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Austria posted a trade deficit of €0.56 billion in August 2024, larger than €97 million in the corresponding month of the previous year. This marks the widest trade shortfall since February 2023, as exports fell more than imports. Shipments slipped by 9.2% year-on-year to a three-year low of €13.4 billion, mainly due to lower exports of machinery and vehicles (-11.9%); manufactured goods (-11.4%) and processed goods (-5.3%). Meanwhile, imports declined by 6.1% to €14 billion, primarily due to reduced purchases of fuels and energy (-14.6%); chemical products (-9.4%) and machinery and vehicles group (-6.8%). "The decline in imports and exports is largely due to the fall in trade with Germany, Austria’s most important trading partner. Here, the value of imports fell by 8.7% year-on-year in August 2024, while exports to Germany fell by 6.3% ”said Statistics Austria Director General Tobias Thomas.