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Austrian exports back on record-breaking course

Austrian flag flying in the wind © photocase.com/Dragon30

© photocase.com/Dragon30

March 21, 2011

Last year exports rocketed by 16.5%. This year exports are set to rise by a further 10.5%, thereby breaking all previous records.

The Austrian economy grew by around 2% last year. This pleasing economic development was driven by the export industry. From January to December 2010 exports rose by 16.5% to over EUR 109bn. Imports to Austria totalled EUR 113.5 (+16.3%).

Germany and Italy were Austria’s most important trade partners. Around 70% of Austria’s trade volumes involved trade with EU members (exports: +15.6%). Even more dynamic growth was seen in foreign trade with non-EU countries – exports here rocketed to EUR 32.3bn (+18.6%). Strong export growth in certain countries outside the EU-27 was particularly pronounced, for example to the USA (+22.9%), and to China, Japan, Brazil, Mexico or Turkey (+30% and more). The BRIC nations are becoming increasingly important : Brazil, China and the Russian Federation are now among Austria’s top 10 trade partners, while India is in 12th place.

Experts predict that exports will continue to drive the recovery in 2011. It should even be possible for Austria to break its previous export record of EUR 117.5bn set in 2008. Forecasts suggest export growth of 10%, and of 9% in 2012.

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