Lexi Webster
Austria is ranked as the 31st largest export economy globally, with exports totalling $216 billion in 2023, a 2.8% increase from 2022. The country's major exports include machinery, computers, packaged medicaments, vehicle parts, cars, and electrical machinery. Imports to Austria totalled $219 billion in 2023, a 5.53% decrease from 2022. The country's main imports include machinery, vehicles, electrical machinery, and mineral fuels.
| Characteristics | Values |
|---|---|
| Total exports value | $216 billion in 2023 |
| Total imports value | $219 billion in 2023 |
| % change in exports value compared to 2022 | 2.8% increase |
| % change in imports value compared to 2022 | 5.53% decrease |
| Top export destinations by continent | Europe (79.4%), North America (8.9%), Asia (8.8%) |
| Top import sources by continent | Europe (84.4%), Asia (11.4%), North America (2.8%) |
| Top export categories | Nuclear reactors, boilers, machinery and mechanical appliances (17.2%); Vehicles (10.1%); Electrical machinery and equipment (9.35%); Pharmaceuticals (8.13%) |
| Top import categories | Electrical machinery and equipment (10.6%); Vehicles (10.8%); Nuclear reactors, boilers, machinery and mechanical appliances (12.2%); Mineral fuels, mineral oils and products of their distillation (8.99%) |
| Top export destinations by country | Germany (28.6%), USA (7.1%), Italy (6%), Switzerland (5%), Poland (3.7%) |
| Top import sources by country | Germany (37.7%), Italy (6.1%), Switzerland (5.2%), Netherlands (5.1%), Czech Republic (4.7%) |
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What You'll Learn
Austria's main export partners
In total, 79.4% of Austria's exports by value were delivered to fellow European countries, while 8.9% were sold to importers in North America. Austria shipped another 8.8% worth of goods to Asia, with smaller percentages going to Africa (1.1%), Latin America (1%), Oceania (0.7%), and other regions.
Austria's exports to these countries include cars, packaged medicaments, vaccines, blood fractions, antisera, toxins and cultures, motor vehicle parts and accessories, nitrogen heterocyclic compounds, and electrical energy. In 2023, Austria was the world's biggest exporter of flavoured water, unprocessed artificial staple fibres, cigarette paper, handguns, and railway maintenance vehicles.
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Austria's top exports
Austria's exports are varied and wide-ranging, from machinery and vehicles to medicaments and broadcasting equipment. In 2023, Austria exported $223.9 billion worth of goods, equating to approximately $24,700 for every resident. The country's exports are increasing, with a rise in the number of products sold on international markets, and its exports represent 35.7% of its overall Gross Domestic Product for 2023.
Austria's biggest export destinations are Germany, the United States, Italy, and Switzerland, with 79.4% of exports going to fellow European countries. The country's top exports include machinery, including computers, electrical machinery and equipment, packaged medicaments, vehicle parts, and cars. Machinery, including computers, is Austria's most significant export category, generating $38.2 billion in 2023, a 50.4% increase since 2022. Electrical machinery and equipment are also a notable export, contributing $24.1 billion, with a 29.7% increase from 2022. Organic chemicals have seen the most significant growth in export sales, rising by 180.4% from 2022 to 2023.
Medicaments, including medicines, insulin, antibiotics, and penicillin, are a significant export for Austria, with a value of $6.2 billion, or 3.7% of total exports. Vehicle parts, such as sensors, mufflers, and switches, are also a major export, totalling $4.98 billion, or 3.2% of exports. Cars are another key export, accounting for $3.99 billion, or 2.8% of total exports. Austria manufactures over 400,000 cars annually, including models from Magna, Fiat, BMW, and General Motors (Saab).
In addition to these exports, Austria also specialises in railway maintenance vehicles, handguns, and unprocessed artificial staple fibres. The country also has export opportunities in pulley systems, compounded unvulcanised rubber, rough wood, and air pumps. Broadcasting equipment, including televisions, antennas, and wireless technology, is another important export, constituting 2.2% of total exports.
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Austria's main import partners
Germany has historically been Austria's main trading partner, making the Austrian economy vulnerable to rapid changes in the German economy. However, since Austria became a member of the European Union, it has gained closer ties to other European Union economies, reducing its economic dependence on Germany.
Trade with other EU countries accounts for almost 66% of Austrian imports and exports. Austria's membership in the EU has also attracted foreign investors due to its access to the European Single Market and proximity to aspiring EU economies.
In 2023, Austria incurred a trade deficit of US$1.17 billion, a significant decrease from the $22.7 billion deficit in 2022. This deficit indicates that foreign spending on Austrian goods was lower than Austrian spending on foreign products.
Some of the top imported products by Austria in 2023 include cars ($11.6 billion), vaccines, blood, antisera, toxins, and cultures ($6.32 billion), refined petroleum ($5.59 billion), motor vehicle parts and accessories ($5.24 billion), and crude petroleum ($4.62 billion).
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Austria's top imports
Medicaments, both mixed and unmixed for therapeutic or prophylactic uses, are also among the top imports. Heterocyclic compounds with nitrogen hetero-atoms and parts and accessories for motor vehicles are other significant imports. Electrical energy, spark-ignition reciprocating or rotary internal combustion piston engines, and electrical transformers are also imported.
Austria's imports of mineral fuels, mineral oils, and related products, such as bituminous substances and mineral waxes, are notable. The country also imports gold, including gold plated with platinum, in unwrought or semi-manufactured forms. Additionally, Austria imports flavoured water, with $3.26 billion worth of flavoured water imported in 2023, making it the world's biggest importer of this product.
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Austria's economic performance
Austria's top exports in 2023 included blood fractions and antisera (4.5% of total exports), cars (4%), medication mixes in dosage (3.1%), and automobile parts or accessories (2.4%). The country also exported a significant amount of electrical energy (2%), piston engines (1.5%), and non-alcoholic drinks (1.5%). Austria's exports are largely destined for European countries, with Germany being its primary trading partner, followed by the United States, Italy, Switzerland, and Poland.
In terms of imports, Austria's top import products in 2023 were cars, vaccines, blood, antisera, toxins, and cultures. The country also imported significant amounts of refined petroleum, motor vehicle parts, and crude petroleum. Germany, China, Italy, Switzerland, and Czechia were the main sources of these imports. Austria's import activities are heavily influenced by its proximity to other European Union economies, with trade within the EU accounting for almost 66% of its total imports and exports.
Austria's economy is also supported by a strong service sector, which generates the majority of its GDP. The country has a thriving tourism industry, attracting over 18.2 million tourists in 2001 and contributing around 10% to its GDP. Additionally, Vienna has emerged as a finance and consulting hub, with its banks and law firms playing a crucial role in doing business with new EU member states.
Overall, Austria's economic performance is characterised by a mix of industrial activities, a strong service sector, and a dynamic import-export landscape. The country's economic growth is influenced by its trade relationships within the European Union and its ability to attract foreign investment.
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Frequently asked questions
In 2023, Austria's top exports were cars ($8.97 billion), packaged medicaments ($8.06 billion), vaccines, blood, antisera, toxins and cultures ($8.02 billion), motor vehicle parts and accessories ($6.13 billion), and nitrogen heterocyclic compounds ($5.97 billion).
In 2023, Austria's top import sources were Germany ($71.6 billion), China ($15.9 billion), Italy ($14.7 billion), Switzerland ($11.3 billion), and Czechia ($9.42 billion).
In 2023, Austria's top imports were cars ($11.6 billion), vaccines, blood, antisera, toxins and cultures ($6.32 billion), refined petroleum ($5.59 billion), motor vehicle parts and accessories ($5.24 billion), and crude petroleum ($4.62 billion).
