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Austrian Exports to Japan Reach New Record

Published: March 27, 2012; 17:15 · (Vindobona)

Last year, bilateral trade between Austria and Japan recorded a new high. Austrian exports to Japan amounted to € 1.3bn.

Austrian Exports to Japan Reach New Record / Picture: © Flickr

For the first time since 1980, Japan recorded higher imports than exports. Last year, Austrian exports reached a new high, says the commercial delegate Martin Glatz in Tokio. Due to the Fukushima catastrophe, the Japanese people tend to prefer renewable energy. Besides wind power and solar power, also biomass is highly demanded. The nuclear shut-down caused a rise of demand in oil, gas and coal, however.

Last year, Austrian exports mainly consisted of timber, machines and automotive components. Above all, Austria received construction machines, electronic devices and automobiles. After the Japanese automotive industry faced supply shortages one year ago, there is a tendency to become more independent from single suppliers, Glatz said. The supplier diversification increases. Moreover, Japanese companies tend to strengthen their investments abroad.

Nevertheless, the economic development of Japan is still not very promising. In 2011, the Japanese GDP was down by 0.9%. The government considers an increase of the VAT from 5% to 10%, Glatz reports. At least, the high public debt quota of 200% is not problems, as most bondholders are Japanese. “For the time being, this is no problem.” Glatz explains. Glatz expects that there will be no further increase in Austria´s export volume to Japan in 2012.