Austria's Key Imports: Understanding Trade Partners And Goods

Austria's imports come from all over the world, with 84.4% of its total imports by value in 2023 purchased from fellow European countries. In 2023, Austria imported US$225 billion worth of products from around the world. So, what are some of Austria's major imports? The top five imports into Austria are cars, refined petroleum, gold, broadcasting equipment, and electricity.

Cars

Austria allows the importation of left-hand-drive vehicles, and vehicles with foreign number plates may be used in the country, even by Austrian residents or those with an Austrian driving licence. However, vehicles imported by individuals with their main residence in Austria may only be used without an Austrian vehicle registration certificate for one month after import.

To import a vehicle into Austria, a distinction is made between new and used cars. A vehicle is deemed new if it has been driven less than 6,000 km or was first put into operation no more than six months before the time of purchase. A vehicle is considered used if it has been driven more than 6,000 km and was first put into operation more than six months before the purchase.

For those importing a used vehicle, it is necessary to contact the general agent of the vehicle brand in Austria or the technical inspection centre of the relevant provincial government department to find out if there is an EU type-approval for the vehicle or if a single or exceptional approval can be issued.

When importing a motor vehicle from a third country, the following documentation and customs formalities must be completed:

• Proof of value (invoice with payment confirmation, purchase agreement)
• T1 consignment note (documentation that accompanies the vehicle from when it crosses the border to the destination customs office, form Za 58a)
• Import declaration (customs clearance application, form Za 58a)
• If necessary, proof of preferential origin to secure a preferential customs duty rate (EUR1 movement certificate or declaration of origin on the invoice for a value of EUR 6,000)

The following customs duties are payable:

• A 10% duty on the value of the motor vehicle, assessed up to the duty limit (purchase price plus delivery costs to the EU's external border)
• A 20% import turnover tax, assessed based on the value of the motor vehicle free to destination (purchase price + delivery costs + customs duty amount)
• The standard consumption tax (NoVA), which must be paid if the motor vehicle is licensed with the local tax office at the owner’s place of residence

Imported vehicles are subject to duties and taxes. However, for duty and tax-free importation, the importer must have owned and used the vehicle for six months. The vehicle cannot be sold, disposed of, or otherwise transferred for one year.

A separate tax called ‘Normverbrauchsabgabe’ (NOVA) or a standard consumption tax of up to 16% of the car’s value, depending on the kind, age, and power of the vehicle at the time of vehicle registration, must also be paid.

Gold

Austria's main gold imports come from Switzerland, Germany, the United Kingdom, Slovakia, and Hungary. In 2022, the fastest-growing import markets for gold in Austria were the United Kingdom, Germany, and Switzerland.

Austria has its own mint, the Austrian Mint, which produces some of the most popular and widely accepted investment gold coins. The Vienna Philharmonic is one of the three largest circulation gold coins in the world and is the best-known and most widely used European gold coin. It is made of pure gold (99.99% gold content) and is available in five different sizes. The mint also produces historical trade gold coins from the imperial era, such as gold ducats, which are popular investment gold coins in Austria.

In Austria, investment gold in the form of bars and coins can be purchased from special precious metal dealers and commercial banks. There is no legal limit on how much gold a private individual can buy or own in Austria. However, if the buyer wishes to remain anonymous, they cannot purchase more than the equivalent of 9,999 euros worth of gold without identifying themselves and providing personal data to the dealer.

Machinery

Austrian importers spent US$2.6 billion on computers and optical readers, a 25.2% increase from 2022. Piston engine parts accounted for US$2 billion of imports, up 5% from the previous year. Imports of machinery parts totalled US$1.5 billion, a 3.9% increase, while taps, valves, and similar appliances accounted for US$1.3 billion, a 1.1% rise. Transmission shafts, gears, and clutches, as well as miscellaneous machinery, each accounted for around US$1.2 billion in imports.

Austria's machinery imports also include air or vacuum pumps, machinery for making semiconductors, centrifuges, filters, purifiers, and liquid pumps and elevators.

Pharmaceuticals

Austria has one of the highest per capita expenditures on pharmaceuticals worldwide. In 2022, pharmaceutical sales were estimated to have reached $8.6 billion or $941 per capita, with prescription drugs making up around 87% of all pharmaceutical sales. The demand for pharmaceuticals in Austria is influenced by several factors, including an aging population, universal health insurance coverage, and growing domestic production volumes.

The Austrian Medicines and Medicinal Products Import Act regulates the import of pharmaceutical products, allowing only authorised entities, primarily pharmacies, to import medicines into the country. This restriction also applies to private travellers, who are generally not permitted to carry medicines when entering Austria, regardless of whether they are arriving from EU or non-EU countries.

The largest import partners for Austria's pharmaceutical products are Germany, Switzerland, Ireland, the United States, and Hungary, which together account for over 70% of all imports. In terms of exports, Germany, the United States, and Belgium are the top destinations for Austrian pharmaceutical products.

Electrical goods

Electrical machinery and equipment are among Austria's top imports, with the country spending $27.3 billion on these goods in 2023, accounting for 12.1% of its total imports. This category witnessed the fastest growth in value among the top 10 import categories, increasing by 23.1% from 2022 to 2023.

In 2023, Austrian importers spent the most on the following 10 subcategories of electrical goods, including consumer electronics:

• Phone devices, including smartphones: US$6.6 billion (up 112.8% from 2022)
• Electrical converters/power units: $2.3 billion (up 30.7%)
• Insulated wire/cable: $2.2 billion (up 5.7%)
• Electric storage batteries: $1.6 billion (up 34.4%)
• Solar power diodes/semiconductors: $1.45 billion (down 4.3%)
• Electric motors and generators: $1.39 billion (up 3.1%)
• Lower-voltage switches and fuses: $1.31 billion (up 2.7%)
• Integrated circuits and microassemblies: $1.28 billion (down 10.8%)
• Electrical/optical circuit boards and panels: $1.1 billion (up 26.8%)
• Electric water heaters and hair dryers: $785.4 million (down 7.8%)

Austrian purchases of phone devices, including smartphones, electric storage batteries, and electrical converters or power units, experienced the most rapid growth from 2022 to 2023. These increases highlight the strong demand for these types of imported electronics among Austrian businesses and consumers.

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