ECONOMY JUNE 2016 13 Just as in 2015, all-time highs in merchandise exports will also be achieved in 2016 and 2017. Austria surpassed the 130-billion euros mark for merchandise exports for the fi rst time in the previous year. According to forecasts of the Austrian Chamber of Commerce’s ADVANTAGE AUSTRIA, merchandise exports will increase to 135 bn. euros this year and reach 140 bn. euros in 2017. This positive prognosis could be marred by several current crises, starting with confl ict hot spots in the Near and Middle East, the subsequent refugee problem, in addition to the still existing reciprocal sanctions between the EU and Russia, as well as the current oil pricing policy. “But let’s focus on the positive aspects: If we add the more than 50 bn. euros generated by Austrian service exports to the 130 bn. euros in merchandise exports, the total export volume amounts to 180 bn. euros. This total amount is the equivalent of all public sector budgets – from the federal government to provinces, municipalities, and social insurance agencies!” says Christoph Leitl, the President of the Austrian Chamber of Commerce, AUSTRIA’S FOREIGN TRADE IN 2015: IMPORTS AND EXPORTS AMOUNTED TO MORE THAN 130 BN. EUROS According to Statistik Austria’s preliminary results for January to December 2015, the total value of imported goods of 133.00 bn. euros is 2.4 percent above the previous year’s fi gure. Exported goods also showed an increase of 2.7 percent to 131.55 bn. euros. The trade defi cit amounted to 1.45 bn. euros, after 1.74 bn. euros in 2014. Compared to 2006 – the report year, in which the 100-billion-euro mark was surpassed for the fi rst time in both directions – the Austrian foreign trade increased by over 25% (imports 2006: 104.20 bn. euros; exports 2006: 103.74 bn. euros). In the fi ve-year comparison (2011 to 2015) imports increased by 1.5 percent and exports by 8.0 percent. Imports of goods settled at around 130 bn. euros from 2011 onwards (with the exception of 2014: 129.85 bn. euros), exports followed suit in 2015. About 70 percent of the Austrian foreign trade was conducted with member states of the European Union in 2015. The remaining 30 percent were conducted with third countries – this ratio was still at 75:25 in 2006. Exports to other EU member states increased slightly above average levels in 2015, whereas exports to third countries remained below average levels. Austria imported 93.69 bn. euros (+1.3 percent) worth of goods from EU member states; imports from third countries increased by 5.2 percent to 39.32 bn. euros. The trade defi cit with the European Union decreased by more than one third – from 4.30 bn. euros (2014) to 2.84 bn. euros. Austria exported more goods to third countries than it imported, resulting in a positive trade balance of 1.40 bn. euros. FOCUSING ON EXPORT MARKETS According to Walter Koren, Director General of ADVANTAGE AUSTRIA, Austria’s export growth in 2015 is mainly due to booming markets “in the Far East as well as the Far West”. On the one hand, exports strongly increased to the NAFTA region (USA, Mexico, Canada), on the other hand, Southeast Asian markets have become increasingly strong magnets for Austrian products. One of these countries is India, from where Christoph Leitl only recently returned with a large business delegation. “India is the world’s seventh biggest economy and the fastest growing emerging market worldwide. In the past ten years, India has moved up 10 ranks and is now among the Top 30 of Austria’s most important target desti- Exports continue to be our most important trump card for solid economic growth and are the main pillar of our prosperity. CHRISTOPH LEITL, PRESIDENT OF THE AUSTRIAN CHAMBER OF COMMERCE (WKO) » Domestic companies have yet to tap the full potential of markets with high economic growth.
NEW BUSINESS - EXPORT TODAY 1/2016
To see the actual publication please follow the link above