The Black Sea Region – Economic Trends and Role for Austria's External Sector

TLDR: In this article, Austria's export structure largely coincides with the Ukraine's and Turkey's import demand, and Austria has good foreign trade relations with the Black Sea region, but these can still be expanded considerably.

Abstract: Due to their geographical proximity, their natural resources as well as their market potential and labour pool, the countries of the Black Sea region located at the strategic crossroads of Europe, Central Asia and the Middle East are gaining increasing importance. As the economies are expanding dynamically they will constitute a substantial demand potential in the future. Because of its size Turkey in particular is an important market. Austria has good foreign trade relations with the Black Sea region. However, these can still be expanded considerably. Austrian companies' competiveness is high in the Ukraine. Austria's export structure largely coincides with the Ukraine's and Turkey's import demand.