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Austria's foreign trade announces record surplus for 2007

Balloons floating upwards © photocase.com/godoza

© photocase.com/godoza

20 May 2008

The trade surplus has risen by € 2.5 billion - exports are largely responsible for the positive result.

Austria's foreign trade made a fundamental contribution to economic growth last year. In 2007 a new record result was achieved thanks to a positive rade balance of € 8.8 billion i.e 3.2% of GDP.

This represents an increase of € 2.5 billion on last year. In 2006 the trade surplus was € 6.3 billion, 2.4% of GDP. Austria's foreign trade has been reporting surpluses since 2002, before which there was a decade (1992-2001) of deficits. Imports and exports of goods are up by about 10% and, at € 1.3 billion, made a significant contribution to the growth of GDP. 

Austria's most important trade partner is undoubtedly Germany, accounting for 30.1% of exports and 41.5% of imports. The second most important export destination is Italy (8.9%) followed by the USA (5.1%).  Italy is also second for imports (6.9%) ahead of China (4.0%). China has risen from 13th place to become the third largest supplier to Austria - and also the EU - in the last eight years.

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