3.5 billion euros potential for Austrian exports to South Korea
Mag. Dr. Wolfgang Schwarzbauer
Chief Financial Officer and Chief Human Resources Officer, Head of Regional Economic Policy and Foreign Trade Research
EcoAustria study commissioned by Samsung predicts growth opportunities for the domestic economy
In a study commissioned by Samsung, the economic research institute EcoAustria analyzed the economic effects of Austrian exports to South Korea. Previous data shows that Austria's foreign trade structure in both goods and services exports is only slightly diversified and strongly oriented towards Europe. Specifically, just under 67% of domestic goods exports go to EU member states. This share is even higher in terms of trade in services (70 percent) and direct investments (80 percent). Overall, 9 percent of domestic goods exports go to Asian countries, with South Korea representing Austria's third most important Asian export market after China and Japan with a share of 0.8 percent.
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The low degree of diversification of Austrian export markets suggests that Asian countries will have to be an even greater focus of Austrian foreign trade in the future.
According to EcoAustria, a greater presence of Austrian companies in South Korea is particularly important in order to exploit the existing potential. In this context, Busan's application for WORLD EXPO 2030 offers a unique opportunity. It is also important that institutions that support the Austrian export industry focus at least part of their activities on South Korea as a potential export growth market. This includes the goInternational initiative of the BMAW and the WKO, which should be used to support trade fair appearances or to establish contacts with global players from South Korea.
