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Austrian Foreign Trade: Covid-19 Pandemic Takes its Toll
Austria's imports and exports both declined heavily in 2020. A year characterized by the Covid-19 pandemic, the total value of imports decreased by around 9 percent compared to 2019, while Austrian companies exported 7.5 percent less than the year before. In total, imports and exports resulted in a trade balance deficit of around EUR 2 billion.
The Covid-19 pandemic has severely affected Austria's foreign trade, resulting in declining imports and exports in 2020. / Picture: © Wikimedia Commons / Wojciech Gerson [Public Domain]
In 2020, according to preliminary results published by Statistics Austria, the total value of imports of goods was nominally 8.6 percent lower than the previous year at around EUR 144 billion, while exports of goods decreased by 7.5 percent to about EUR 142 billion.
The trade balance deficit was therefore at around EUR 2 billion, down from more than 4 EUR billion in 2019, while working-day adjusted imports fell 9.0 percent and exports 7.9 percent. …
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