Partly driven by huge increases in energy prices, the value of Austrian imports rose by a third in January compared to the same month last year. This was especially noticeable with imports from Russia, for which Austria transferred 247.5 percent more to the country that is now at war than in January 2021. That came down to 880 million euros.
“Before the outbreak of the war in Ukraine, Austrian foreign trade continued to grow in early 2022 compared to January 2021. The development was supported, among other things, by strong increases in the value of fuels and energy with a plus of 165.3 percent in imports. and plus 109 percent in exports,” says Statistics Austria Director General Tobias Thomas.
Trade balance with negative difference
The total value of imports in January amounted to 15.29 billion euros, an increase of 32 percent compared to the same month last year. Exports rose by 21.3 percent compared to January 2021 to 13.58 billion euros. The trade balance showed a deficit of 1.71 billion euros.
Austria’s main trading partner is still the EU. Austria delivered goods worth EUR 9.22 billion to the EU area – an increase of 17.7 percent compared to January last year. At the same time, imports from the other Member States of the Union rose by 22 percent to EUR 9.43 billion. The bottom line is a deficit of 0.2 billion euros.
Strong increase in imports from third countries
Imports from third countries reached 5.86 billion euros (plus 52.2 percent) in January this year. Exports to countries outside the EU rose by 29.4 percent to 4.35 billion euros. This results in a liability of 1.51 billion euros.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
