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Austrian agricultural exports to Russia drop 52 mln USD in 2014

Xinhua, March 12, 2015 Adjust font size:

The Russian ban on imports of selected agricultural commodities and food from the EU cost Austria 52.7 million U.S. dollars in exports in 2014.

The figures come from an Austrian Institute of Economic Research (WIFO) analysis revealed on Wednesday.

WIFO said the large decrease was not solely due to the sanctions that were introduced on Aug. 7 of last year, however, and could also be indirectly linked to the sharp rise in costs of Austrian products due to a weakened ruble in the second half of 2014.

In addition, the economic institute said the drop in exports should not immediately be equated with economic losses in the Austrian agricultural industry.

The authors of the WIFO report also said losses in prosperity as a result of sanctions tend to effect the country that imposes them more than countries for whom the market access is restricted. Endit