Ruqayyah Snyder
Austria has a highly developed social market economy, ranking 31st in the world for exports. In 2023, Austria exported goods worth a total of $204 billion, with the export value increasing by 2.8% compared to 2022. The country's main exports include machinery, computers, cars, vehicle parts, packaged medicaments, and broadcasting equipment. Austria's exports are primarily traded with fellow European countries, with Germany, the United States, Italy, and Switzerland being the top importers of Austrian goods.
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What You'll Learn
Packaged medicaments
Austria's exports of pharmaceuticals have been increasing in value, with a 28.4% rise in 2023. This growth has contributed to the country's overall economic performance, with Austria ranked as the 31st largest export economy globally. The country's exports are primarily destined for fellow European countries, with 79.4% of exports by value delivered to this region. North America is the second-largest market for Austrian exports, receiving 8.9% of the country's exports, followed by Asia at 8.8%.
Austria's exports of packaged medicaments are part of a broader pharmaceutical trade. In 2021, the top fifteen countries that exported the highest dollar value of drugs and medicines accounted for 85.3% of all exported drugs and medicines globally. Germany led the way with exports worth US$64.7 billion, or 15.2% of the total. While Austria is a significant player in the pharmaceutical export market, it is worth noting that the country's overall exports are diverse and include machinery, computers, cars, and vehicle parts.
The export of packaged medicaments from Austria is a notable aspect of its trade, contributing to the country's economic growth and solidifying its position as one of the top exporters in this sector. The country's exports of packaged medicaments cater to a range of international markets, with a focus on European countries, and play a crucial role in the global pharmaceutical landscape.
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Vehicle parts
Austria is ranked as the 31st largest export economy globally. Its exports are primarily delivered to fellow European countries (79.4%), with smaller percentages going to North America (8.9%), Asia (8.8%), Africa (1.1%), Latin America (1%), Oceania (0.7%), and the Caribbean.
Austria's exports include vehicle parts, which are among the most mechanized products. In 2017, vehicle parts sales worldwide totalled $385.4 billion, with Austria's exports in this category reaching $4.98 billion, or 3.2% of its total exports. The country manufactures over 400,000 cars annually, including models such as Magna, Fiat, BMW, and General Motors (Saab).
Austria is an important player in the automotive industry, producing and supplying vehicles, parts, and technologies. The country's automotive sector offers advanced capabilities in areas such as chassis construction, electronics, and engines. Austrian companies are also actively involved in pioneering developments, such as innovative drive systems, electromobility, and autonomous driving.
The country's strong automotive industry is closely linked to its highly developed social market economy, ranking 13th in GDP growth among OECD countries from 1992 to 2017. Austria has a strong and efficient social security system, with social expenditure comprising roughly 29.4% of its GDP. The country's membership in the European Union has also attracted foreign investors, further contributing to its economic growth.
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Broadcasting equipment
Austria's economy is a highly developed social market economy, and the country is one of the fourteen richest in the world in terms of GDP per capita. The country's total 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. 79.4% of Austria's exports by value are delivered to fellow European countries, with smaller percentages going to North America, Asia, Africa, Latin America, and Oceania.
Austria's strong economic ties with Germany have historically made the Austrian economy vulnerable to changes in the German economy. However, Austria's membership in the European Union has helped to reduce this economic dependence and has attracted foreign investors. The country's efficient social security system and strong labor movements also contribute to its economic success.
In the global market for broadcasting equipment, Austria competes with other major exporters such as the Netherlands, South Korea, Vietnam, the United States, and China. The largest importers of broadcasting equipment include Japan, the United Kingdom, the United States, Hong Kong, and Germany.
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Machinery
Austria's machinery exports include unit construction machines (single station), multi-station transfer machines, and textile machinery for extruding, drawing, texturing, or cutting man-made textile materials. Additionally, they export calendering or other rolling machines, as well as machinery and mechanical appliances with individual functions. Austria also exports nuclear reactors, boilers, machinery parts, electrical machinery, and equipment.
Austria's exports of machinery are part of the country's highly developed industry, which, along with international tourism, forms the backbone of its economy. Austria's membership in the European Union has also contributed to its economic growth, reducing its dependence on its traditional main trading partner, Germany, and attracting foreign investors.
The country's machinery exports are part of a broader trend of Austrian exports to fellow European countries, which make up 79.4% of its exports by value. Germany, the United States, Italy, and Switzerland are among Austria's top export destinations.
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Cars
Austria is a significant player in the automotive industry, exporting vehicles, vehicle parts, and technologies. In 2023, Austria exported $8.97 billion worth of cars, making it the 19th largest exporter of cars in the world. The country's expertise in the automotive sector extends to various aspects, including chassis construction, electronics, and engines. Austria's automotive industry is known for its innovation, particularly in the development of autonomous driving technologies. Companies like TTTech, a spin-off from the Vienna University of Technology, have contributed to this field with their "MotionWise" software.
The export of cars from Austria is an important aspect of its foreign trade. In 2022, Austria exported $7.72 billion worth of cars, with Germany being the main destination, accounting for $1.3 billion of those exports. The United States, China, South Korea, and the United Kingdom were also significant export markets for Austrian cars in 2022, with exports valued at $829 million, $710 million, $562 million, and $516 million, respectively.
Austria's automotive industry is closely linked to its highly regarded aviation industry. The country is known for producing high-quality aircraft components and systems, which has led to significant export revenues. This expertise in aviation technology has positively impacted the automotive sector, driving advancements in areas such as engine technology, environmental friendliness, and safety.
The country's strong focus on research and development further enhances its automotive sector. Austria attracts investments from corporations like Samsung and Infineon, who are interested in the cutting-edge technology for safe, self-driving cars. The country offers versatile testing areas for autonomous driving, such as the proving grounds provided by Digitrans and ALP.Lab, which are among the most multifaceted testing facilities in Europe.
In summary, Austria's automotive industry is characterised by its innovation, high-quality standards, and strong export orientation. The country's expertise in vehicle production, aviation technology, and autonomous driving positions it as an important player in the global automotive market.
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Frequently asked questions
Austria's main exports include 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 export destinations are Germany, the United States, Italy, and Switzerland.
Austria's most valuable exports are cars ($8.97 billion), packaged medicaments ($8.06 billion), and vaccines, blood, antisera, toxins and cultures ($8.02 billion).
