Lyla Lindsey
Austria has a small domestic market, so its export economy is of great importance. In 2023, the country's 100 most valuable exported goods were worth a total of US$149.6 billion, accounting for 66.8% of all products exported from Austria that year. The country's biggest export destinations are Germany, the United States, Italy, and Switzerland. Austria's top exports include packaged medicaments, vehicle parts, cars, broadcasting equipment, and electrical machinery and equipment.
| Characteristics | Values |
|---|---|
| Export economy | Ranked as the 31st largest export economy globally |
| Export quota 2023 | 59.5% |
| Export value 2023 | $149.6 billion |
| Export value as a % of GDP | 35.7% |
| Top exports | Packaged medicaments, vehicle parts, cars, broadcasting equipment, human or animal blood, combustion engines, flavored water, spark ignition engines, metal mountings, and electrical transformers |
| Top export destinations | Germany, the United States, Italy, and Switzerland |
| Trade partners | Trade with Central and Eastern European states accounted for 19.95% of Austrian exports in 2023 |
| Tourism | Very important for Austria's economy, accounting for around 10% of Austria's GDP |
| Trade with EU countries | Accounts for almost 66% of Austrian imports and exports |
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What You'll Learn
Medicaments
Austria is ranked as the 28th largest export economy in the world, with exports totalling over $160 billion per year. The country's main exports include packaged medicaments, which account for around $5.5 billion to $6.2 billion and constitute 3.7% of the overall exports. Austria exports packaged medicaments to several countries, including Switzerland, Germany, Russia, Hungary, and France. The highest importers of these medicaments are the United Kingdom, Germany, Switzerland, and Belgium.
According to the Product Complexity Index (PCI), medicaments are complex products. In Austria, the term "medicament" refers to pharmaceutical products consisting of mixed or unmixed products for therapeutic or prophylactic purposes, dosed or put up for retail sale. The import and export of pharmaceuticals and blood products to and from Austria are regulated by the Austrian Medicines Import Act (AWEG) and the European customs tariff nomenclature. Medicinal products may only be imported or exported for specific purposes, such as re-export, use on humans or animals, or scientific research.
Austria's exports of packaged medicaments often include hormones, medicines, insulin, antibiotics, alkaloids, penicillin, and streptomycin. These exports are among the top ten most traded products in Austria and are also majorly exported to other countries such as Bonaire, Malta, Italy, Denmark, and Ireland. Additionally, there is a growing demand for digital health products and services in Austria to cater to the needs of an ageing population.
The import of pharmaceutical products into Austria is restricted to pharmacies and entities authorised to distribute medicines. Private travellers are generally not permitted to carry medicines when entering the country, regardless of whether they are arriving from EU or non-EU countries. However, travellers residing abroad may carry medicines for their personal needs or the needs of a pet travelling with them.
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Cars
Austria exported $7.72 billion worth of cars in 2022, making it the 19th largest exporter of cars in the world. That year, cars were the most exported product from Austria. The main destinations for car exports from Austria are Germany ($1.3 billion), the United States ($829 million), China ($710 million), South Korea ($562 million), and the United Kingdom ($516 million). The fastest-growing export markets for Austrian cars between 2021 and 2022 were South Korea, China, and Romania.
Germany is Austria's largest trading partner for motor vehicle imports and exports. The majority of motor vehicle exports from Austria, worth close to $6.6 billion, went to its northern neighbour in 2022. While motor vehicle imports to Austria primarily come from other European countries, the largest export destinations after Germany are the United States and China.
In 2023, Austria exported a total of $204 billion worth of goods, making it the 31st largest exporter in the world. That year, cars were the most valuable export from Austria, with $8.97 billion worth of cars exported. The other top exports from Austria in 2023 were packaged medicaments ($8.06 billion), vaccines, blood, antisera, toxins, and cultures ($8.02 billion), motor vehicles and parts and accessories ($6.13 billion), and nitrogen heterocyclic compounds ($5.97 billion). The top destinations for Austrian exports in 2023 were Germany ($51 billion), the United States ($18.1 billion), Italy ($13.5 billion), Switzerland ($10.9 billion), and Hungary ($8.42 billion).
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Broadcasting equipment
Austria has a highly developed and efficient telecommunications network, including radio and television broadcast stations. The Österreichischer Rundfunk, or ORF, is the country's public broadcasting corporation and largest media provider, operating four national television channels, twelve radio channels, and a wide range of online media. With headquarters in Vienna, ORF also has regional studios in all nine Federal Provinces, producing their own radio programs and regional TV news.
ORF is funded by a combination of television licence fees and limited on-air advertising. It is not profit-oriented and invests all revenue into the programs and services it provides. ORF's channels cater to different audiences, with ORF 1 targeting younger, cosmopolitan, and urban viewers, and ORF 2 addressing a more mature and traditional audience. ORF III and ORF Sport + are special-interest channels for information, culture, and sports.
The history of broadcasting in Austria dates back to the early 20th century, with the first unregulated radio transmissions beginning in 1923 by Radio Hekaphon. Regular radio transmissions commenced in 1924 by the public Radio-Verkehrs-Aktiengesellschaft (RAVAG), which quickly gained a large number of listeners. In the 1930s, RAVAG studios were used for propaganda activities by the Austrian government, competing with cross-border Nazi propaganda broadcasts from Germany. After the Austrian Anschluss to Nazi Germany in 1938, RAVAG was dissolved and replaced by Reichssender Wien.
Television was introduced in Austria in 1955, with Austrian Broadcasting Corporation (ORF) beginning television broadcasts after World War II and re-establishing in 1958. The first private television station, ATV, was granted a national terrestrial frequency in 2003. In 2015, 91% of television households in Austria used digital receiving equipment, and the country has since progressed towards digitalisation with the establishment of the Digital Platform Austria.
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Tourism
Austria's unique attractions and natural beauty draw visitors from around the world. The majestic Alps, the Danube River, picturesque lakes, charming cities, rich history, and cultural offerings make it a desirable destination. The country boasts impressive ski resorts, such as Arlberg and Kitzbühel, attracting skiers and winter sports enthusiasts. The Alps also offer sensational wilderness experiences, hiking trails, and outdoor activities like biking and paragliding. The spa town of Bad Gastein, with its hot springs and mountain air, is another popular destination.
Vienna, the country's capital, is a significant tourist draw, renowned for its lavish palaces, coffeehouses, and cultural landmarks. The Ringstrasse Boulevard, lined with royal buildings like the Hofburg Imperial Palace, and the world-famous Vienna Opera House are must-sees. The city also offers a vibrant culinary scene, with its famous Viennese coffee and cosy cafes.
Beyond Vienna, Austria has much to offer. Salzburg, the birthplace of Mozart, and Innsbruck, the capital of Tyrol surrounded by the Alps, are popular destinations. Linz, the capital of Upper Austria, boasts the country's largest cathedral and modern cultural highlights. The wine region of Styria provides a laid-back escape, and the lakeside resort of Zell am See offers year-round outdoor adventures.
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Coins
Austria has a rich history of minting coins, from the medieval era to the present day. The country is known for its unique and well-designed coins, which have featured various materials, important figures, and symbols over the years.
The Schilling
The Austrian schilling was the country's currency from 1925 to 1938 and again from 1945 to 1999, with coins and banknotes circulating until 2002 when it was replaced by the Euro. The schilling was introduced following the Carolingian coin reform in 794 AD, and its value fluctuated over the centuries. During the medieval period, there were short and long schilling coins, valued at 12 and 30 pfennigs, respectively. The schilling was abolished during the German annexation of Austria in 1938 and was exchanged for Reichsmarks. After World War II, the schilling was reintroduced, and new coins and banknotes were issued.
Post-WWII Coinage
Between 1947 and 1952, coins in denominations of 1, 2, 5, 10, 20, and 50 groschen, and 1, 2, and 5 schillings were introduced. These coins were made from various metals, including aluminium, zinc, and aluminium-bronze. The schilling was stabilised in the 1950s, tying it to the US dollar at a rate of $1 = 26 schillings. Over the years, the composition of the coins changed, with silver being replaced by cupro-nickel in the 5 and 10 schilling coins in 1969 and 1974, respectively. Higher-value silver and gold coins also existed, but they were rarely used in transactions.
Euro Coins
Austria's euro coins, designed by artist Josef Kaiser, feature unique designs for each denomination, with a common theme for each of the three series of coins. The minor coins feature Austrian flowers, such as the gentian, the middle coins showcase examples of architecture from Vienna, and the two major coins depict famous Austrians: Wolfgang Amadeus Mozart and Bertha von Suttner. These coins are minted in proof quality and feature both the old and new common sides.
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Frequently asked questions
Austria is famous for exporting packaged medicaments, vehicle parts, cars, broadcasting equipment, human or animal blood, combustion engines, flavoured water, spark ignition engines, metal mountings, and electrical transformers.
Austria's biggest exports are to Germany ($39.9 billion), the United States ($10.9 billion), Italy ($9.1 billion), and Switzerland ($7.92 billion).
Austria's exports represent 35.7% of its overall Gross Domestic Product for 2023.
Packaged medicaments are the most exported product from Austria, accounting for $6.2 billion and 3.7% of the overall export.
Austria's other exports include organic chemicals, electrical machinery and equipment, and pharmaceuticals.
