slump in trade in 2009. There were also direct trade boosts from the Eastern neighbours such as the Czech Republic (+20%), Hungary and Slovakia. For the first time in 2010 China was among Austria’s top 10 trade partners.

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