By 5.1 percent

Economic crisis: Styrian exports have fallen

Barbara Eibinger-Miedl, Styrian Minister of Economic Affairs, Kurt Maier, President of the Federation of Austrian Industries, and Josef Herk, President of the Chamber of Commerce

(Bild: Kanizaj)

The stubborn recession is also making itself felt in Styria's export balance: In the first half of 2024 (no data is yet available for the full year), goods worth EUR 14.5 billion were delivered abroad - a drop of 5.1 percent. The German market in particular is weakening.

After the record balance in 2022, Styrian exports have already fallen slightly. This was to be expected due to the turbulent economic environment. Now the next minus: the value of exported goods fell by EUR 778 million in the first half of 2024 compared to the previous year.

Germany weak, big plus in the USA
The weakness of the German market is particularly noticeable. From January to June, there was a decline of 10.9% to 3.7 billion euros - but Germany is still by far the most important trading partner. The USA follows in second place with 1.9 billion euros: There was a remarkable increase of 22 percent here!

The top sectors

• The list of Styria's most important export goods is headed by "tractors and motor vehicles" (3.1 billion euros), "machinery and mechanical appliances" (2.3 billion euros) and "electrical machinery and electrotechnical goods" (1.3 billion euros).
• While the export volumes of "tractors and motor vehicles" (-16.4%) and "electrical machinery and electrotechnical goods" (-7.9%) fell, those of "machinery and mechanical appliances" increased significantly by 20.4%.

The top 5 ranking is completed by Italy (EUR 921 million, down 4.9%), China (EUR 808 million, up 7.1%) and the UK (EUR 658 million, up 3.4%). Trade with the United Kingdom is therefore on the up again after the "Brexit shock".

Government promises "Styria plan"
"The export balance for the first half of 2024 clearly shows the major challenges facing the domestic economy and export-oriented companies in particular," says Barbara Eibinger-Miedl (ÖVP), State Councillor for Economic Affairs. The new blue-black state government wants to present a "Styria Plan" and reduce bureaucracy.

The domestic economy is currently facing an icy economic wind on the international markets.

Josef Herk (Wirtschaftskammer)

Chamber of Commerce President Josef Herk once again complains about the "high labor and energy costs" in Austria, saying that relief is urgently needed. Manfred Kainz, Chairman of Foreign Trade at the Chamber, also criticizes the new supply chain law at European level, which brings competitive disadvantages.

Industry in favor of free trade agreements
Kurt Maier, President of the Federation of Austrian Industries, also sees warnings confirmed and an urgent need for action. However, he also says: "I am confident that we succeeded in serving comparatively new markets last year, and we must continue to work on this consistently." He is in favor of EU free trade agreements - the Austrian Industry President Georg Knill (a Styrian) is also an advocate of such agreements.