Carinthia’s foreign trade increased by almost 20% in the first half of 2022, but energy prices are causing the foreign trade surplus to melt.
Klagenfurt. Despite the major changes, according to the recently published foreign trade statistics for the first half of 2022, Carinthia may remain one of only four Austrian federal states with a positive external trade balance: exports (goods exports) of 4.657 billion of euros are compared to imports (imports of goods) of 4,639 million euros in front of. “We managed to continue the positive trend after the Corona pandemic. Despite the most difficult conditions, Carinthia’s export economy managed to maintain its leading position and remain the main economic and prosperity pillar”, said Jürgen Mandl, President of the Chamber of Commerce, named after the approximately 2,500 exporting companies in Carinthia. Praise and recognition.
Energy price explosion with consequences
However, the explosion in energy prices in the context of the war in Ukraine is leaving deep marks on the balance sheet: +27.4% compared to the first half of 2021. Carinthia generated over many years is falling to EUR 18.6 million. However, Carinthia, together with Upper Austria, Styria and Vorarlberg, is among the only four federal states with a positive external trade balance”, summarized the head of the foreign trade department, Hemma Kircher-Schneider.
Export to neighboring regions flourishes
Exports to the top 10 exporting countries rose sharply again in the first half of 2022, with continued double-digit growth rates. The high rate of increase of over 50% in our neighboring country Slovenia is impressive and very pleasing. Italy also continued to grow with an increase of almost 20% and maintained its position as the second most important export market. Kircher-Schneider: “These figures show very clearly the ever-increasing importance and economic network of companies in the Alps-Adriatic region. The high growth rates of over 50% each for Switzerland and the US are impressive in the case of third exports from the country”. High growth rates for the USA bring this market back into the TOP 10 of Carinthian exporting countries. This can be attributed, among other things, to the agreement between the US and the EU in June 2021, which temporarily ended the Airbus/Boeing dispute at the WTO.
China returns to third place in imports
Due to high purchase prices, especially in the area of energy imports, Carinthia’s imports also showed a dramatic increase in the first half of 2022, with growth rates of up to 50%. Germany remains the most important trading partner of the Carinthian economy in terms of exports and imports, China is pushing Italy to third place on the import side. a strong increase.
Imports and exports are characterized by high prices
The product structure of Carinthia’s foreign trade in the first half of 2022 will continue to be characterized by the product groups “Boilers, Machines, Appliances and Mechanical Devices” and “Electrical Electrotechnical Machines, Appliances and Products”. The two product groups are closely linked in their value chain and determine the exchange of goods on the export and import side. Currently, the industry is particularly affected by the high purchase prices of the “iron and steel” sector and its products, which can be seen in growth rates of over 30 percent for imports of these groups of products. It is even more gratifying that mechanical and plant engineering in Carinthia continues to show a very positive external trade balance.
Increase in exports and imports
Exports of “mineral fuels and mineral oils” are showing a huge increase of over 200 percent. “Paper and Cardboard” also show significant increases of almost 50 percent. With the exception of “optical and photographic instruments as well as measuring and testing instruments”, which fell by around 10%, all other product groups also saw strong growth. The picture is similar for imports of goods: here, too, high prices for imports of iron and steel and products produced from them are reflected. As expected, growth of around 25 percent was also recorded in the “mineral fuels and mineral oils” sector.