Austria's trade deficit plunges by around 90 percent in 2023
Date
6/30/2024 8:49:39 AM
(MENAFN) Austria's trade deficit underwent a remarkable reduction in 2023, plunging by approximately 90 percent to 2.02 billion euros compared to the previous year, according to the latest data released by the Austrian Statistics Authority. This sharp decline marks a stark contrast from the 20.59 billion euros deficit recorded in 2022.
Tobias Thomas, Director General of the Statistics Authority, highlighted several key factors contributing to this substantial decrease in the trade deficit. Notably, the significant drop in energy prices, particularly for imports like gas, played a pivotal role. Concurrently, Austria experienced a notable increase in revenues from exports, particularly in machinery, vehicles, and chemical products, further bolstering its economic outlook.
In precise figures, Austria's total imports in 2023 amounted to 202.78 billion euros, reflecting a 5.8 percent decrease from the previous year. In contrast, the value of Austrian exports saw a positive trajectory, rising by 3.1 percent to reach 200.76 billion euros.
Explaining the dynamics behind the wider deficit observed in 2022, the Statistical Office noted that higher energy prices significantly skewed the balance, leading to imports surpassing exports by more than 20 billion euros. The favorable shift in gas imports and robust export growth were instrumental in driving down the trade deficit substantially in 2023, illustrating a more balanced trade performance for Austria over the past year.
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