Austria flag Austria: Economic and Political Overview

Foreign trade figures of Austria

Foreign Trade in Figures

The Austrian economy is heavily dependent on foreign trade, which accounts for 102% of GDP (World Bank, latest data available). Its trade with the countries of the European Union accounts for almost 70% of its total trade (WTO). The country’s main exports are vehicles, medicaments, human and animal blood and parts of motor vehicles. Its main imports are motor vehicles and their parts, medicaments, human and animal blood, and petroleum oils.

Germany is, by far, Austria’s privileged partner for both imports and exports. In 2020, Austrian exports to Germany represented 30.4% of total exports, while imports represented 34.7%. Except for the USA (Austria’s second export destination), and China (second main supplier), the country trades mainly with its neighbour countries: Italy, Switzerland, France, Poland and the Czech Republic. The manufacturing industry is well integrated into Germany’s value chain. Austria remains therefore dependent on the economic conjuncture in Germany and in other central and eastern European countries.

Austria imports more goods than it exports: USD 168.5 billion as opposed to USD 172.2 billion in 2020 (-6.7% y-o-y for both indexes - WTO latest data available), but its current account has invariably been in surplus since 2002 and will continue to improve over the forecasted horizon thanks to exports of services, which amounted to USD 64.2 billion while imports stood at USD 55.7 billion in 2020. In the same year, the external balance of goods and services stood at 3.8% of GDP (World Bank). According to preliminary results from Statistics Austria, the total value of imports of goods in the period January to August 2021 stood at EUR 114.28 billion, whereas exports amounted to EUR 106.84 billion.

 
Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 175,755193,722184,758172,200219,520
Exports of Goods (million USD) 168,026184,815178,670168,538202,806
Imports of Services (million USD) 55,15063,86065,22655,76966,987
Exports of Services (million USD) 66,13675,11175,74164,25170,210

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 101.0104.9108.1107.8101.7
Trade Balance (million USD) 2,9461,2012,5633,3336,053
Trade Balance (Including Service) (million USD) 14,62912,47014,50714,36614,939
Imports of Goods and Services (Annual % Change) 3.75.35.02.4-9.6
Exports of Goods and Services (Annual % Change) 3.04.95.52.9-10.0
Imports of Goods and Services (in % of GDP) 48.650.952.452.249.0
Exports of Goods and Services (in % of GDP) 52.454.155.755.652.6

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2022 (e)2023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 13.32.02.13.82.4
Volume of imports of goods and services (Annual % change) 10.33.71.72.41.9

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Austria is a member of the following international economic organisations: European Union, ICC, Schengen Agreement, IMF, G-9, WTO, among others. For the full list of economic and other international organisations in which participates Austria click here. International organisation membership of Austria is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Austria can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2021
Germany 29.5%
Italy 6.6%
United States 6.1%
Switzerland 5.1%
Poland 4.0%
See More Countries 48.7%
Main Suppliers
(% of Imports)
2021
Germany 39.7%
Italy 6.2%
Switzerland 5.1%
Czech Republic 4.7%
Netherlands 4.4%
See More Countries 39.9%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

201.7 bn USD of products exported in 2021
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 3.6%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.5%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.2%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 2.4%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 2.3%
See More Products 85.0%
219.0 bn USD of products imported in 2021
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 4.3%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 2.8%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 2.7%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 2.5%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 2.3%
See More Products 85.4%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

61.0 bn USD of services exported in 2020
27.65%
24.20%
22.71%
13.17%
3.15%
2.50%
2.08%
1.66%
1.07%
0.97%
0.85%
50.9 bn USD of services imported in 2020
31.56%
30.58%
14.75%
8.82%
3.11%
3.04%
2.49%
1.99%
1.92%
1.49%
0.25%

Source: United Nations Statistics Division, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: November 2022