FIW Spezial No. 4 – Current Developments in Austria's International Trade in Goods
2011 was the second year of the global economic recovery following the economic crisis; growth rates were lower than in 2010. They slowed down drastically in the course of the year, the risk of a new recession could not be ruled out at the end of 2011 and beginning of 2012. Austrian nominal exports increased by 11.7 percent in 2011, after a 16.7 percent growth rate in 2010. However the smaller increase in 2011 is still satisfying given the crisis in important trading partner countries like Italy and Slovenia as well as the still not sufficient focus on rapidly growing technology driven industries on the one hand and on the dynamic markets in Asia on the other hand. The trade balance deficit increased due to higher energy prices resulting in higher nominal import than export growth. However again a substantially – even though decreasing – current account surplus was reached 2011. The export quota increased, the export market share losses of 2010 could not be gained back.