Leslie Massey
Austria has a highly developed social market economy and is ranked as the 31st largest export economy globally. In 2023, the country's biggest exports were machinery, including computers, and electrical machinery and equipment. Austria's most valuable exported product is blood fractions, including antisera. The country's top export destinations are Germany, Italy, and the United States. Tourism is also a key part of Austria's economy, accounting for around 10% of its GDP.
| Characteristics | Values |
|---|---|
| Export quota in 2023 | 59.5% |
| Export economy rank | 31st |
| Biggest export destinations | Germany, the United States, Italy, Switzerland |
| Export value of biggest destination (Germany) | $39.9 billion |
| Export value of second biggest destination (the United States) | $10.9 billion |
| Export value of third biggest destination (Italy) | $9.1 billion |
| Export value of fourth biggest destination (Switzerland) | $7.92 billion |
| Top export products | Packaged medicaments, vehicle parts, cars, broadcasting equipment, human or animal blood, combustion engines, flavored water, spark ignition engines, metal mountings, electrical transformers |
| Top services exported | Miscellaneous business, professional, and technical services, Other transport, Personal travel, Business travel, Air transport |
| Top export opportunities | Pulley systems, Newspapers, Compounded unvulcanised rubber, Rough wood, Air pumps |
| Most valuable exported product | Blood fractions including antisera |
| Percentage of exports made up of most valuable exported product | 4.5% |
| Second most valuable exported product | Cars |
| Percentage of exports made up of second most valuable exported product | 4% |
| Fastest-growing export category | Organic chemicals |
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What You'll Learn
Machinery and computers
As an industrial country with a small domestic market, Austria's export economy is of particular importance. In 2023, the export quota (product and service exports as a percentage of GDP) was 59.5%. Machinery, including computers, was Austria's most valuable export product group, generating US$38.2 billion (17.1% of total exports). This category saw a 50.4% increase since 2022, indicating Austria's strong competitive advantage in the global market for machinery and computers.
Austria's machinery and computer exports include a range of products, such as electrical machinery and equipment, nuclear reactors, boilers, mechanical appliances, and parts thereof. In 2023, Austrian importers spent US$27.7 billion on machinery and computers, accounting for 12.3% of the country's total imports. The electrical machinery and equipment subcategory saw the fastest growth in value among the top 10 import categories, increasing by 23.1% from 2022 to 2023.
Austria's proximity to Central and Eastern European states is a key factor in the increasing significance of trade and economic networking with these countries. In 2023, the share of Austrian exports to these regions reached 19.95%. Additionally, Austrian exports are heavily influenced by service exports, with tourism taking first place in this sector.
While Austria has a strong machinery and computer sector, it faces challenges in other areas. The country has highly negative net exports and deep international trade deficits for crude and refined petroleum oils. These cash flow deficiencies indicate competitive disadvantages in international mineral fuels-related markets. However, they also present key opportunities for Austria to improve its global position through focused innovations, especially in alternative energy sources.
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Electrical machinery and equipment
Different types of electrical equipment, such as circuit breakers, magnetic starters, panel boards, transformers, generating sets, contactors, enclosures, and more, are in high demand both domestically and internationally. The total global consumption of electrical machinery and equipment reached 8 trillion US dollars in 2023, reflecting the expanding market for these products.
Austria's exports of electrical machinery and equipment contribute significantly to its economic performance, particularly in the context of international markets. The country's proximity to Central and Eastern European states also plays a crucial role in enhancing its export capacity and economic networking within these regions.
Siemens is recognised as the top producer of electrical machinery and equipment in 2023, showcasing the country's prowess in this industry. China, Germany, the United States, Japan, and South Korea are the top exporters of electrical machinery and equipment, with China leading the way with 800 billion US dollars in import revenue in 2023.
The import and export trade value of electrical machinery and equipment reached 3 trillion US dollars in imports and 4 trillion US dollars in exports globally in 2023. This booming industrial trade is attributed to the higher effectiveness and efficiency of such equipment across various sectors, making it a highly sought-after commodity in international trade.
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Organic chemicals
As an industrial country with a small domestic market, Austria's export economy is of great importance. In 2023, Austria's exports were valued at $223.9 billion, or roughly $24,700 for every resident. This represented a per capita increase from 2022.
Austria's top exports in 2023 included machinery (including computers), electrical machinery and equipment, pharmaceuticals, and organic chemicals. The organic chemicals category was the fastest-growing among the top 10 export categories, increasing by 180.4% from 2022 to 2023.
In 2022, Austria exported $2.51 billion in organic chemicals. The main destinations for these exports were France ($667 million), Germany ($353 million), Switzerland ($186 million), Belgium ($164 million), and Italy ($155 million).
Austria's chemical industry is innovative and diverse, with companies specializing in various fields. For example, BRAVE Analytics has developed patented OF2i technology for continuous (nano)particle sizing, while CellCube is a leading researcher, developer, and manufacturer of vanadium redox flow batteries. Other Austrian companies, such as eralytics and Microinnova, focus on measurement technology and flow chemistry, respectively.
Austria's exports of organic chemicals contribute significantly to its economy, and the country continues to strengthen its position in the global market through innovation and trade with its European neighbours.
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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, accounting for a modest 11.4% of Austria's $54.4 billion total healthcare bill. Austria is also a significant producer of pharmaceuticals, with exports estimated to have reached $13.2 billion in 2022. The most important domestic producers include multinational companies with global operations such as Boehringer Ingelheim, Novartis, Takeda, Pfizer, MSD, and Octapharma. Prescription drugs make up around 87% of all pharmaceutical sales ($7.4 billion in 2022), and patented drugs dominate the prescription market with an 85% (out-patient) market share. Generics are experiencing slower growth rates in Austria than in most other OECD markets, largely due to the tightly managed reimbursement system, which demands a significant price reduction from both original and generic producers once the patent expires.
The most important factors influencing the Austrian pharmaceutical market are the growing demand from an aging population, the universal coverage of social health insurance, growing domestic production volumes, and notable pricing constraints for reimbursement with Austria's public insurance system. Austria's top 10 exports generated two-thirds (66.7%) of the overall value of Austrian shipments in 2023. Pharmaceuticals posted the third-fastest gain in value, increasing by 28.4% from 2022 to 2023.
Austria's largest import partners are Germany, Switzerland, Ireland, the United States, and Hungary, which together account for over 70% of all imports. Germany, the United States, and Belgium account for almost 50% of Austria's pharmaceutical exports. Most large multinational pharmaceutical companies have a subsidiary in Austria, and some maintain R&D or manufacturing capacities. A presence in the country is generally needed to fully understand the market, successfully negotiate coverage and price agreements with Austrian payers, and manage relationships with thought leaders and decision-makers.
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Tourism
In 2022, Austria welcomed around 39.8 million guests, including 26.2 million international tourists, who spent 136.9 million overnights. The average expenditure per tourist per night was €163 (excluding passenger transport). In the summer of 2022, Austria's guests stayed on average 3.4 days, and 78% of all tourists travelled by car, 10% by train, 5% by plane, and 3% by caravan or camper. The three most important source markets are Germany, Austria, and the Netherlands, generating around 75% of all overnights. The most popular destinations in 2022 were Tyrol, Salzburg, and the capital, Vienna.
Austria's popularity with tourists can be attributed to its majestic Alps, beautiful rivers and lakes with drinking water quality, lovely cities, rich history and culture, central location in the heart of Europe, and culinary art. Hospitality and service quality in small family businesses with strong regional and traditional bonds add to a unique and authentic tourism experience.
In addition to tourism, Austria's top exports in 2020 included miscellaneous business, professional, and technical services, other transport, business travel, and air transport.
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Frequently asked questions
Austria's biggest exports are machinery, including computers, electrical machinery and equipment, and packaged medicaments.
Other key exports include vehicle parts, broadcasting equipment, human or animal blood, combustion engines, flavoured water, and railway maintenance vehicles.
Exports are very important to Austria's economy. The country is ranked as the 31st largest export economy globally, and its export quota in 2023 was 59.5%. Trade with other EU countries accounts for almost 66% of Austrian imports and exports.
