Despite multiple crises and a generally weak economy, Vorarlberg’s export economy was very robust in the first half of 2024. The bottom line is that there is even a historic surplus on the trade balance.
Vorarlberg’s economy faced many challenges last year: the energy crisis and inflation, but also the general economic slowdown – especially in Germany, its main trading partner – and the still challenging situation of skilled workers have had a negative impact on the economy. company.
However, a look at the foreign trade balance shows that Ländle companies have held up very well in comparison. Although both exports and imports fell in the first half of 2024, they were still at a very high level: exports shrank by 2.7 percent compared to the first two quarters of 2023 to now 6.6 billion euros, imports increased by 6.6 percent to approximately 4.6 billion euros.
Closely intertwined with the entire world
The bottom line is that this results in a surplus on the trade balance of more than 1.9 billion euros – a new record. “Despite the difficult initial situation and the weak economy of the main trading partners, Vorarlberg’s economy is relatively strong. When comparing the federal states, Vorarlberg remains at a high level in terms of exports per capita – specifically in second place. “We are now in first place when it comes to trade surplus per capita,” says Economy Councilor Marco Tittler (VP), who believes the local location is in a strong position compared to other regions .
One reason for this relative strength is the fact that Vorarlberg’s export economy is very broad-based: active trade relations are maintained with approximately 230 regions and destinations around the world. Nearly 58 percent of exports and two-thirds of all imports come from EU member states. Germany remains Vorarlberg’s undisputed most important trading partner, with a 27 percent share of the total export volume and 38 percent of the import volume.
The EFTA with neighboring countries Switzerland and Liechtenstein is the second most important partner market; more than 13 percent of all exports and imports go to the EFTA account. Only then will the US follow as the most important non-European trading partner – and with solid growth: in the first half of 2024, goods movements worth 418 million euros (+7.5 percent) were registered in exports and 31 million euros (+7. 4 percent). ) upon export Import is registered.
Trade relations with the CIS countries collapsed
The fourth largest trading partner is China, although business activities with the Middle Kingdom have recently lost significant momentum. Since the Russian invasion of Ukraine, trade relations with the CIS countries have collapsed.
Given the many uncertainties, WKV chairman Karlheinz Kopf advocates a ‘smart trade policy’ that supports the development of new markets: ‘This also includes concluding new trade agreements. With the free trade agreement between the EU and Mercosur, the Austrian export industry has great opportunities.” Vorarlberg currently exports goods worth more than 23 million euros to the Mercosur countries.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
