English News

The latest developments in business relations between the Czech Republic and Austria

25.08.2010 - 12:49 | Pick of the Week

In the past 15 years, Austrian-Czech foreign trade has reported ongoing dynamic growth. However, the economic crisis has had a negative impact on it. According to the figures from the Czech Statistical Office (CSU), the volume of Czech imports from Austria dropped 23.6% year on year in 2009 to EUR 2.74 billion. Czech exports to Austria also dropped significantly, by 19% to EUR 3.8 billion. Therefore, the trade balance has remained positive for the Czech Republic, even in a time of crisis.

Last year's drop was particularly noticeable for export-oriented economies such as Austria's and the Czech Republic's. All the more should the drop affect the main areas, such as the category of Machines and Means of Transport, which is the most important with a 30% share of exports and a 37% share of imports. According to the Austrian statistical office, Statistik Austria, exports in this category dropped 31% and imports fell 20%. After the crisis year, there are signs of growth in mutual business relations. Industrial production in the Czech Republic grew 7.5% year on year in the first quarter and 12.3% in the second quarter, according to the CSU. As a result of this, in the first quarter there was a slight revival of trade between the Czech Republic and Austria. According to the figures from the Austrian Chamber of Commerce, the volume of exports from Austria to the Czech Republic increased 3.9% in that period and the volume of imports to Austria from the Czech Republic was 6.8% higher. The Czech Republic is an important Austrian partner and it is also valid vice versa. In the first quarter of 2010, the Czech Republic, with a 3.6% share, was behind Germany, Italy, Switzerland, the United States, and France, the sixth most frequent destination of Austrian exports. For the Czech Republic, Austria, with a 3.4% share, represents the ninth largest exporter. For Czech exporters in the first quarter, Austria was the seventh most important country, behind Germany, Slovakia, Poland, France, Italy, and the United Kingdom.

Autor: Ing. Karina Kubelkova MBA, redaktorka CIA

DALŠÍ ZPRÁVY Z RUBRIKY

Mohlo by Vás zajímat

Energy
Finance
Healthcare
Development
Investments