Austria’s Top 15 Trading Partners

Austria's Top 15 Trading Partners

Austrian alpine panorama

Austria shipped US$168 billion worth of products around the globe in 2017. That figure represents roughly 1.1% of overall global exports estimated at $15.952 trillion one year earlier in 2016.

From a continental perspective, over three-quarters (77.9%) of Austrian exports by value were delivered to fellow European countries while 9.3% were sold to Asian importers. Austria shipped another 7.5% worth of goods to North American clients.

At 1.1% each, smaller percentages were sent to Africa and also Latin America excluding Mexico but including the Caribbean.

Austria’s Top 15 Trading Partners

Top 15

Below is a list showcasing 15 of Austria’s top trading partners, countries that imported the most Austrian shipments by dollar value during 2017. Also shown is each import country’s percentage of total Austrian exports.

  1. Germany: US$48.7 billion (29.0% of total Austrian exports)
  2. United States: $10.3 billion (6.1%)
  3. Italy: $10.2 billion (6.1%)
  4. Switzerland: $8.5 billion (5.1%)
  5. Slovakia: $8.1 billion (4.8%)
  6. France: $7.9 billion (4.7%)
  7. Czech Republic: $5.9 billion (3.5%)
  8. Hungary: $5.5 billion (3.3%)
  9. Poland: $5.2 billion (3.1%)
  10. China: $4.4 billion (2.6%)
  11. United Kingdom: $4.4 billion (2.6%)
  12. Slovenia: $3.2 billion (1.9%)
  13. Netherlands: $2.9 billion (1.7%)
  14. Romania: $2.7 billion (1.6%)
  15. Spain: $2.7 billion (1.6%)

Over three-quarters (77.6%) of Austrian exports in 2017 were delivered to the above 15 trade partners.

Among the top importers of Austrian goods, France increased its import purchases from Austria at the fastest pace, up 34% from 2016 to 2017. In second place was China (up 21.7%) followed by Slovakia (up 20.4%), Netherlands (up 16%) and Poland (up 14.8%).

Only two of Austria’s top customers cut back on their import purchases from Austria, namely the United Kingdom via its -2.2% drop and Switzerland with a -0.2% decline.

Deficits

Overall Austria incurred a -$7.8 billion trade deficit for 2017, up 43.8% from the -$5.4 billion deficit during 2016.

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.

It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

Austria incurred the highest trade deficits with the following countries:

  1. Germany: -US$24 billion (country-specific trade deficit in 2017)
  2. Netherlands: -$4.3 billion
  3. Vietnam: -$3.8 billion
  4. Czech Republic: -$1.9 billion
  5. Belgium: -$1.6 billion
  6. China: -$1.4 billion
  7. Switzerland: -$1.1 billion
  8. Kazakhstan: -$882.1 million
  9. Libya: -$396.3 million
  10. Ireland: -$360.4 million

Among Austria’s trading partners that cause the greatest negative trade balances, Austrian deficits with Switzerland (up 311.1%), Kazakhstan (up 91.4%) and Vietnam (up 40%) grew at the fastest pace from 2016 to 2017.

These cashflow deficiencies clearly indicate Austria’s competitive disadvantages with the above countries, but also represent key opportunities for Austria to develop country-specific strategies to strengthen its overall position in international trade.

Surpluses

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.

Austria incurred the highest trade surpluses with the following countries:

  1. United States: US$6 billion (country-specific trade surplus in 2017)
  2. France: $3.8 billion
  3. Slovakia: $3.3 billion
  4. Russia: $1.9 billion
  5. United Kingdom: $1.7 billion
  6. Poland: $1.4 billion
  7. Australia: $1.2 billion
  8. Romania: $966.8 million
  9. Mexico: $961.3 million
  10. Canada: $902.4 million

Among Austria’s trading partners that generate the greatest positive trade balances, Austrian surpluses with France (up 86.7%), Mexico (up 42.9%) and Poland (up 23.1%) grew at the fastest pace from 2016 to 2017.

These positive cashflow streams clearly indicate Austria’s competitive advantages with the above countries, but also represent key opportunities for Austria to develop country-specific strategies to optimize its overall position in international trade.

Companies

Companies Servicing Austrian Trading Partners

Ten Austrian corporations rank among Forbes Global 2000. Below is a sample of the major Austrian companies that Forbes included:

  • Andritz (other industrial equipment)
  • OMV Group (oil, gas)
  • STRABAG (construction services)
  • Uniqa (diversified insurance)
  • Voestalpine (iron, steel)

Wikipedia also lists exporters from Austria. Selected examples are shown below:

  • Ams AG (semiconductors)
  • Austria Metall (metals)
  • Borealis (polyethylene, plastics)
  • Bösendorfer (pianos)
  • Julius Meinl (coffee)
  • KTM (motorcycles)
  • OMV (petroleum)
  • Red Bull GmbH (beverages)
  • Rosenbauer (fire-fighting vehicles)
  • Runtastic (smartphone apps)


 
See also Austria’s Top 10 Exports, 20 Most Valuable Austrian Export Products and Austria’s Top 10 Imports

Research Sources:
The World Factbook, Field Listing: Imports – Commodities, Central Intelligence Agency. Accessed on March 31, 2018

Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on March 31, 2018

Investopedia, Net Importer Definition. Accessed on March 31, 2018

Wikipedia, Austria. Accessed on March 31, 2018

Wikipedia, List of Companies of Austria. Accessed on March 31, 2018

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 31, 2018