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Austria’s exports hit record levels in 2019

14. July 2020

Austria’s foreign trade hit record heights once again last year, although the successful trajectory of its export business has hit a rough patch in 2020 in the wake of the Coronavirus.

 

As a result of the Coronavirus pandemic, Austria currently has a considerable downturn in exports and imports to contend with. Statistics Austria has now published definitive foreign trade data for 2019, and last year saw exports rise by an impressive 2.3%; as imports grew by only 1.1% over the same period, the foreign trade deficit was also reduced. Austria’s goods for export were worth EUR 153.50 billion, with imports amounting to EUR 157.82 billion.

The trade deficit was thus reduced to EUR 4.32 billion. Exports of goods to the EU increased by 1.9% to EUR 106.94 billion in 2019, with imports from member states rising by 0.3% to EUR 110.66 billion. Foreign trade with third countries experienced steeper growth, with exports chalking up a rise of 3.2% (to EUR 46.56 billion) and imports expanding by 3.1% to EUR 47.16 billion. The proportion of third countries among Austria’s import and export destinations has risen from a healthy quarter to some 30% over the period 2009-2019.

More than half of all Austria’s foreign trade last year was conducted with five countries (Germany, Italy, the USA, China and Switzerland), and approximately 85% of all exports and imports are destined for just 20 countries.

Initial indications are worse for this year, however, even for an exporter with a successful track record like Austria’s. The country’s exports are experiencing a severe contraction as a result of the global recession, with economic researchers currently forecasting a drop of up to -14.8%; export growth of some 9.5% is not anticipated until 2021.


Last modified
15. July 2020

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