Austrian trade deficit doubles in 2011: official

Austria's trade deficit more than doubled in 2011 to 9.23 billion euros ($11.62 billion), the national statistics office said Friday, citing a hike in the value of imported goods. In 2010, Austria's deficit was 4.28 billion euros. "This increase was in great part due to a hike in the import value of raw materials like fuel and energy," Statistik Austria said in a statement. Imports grew year-on-year in 2011 by 15.27 percent to 131.0 billion euros, while exports were up 11.34 percent to 121.8 billion euros, the final figures showed. Germany is the number one trading partner of Austria, followed by Italy and the United States, with whom trade grew by 28.9 percent last year, allowing it to overtake Switzerland as Austria's main partner outside the EU.