Strong Upturn in Austria's Foreign Trade

Foreign trade expanded rapidly in the first half of 1989. As imports rose more quickly than exports the trade deficit widened markedly. Deliveries to the East and to the non-OPEC developing countries grew particularly strongly. Foreign demand buoyancy extended to all major commodity groups. In early June, Austria submitted her application for membership in the EC. This marks the end of the first stage of the internal debate on the integration issue; in a second stage policy action should adjust the economy to the requirements of the single European market. Securing unrestricted access to the EC-market is a major motive for Austria's request for membership.