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Service exports key success factor for Austrian foreign trade

24 June 2012

Regardless of global economic turbulence, Austria enjoyed considerable success in the international trade of goods and services in 2011.

Despite the unfavourable economic backdrop from the second half of the year, Austria managed to achieve a trade surplus in services of EUR 5.9 billion or 1.9% of GDP. According to Oesterreichischer Nationalbank (OeNB) , this is proof of Austria's unwavering competitive ability on the international stage and the great reputation enjoyed by Austrian services on the global markets. These results make Austria one of the few EU countries to fall within the stability limits specified by the European Commission.

Austrian trade in services (including tourist traffic) has proven to be crisis-proof and led to an increase of EUR 14 billion. This went a long way towards compensating for the deficit in the trade of goods, which was primarily caused by the increase in commodities prices. The main reasons for this positive development were traditionally lucrative tourism and the export success of technology-heavy services - particularly in the fields of software development and network support as well as architecture and engineering services.