Austria’s Top 15 Trading Partners

Austria's Top 15 Trading Partners

Austrian alpine panorama

Austria shipped US$184.7 billion worth of products around the globe in 2018. That figure represents roughly 1.1% of overall global exports estimated at $17.546 trillion one year earlier.

Applying a continental lens, almost four-fifths (78.9%) of Austrian exports by value were delivered to fellow European countries while 9.4% were sold to Asian importers. Austria shipped another 7.9% worth of goods to North American clients.

Smaller percentages arrived in Africa (1.2%), Latin America (1.1%) excluding Mexico but including the Caribbean, and Oceania (0.9%) led by Australia.

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 2018. Also shown is each import country’s percentage of total Austrian exports.

  1. Germany: US$54.3 billion (29.4% of total Austrian exports)
  2. United States: $11.7 billion (6.3%)
  3. Italy: $11.6 billion (6.3%)
  4. Switzerland: $9 billion (4.9%)
  5. Slovakia: $8.7 billion (4.7%)
  6. France: $7.7 billion (4.2%)
  7. Czech Republic: $6.6 billion (3.6%)
  8. Hungary: $6.1 billion (3.3%)
  9. Poland: $6.1 billion (3.3%)
  10. China: $5 billion (2.7%)
  11. United Kingdom: $5 billion (2.7%)
  12. Slovenia: $3.7 billion (2%)
  13. Netherlands: $3.6 billion (1.9%)
  14. Spain: $3.2 billion (1.7%)
  15. Romania: $3.1 billion (1.7%)

Over three-quarters (78.7%) of Austrian exports in 2018 were delivered to the above 15 trade partners.

France was the only top importer that decreased its purchases from Austria from 2017 to 2018, down in value by -0.5%. Among the other 14 countries, gains ranged from a minimum of 7.4% for Switzerland up to 165% for Slovakia.

Deficits

Austria incurred an overall -$8.6 billion trade deficit for 2018, up 32.2% from -$6.5 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:

  1. Germany: -US$24.3 billion (country-specific trade deficit in 2018)
  2. Netherlands: -$5 billion
  3. Vietnam: -$4.2 billion
  4. Czech Republic: -$2 billion
  5. Kazakhstan: -$1.5 billion
  6. China: -$1.4 billion
  7. Belgium: -$1.2 billion
  8. Libya: -$1 billion
  9. Azerbaijan: -$374.5 million
  10. Ireland: -$351.6 million

Among Austria’s trading partners that cause the greatest negative trade balances, Austrian deficits with Vietnam (up 517.7%), Belgium (up 344.5%) and Netherlands (up 180.5%) grew at the fastest pace from 2017 to 2018.

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$7.1 billion (country-specific trade surplus in 2018)
  2. Slovakia: $3.4 billion
  3. France: $3 billion
  4. Russia: $1.8 billion
  5. United Kingdom: $1.7 billion
  6. Poland: $1.6 billion
  7. Mexico: $1.37 billion
  8. Australia: $1.36 billion
  9. Romania: $1.3 billion
  10. Canada: $1.2 billion

Among Austria’s trading partners that generate the greatest positive trade balances, Austrian surpluses with Poland (up 245.7%), Mexico (up 122%) and United States (up 75.2%) grew at the fastest pace from 2017 to 2018.

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:
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 24, 2019

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 24, 2019

Investopedia, Net Exports Definition. Accessed on March 24, 2019

Trade Map, International Trade Centre. Accessed on March 24, 2019

Wikipedia, Austria. Accessed on March 24, 2019

Wikipedia, List of Companies of Austria. Accessed on March 24, 2019