That dollar amount results from a 26.1% increase from $160 billion in Austria’s total exports during 2017.
Year over year, the total value of Austrian exports accelerated by 24.4% compared to $162.1 billion during 2020.
The top 5 largest importers of exports that Austria sells are Germany, Italy, United States of America, Switzerland, and Poland. Added together, that quintet of major buyers of Austrian products bought over half (51.3%) of Austria’s total exports by value in 2021.
Applying a continental lens, four-fifths (80%) of Austria’s exports by value were delivered to fellow European countries while 9.4% were sold to importers in Asia. Austria shipped another 7.8% worth of goods to North America.
Tinier percentages went to buyers in Africa (1.1%), Latin America (0.9%) excluding Mexico but including the Caribbean, then Oceania (0.8%) mainly Australia and New Zealand.
Austria’s Top Trading Partners
Below is a list showcasing 25 of Austria’s top trading partners, countries that imported the most Austrian shipments by dollar value during 2021. Also shown is each import country’s percentage of total Austrian exports.
- Germany: US$59.5 billion (29.5% of Austria’s total exports)
- Italy: $13.3 billion (6.6%)
- United States: $12.4 billion (6.1%)
- Switzerland: $10.2 billion (5.1%)
- Poland: $8.1 billion (4%)
- Slovakia: $7.7 billion (3.8%)
- France: $7.5 billion (3.7%)
- Hungary: $7.4 billion (3.7%)
- Czech Republic: $7 billion (3.5%)
- China: $5.8 billion (2.9%)
- United Kingdom: $5.4 billion (2.7%)
- Slovenia: $4.1 billion (2%)
- Netherlands: $3.82 billion (1.9%)
- Romania: $3.75 billion (1.9%)
- Belgium: $3.5 billion (1.7%)
- Spain: $3 billion (1.5%)
- Russia: $2.4 billion (1.2%)
- Sweden: $2.2 billion (1.1%)
- Japan: $1.9 billion (1%)
- Croatia: $1.81 billion (0.9%)
- Turkey: $1.8 billion (0.9%)
- Canada: $1.7 billion (0.8%)
- Mexico: $1.6 billion (0.8%)
- Australia: $1.4 billion (0.7%)
- India: $1.3 billion (0.6%)
Almost nine-tenths (88.5%) of Austrian exports in 2021 were delivered to the above 25 trade partners.
The fastest growers from 2020 to 2021 among the top importers of Austria’s exports were Slovakia (up 135.4%), Romania (up 39.5%), Canada (up 34.3%), Spain (up 33.7%), Italy (up 32.6%), India (up 32%) then Hungary (up 31.9%).
The most modest year-over-year increase was 0.1% for importers of Austria’s export products in Russia.
Products Generating Austria’s Largest Trade Deficits
Overall Austria incurred a -$17.3 billion trade deficit for 2021, expanding by 595.7% from -$2.5 billion in red ink one year earlier in 2020.
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$27.5 billion (country-specific trade deficit in 2021)
- Netherlands: -$5.9 billion
- China: -$3.6 billion
- Czech Republic: -$3.2 billion
- Vietnam: -$3 billion
- Belgium: -$1.41 billion
- Kazakhstan: -$1.41 billion
- Switzerland: -$942 million
- Libya: -$832.2 million
- Iraq: -$708.4 million
Among Austria’s trading partners that cause the greatest negative trade balances, Austrian deficits with Libya (up 933.2%), Switzerland (up 356.1%) and the Netherlands (up 345.9%) grew at the fastest pace from 2020 to 2021.
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.
Products Creating Austria’s Best 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.
- United States: US$8.5 billion (country-specific trade surplus in 2021)
- United Kingdom: $2.9 billion
- France: $2.5 billion
- Slovakia: $2.1 billion
- Russia: $1.7 billion
- Hungary: $1.6 billion
- Mexico: $1.42 billion
- Canada: $1.36 billion
- Australia: $1.26 billion
- Romania: $1.26 billion
Among Austria’s trading partners that generate the greatest positive trade balances, Austrian surpluses with the United States of America (up 87.9%), Mexico (up 62.3%) and Canada (up 44.3%) grew at the fastest pace from 2020 to 2021.
In addition, Austria reversed a -$35.9 million deficit trading with Slovakia in 2020 to post the above-listed surplus during 2021.
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, Austria’s Top 10 Imports, Switzerland’s Top Trading Partners, Poland’s Top Trading Partners and Slovakia’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on July 30, 2022
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 30, 2022
International Trade Centre, Trade Map. Accessed on July 30, 2022
Investopedia, Net Exports Definition. Accessed on July 30, 2022
Wikipedia, Austria. Accessed on July 30, 2022
Wikipedia, List of Companies of Austria. Accessed on July 30, 2022
