Austria exported US$179 billion worth of goods around the globe in 2019. That dollar amount reflects a 23.2% gain since 2015 and a 1.1% increase from 2018 to 2019.
Applying a continental lens, more than three-quarters (78.7%) of Austria’s exports by value were delivered to European countries while 9.6% were sold to importers in Asia. Austria shipped another 7.8% worth of goods to North America.
Smaller percentages went to Africa (1.3%), Oceania (1.1%) led by Australia then Latin America (1%) excluding Mexico but including the Caribbean.
Austria’s Top 15 Trading Partners
Below is a list showcasing 15 of Austria’s top trading partners, countries that imported the most Austrian shipments by dollar value during 2019. Also shown is each import country’s percentage of total Austrian exports.
- Germany: US$51.4 billion (28.7% of Austria’s total exports)
- Italy: $11 billion (6.2%)
- United States: $11 billion (6.1%)
- Switzerland: $8.7 billion (4.9%)
- France: $7.7 billion (4.3%)
- Slovakia: $7.5 billion (4.2%)
- Hungary: $6.4 billion (3.5%)
- Poland: $6.1 billion (3.4%)
- Czech Republic: $6.1 billion (3.4%)
- China: $5.1 billion (2.9%)
- United Kingdom: $5.1 billion (2.8%)
- Slovenia: $3.6 billion (2%)
- Netherlands: $3.4 billion (1.9%)
- Belgium: $3.3 billion (1.9%)
- Romania: $3 billion (1.7%)
Over three-quarters (77.9%) of Austrian exports in 2019 were delivered to the above 15 trade partners.
The fastest growers from 2018 to 2019 among top consumers of Austria’s exports were Slovakia (up 100.3%), Belgium (up 33.1%), Poland (up 8.7%), China (up 7.7%) and Hungary (up 7.1%).
Overall Austria incurred a -$5.9 billion trade deficit for 2019, down -17.5% from -$7.2 billion in red ink one year earlier.
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.
- Germany: -US$23.5 billion (country-specific trade deficit in 2019)
- Netherlands: -$4.6 billion
- Vietnam: -$3.3 billion
- Czech Republic: -$2.1 billion
- Kazakhstan: -$1.5 billion
- China: -$1.1 billion
- Italy: -$861.6 million
- Libya: -$854.5 million
- Belgium: -$682.6 million
- Iraq: -$526.4 million
Among Austria’s trading partners that cause the greatest negative trade balances, Austrian deficits with Vietnam (up 376.6%), Netherlands (up 181.3%) and Italy (up 159.9%) grew at the fastest pace from 2018 to 2019.
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.
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.
- United States: US$5.6 billion (country-specific trade surplus in 2019)
- France: $3.3 billion
- Slovakia: $2.7 billion
- United Kingdom: $2.1 billion
- Russia: $2 billion
- Australia: $1.8 billion
- Hungary: $1.44 billion
- Mexico: $1.35 billion
- Romania: $1.3 billion
- Poland: $1.1 billion
Among Austria’s trading partners that generate the greatest positive trade balances, Austrian surpluses with Poland (up 65%), Russia (up 46.3%) and Hungary (up 45.8%) grew at the fastest pace from 2018 to 2019. In addition, Austria went from a -$382.5 million deficit trading with Slovakia in 2018 to post a $2.7 billion surplus in 2019.
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 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
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on March 21, 2020
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 21, 2020
International Trade Centre, Trade Map. Accessed on March 21, 2020
Investopedia, Net Exports Definition. Accessed on March 21, 2020
Wikipedia, Austria. Accessed on March 21, 2020
Wikipedia, List of Companies of Austria. Accessed on March 21, 2020