Austrian export sees growth in 2015 despite trade collapse with Russia

Austrian food and agricultural exports have increased 2.5 percent to reach 9.9 billion euros (10.7 billion U.S. dollars) in 2015 despite a massive collapse in exports to Russia, Agrarmarkt Austria Marketing stated in a press release Thursday.

The trade embargos first implemented by Russia in 2014 on particular Austrian goods as a reaction to EU sanctions regarding the Ukraine crisis continued through 2015, with no meat, sausage, and bacon exports allowed, while dairy exports also collapsed 80 percent to 1.5 million euros.

This was compounded by a drop in the value of the ruble resulting in an overall 43 percent drop to 107.1 million euros in foodstuff and agricultural exports to Russia.

On the positive side however exports to the United States boomed 42.4 percent to 642.6 million euros thanks to high demand for non-alcoholic beverages, in particular energy drink Red Bull, as well as Austrian cheeses that saw 25 percent export growth.

Growth to Germany, traditionally Austria's largest export market, also increased 4 percent to reach 3.48 billion euros in total, while those to Italy dropped 2.9 percent to 1.26 billion euros.

Food and agricultural imports meanwhile grew 2.3 percent in 2015 over the year prior to reach 10.98 billion euros, giving Austria an approximate 1-billion-euro trade deficit in the sector. Endit