Cheaper gas imports reduced the trade deficit

Austria’s foreign trade deficit fell significantly last year. Compared to 2022, there was a decrease from 20.59 to 1.09 billion euros.

According to preliminary figures from Statistics Austria published on Friday, goods worth 201.64 billion euros were imported and goods worth 200.55 billion euros were exported. Imports fell by 6.3 percent, exports rose by three percent.

“This is the lowest deficit in more than 16 years,” says Statistics Austria General Director Tobias Thomas. Cheaper gas imports were mainly responsible for the decline. Specifically, the import value of fuels and energy fell by almost a third compared to 2022, and for gas it was 45 percent. The export value of machinery and vehicles rose by 8.2 percent and that of chemical products by 18.8 percent. The most important product group is machines and vehicles.

What role Russia plays

The most important trading partner for Austria is Germany. This is followed at a respectful distance by countries such as China, the USA, Italy and Switzerland. Austria transacts two thirds of its foreign trade with EU countries. Fuel and energy are imported from Russia. Chemical products, machinery and vehicles accounted for the majority of exports. According to Statistics Austria, Russia remains one of Austria’s 20 most important trading partners. Mariana Kühnel, deputy secretary general of the Chamber of Commerce, sees light and shadow in the results. Increased energy, personnel and bureaucratic costs as well as low growth impulses from top markets acted as a brake on the “export economy as an engine of innovation and prosperity”.