Austria's Vital Imports: A Comprehensive Overview

Austria's imports include machinery, electrical equipment, vehicles, mineral fuels, pharmaceuticals, plastics, iron and steel, and optical, technical, and medical apparatus. In 2023, Austria imported $225 billion worth of products from around the world, with its biggest trade partner being Germany, followed by Italy, Switzerland, the Netherlands, and the Czech Republic. The country's imports are primarily from European countries, with Asian trade partners supplying 11.4% of imports and North American partners supplying 2.8%.

Cars

In 2023, Austria imported US$23.4 billion worth of vehicles, including cars, trucks, tractors, motorcycles, and public transport vehicles. Cars made up the largest proportion of this, with US$11.3 billion spent on importing cars in 2023, up 25.3% from 2022.

Austria allows the importation of left-hand-drive vehicles. When importing a vehicle from a third country, several documents must be completed, including proof of value, a T1 consignment note, and an import declaration. Additionally, a separate tax called 'Normverbrauchsabgabe' (NoVA) or a standard consumption tax, which depends on the kind, age, and power of the vehicle, must be paid at the time of registration.

If you are importing a car to Austria from the US, you will need to determine your vehicle's eligibility for import to Austria, file the necessary forms, and understand the associated costs. The process may vary depending on factors such as the make and model of the car, and whether you are a US citizen or resident.

Refined Petroleum

Austria's main sources of refined petroleum imports are Germany, Italy, Slovenia, Slovakia, and Hungary. In 2022, Austria imported refined petroleum worth:

• US$5.76 billion from Germany
• US$754 million from Italy
• US$744 million from Slovenia
• US$321 million from Slovakia
• US$123 million from Hungary

The fastest-growing import markets for refined petroleum in Austria between 2021 and 2022 were Germany, Slovenia, and Italy.

In 2022, Austria also imported US$3.41 billion of crude petroleum, making it the 40th largest importer of crude petroleum in the world. The main sources of crude petroleum imports were Kazakhstan, Libya, Iraq, Algeria, and Guyana.

Gold

Austria's gold imports come primarily 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 a mint, the Austrian Mint, that issues 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 made of pure gold. The Austrian Mint also produces gold bars that are tradable worldwide.

There is no legal limit in Austria on how much gold an individual can buy or own. However, if a buyer wishes to remain anonymous when purchasing gold, they cannot buy more than the equivalent of €9,999. Above this threshold, the buyer must provide identification, and their personal information must be recorded and kept by the gold dealer.

Broadcasting Equipment

Austria's main import partners for broadcasting equipment are Slovakia, Vietnam, China, the Czech Republic, and Malaysia. In 2022, Austria imported broadcasting equipment worth $2.9 billion from Slovakia, $765 million from Vietnam, $518 million from China, $494 million from the Czech Republic, and $315 million from Malaysia.

In 2020, Austria was also a significant importer of broadcasting equipment from Vietnam, with imports valued at $1.51 billion, making it the fifth-largest destination for Vietnam's broadcasting equipment exports that year.

In addition to broadcasting equipment, Austria's other major imports include cars, refined petroleum, gold, and electricity. In 2023, Austria imported a total of $225 billion worth of goods from around the world, with 78% of these imports coming from other European countries.

Electrical Machinery

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 and power units: $2.3 billion (up 30.7%)
• Insulated wire and cable: $2.2 billion (up 5.7%)
• Electric storage batteries: $1.6 billion (up 34.4%)
• Solar power diodes and 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 and optical circuit boards and panels: $1.1 billion (up 26.8%)
• Electric water heaters and hair dryers: $785.4 million (down 7.8%)

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

Austria's imports of electrical machinery and equipment exceeded its exports in this category, resulting in a trade deficit of US$3.2 billion in 2023, a decrease of 11.2% from the previous year.

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