Vorarlberg's economy defies the crisis: export surplus at a record level!

Vorarlberg's economy defies the crisis: export surplus at a record level!

Vorarlberg will continue to be a strong export country in 2024, despite economic challenges. According to the current foreign trade balance published by Statistics Austria, the region recorded a decline in exports of 2.7 percent in the first half of 2024 compared to the previous year, which corresponds to a total export volume of 6.6 billion euros. However, the country remains at a record level with a trade surplus of over 1.9 billion euros, which makes Vorarlberg the first address in Austria when it comes to trade surpluses per capita. This is supported by the broad base of the export industry, which is active in around 230 international markets, as well as the crown reported.

Worldwide trade relations and market development

However, economic conditions were not rosy. The energy crisis, high costs of living and a general economic slowdown, especially in Germany - Vorarlberg's most important trading partner - have put a strain on business. Imports fell by 6.6 percent to around 4.6 billion euros, which shows an alarming trend. Nevertheless, Regional Economics Councilor Marco Tittler emphasizes that Vorarlberg companies are robust in an international comparison. “Despite the difficult initial situation, the Vorarlberg economy is relatively strong,” said Tittler. Products from Vorarlberg continue to be sold worldwide, with a particular focus on the EU states, which account for 58 percent of exports.

What is particularly noticeable is the sharp decline in trade relations with the CIS states since the Ukraine invasion. This event not only disrupted trade flows, but also brought new challenges for the Vorarlberg economy. In view of these circumstances, WKV President Karlheinz Kopf's call for a clever trade policy that should open up new markets is becoming increasingly louder. The possibility of using new trade agreements such as the EU-Mercosur free trade agreement could therefore be crucial for the Austrian export industry in order to cushion future uncertainties Vorarlberg ORF informed.