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US: the silver lining to Russian sanctions

January 22, 2016

2015 increase in US exports of Austrian metals and machines compensates for loss of exports to Russia

In July, 2015 the EU imposed severe sanctions regarding the export of technology imports from the EU into Russia.  The result was a predictable collapse of sales of Austrian industrial machines and metals to Russia. 

What was not expected is the fact that the decrease in technology exports to Russia has been more than offset by an increase of Austrian technology exports to the US.  According to Statistik Austia and the Association of the Austrian Machinery, Metalware and Foundry Industries, Austrian exports of machines and metals to the US increased from 2014 to 2015 by 453 million Euros, while decreasing to Russia by 436 million Euros. 

The US has further strengthened its position as Austria’s second most important metals and machines market after Germany.  In the first three quarters of 2015, exports in this segment increased by 29% to the US and 2% to Germany.  Overall, the US was the silver lining to the Austrian metals and machines sector in 2015 and is expected to continue to be strong through 2016.