Exports increased significantly this year, especially in the first half of the year, said Upper Austria’s Chamber of Commerce President Doris Hummer at a press conference in the voestalpine-Stahlwelt. For the year as a whole, Hummer expects the value of exports to increase by 14 percent compared to last year. The expected 48.8 billion euros are twice as much as in 2006 (24.6) and significantly more than before the outbreak of the corona pandemic in 2019 (40). The weaker euro compared to the dollar, which basically makes exports cheaper, also helped.
Upper Austria plays a key role when comparing federal states. Around 12,000 companies export. Every fourth export from Austria comes from Upper Austria. Exports are the growth drivers of the economy and bring prosperity at the same time, said VP Economic Councilor Markus Achleitner.
Like Hummer, however, he sees “still a lot of potential” in the companies. Upper Austria has around 100,000 companies, most of which are small and medium-sized businesses. Many are not aware of the opportunities that are available, said Achleitner. Mainly machines, mechanical devices, iron, steel and plastics are exported from Upper Austria. Half of all exports go to Germany, the USA and Italy.
Engine stutters
Although the export engine is currently humming, it is in danger of stalling next year, Hummer said. The global economy is already in a downturn, the energy crisis and inflation are affecting companies, and the planning processes for the coming years are a Herculean task. The supply chains are also still not stable, although freight costs are falling and more containers are available again.
Achleitner referred to the energy crisis, which would require political intervention at EU level before winter to curb prices. “The awareness of doing something is basically there, but more speed is required,” said the provincial councilor. The crises have taken on a new dimension that is even more intense and difficult than the corona pandemic.
According to Patrick Sagmeister, Deputy Head of Foreign Trade Austria, there is growth potential for domestic companies in the USA, Southeast Europe and Southeast Asia. In the USA there are promising business areas for domestic machine and plant manufacturers because of the infrastructure package worth billions, the proximity to Austria speaks for Southeast Europe and South Korea is home to many tech companies that invest a lot of money in research and development.
Source: Nachrichten
