That dollar metric reflects a 14.5% gain from $184.8 billion in 2018.
Year over year, the total value of Austrian exports advanced 4.3% compared to $203 billion for 2021.
The top 5 largest importers of exports that Austria sells are Germany, Italy, United States of America, Switzerland and France. Added together, that quintet of major buyers of Austrian products bought over half (51.4%) of Austria’s total exports by value in 2022.
Applying a continental lens, about four-fifths (79.9%) of Austria’s exports by value was delivered to fellow European countries while 9.1% was sold to importers in Asia. Austria sent another 8.2% worth of goods to North America.
Smaller percentages went to Latin America (1.05%) excluding Mexico but including the Caribbean, Africa (1.02%), then Oceania (0.7%) led by 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 2022. Also shown is each import country’s percentage of total Austrian exports.
- Germany: US$61.9 billion (29.2% of Austria’s total exports)
- Italy: $14 billion (6.6%)
- United States: $13.6 billion (6.4%)
- Switzerland: $11 billion (5.2%)
- France: $8.3 billion (3.9%)
- Poland: $8.2 billion (3.9%)
- Hungary: $8.14 billion (3.8%)
- Slovakia: $8.11 billion (3.8%)
- Czech Republic: $7.5 billion (3.6%)
- mainland China: $5.5 billion (2.6%)
- United Kingdom: $5.4 billion (2.5%)
- Slovenia: $5.2 billion (2.4%)
- Romania: $4.2 billion (2%)
- Netherlands: $4 billion (1.9%)
- Belgium: $3.2 billion (1.5%)
- Spain: $3.1 billion (1.5%)
- Sweden: $2.2 billion (1%)
- Croatia: $2 billion (1%)
- Russia: $1.94 billion (0.9%)
- Türkiye: $1.91 billion (0.9%)
- Japan: $1.88 billion (0.9%)
- South Korea: $1.86 billion (0.9%)
- Canada: $1.8 billion (0.9%)
- Mexico: $1.77 billion (0.8%)
- Australia: $1.3 billion (0.6%)
Almost nine-tenths (88.7%) of Austrian exports in 2022 were delivered to the above 25 trade partners.
The fastest growers from 2021 to 2022 among the top customers for Austria’s exports were South Korea (up 53.2%), Slovenia (up 25.2%), Mexico (up 13.6%), Croatia (up 11.5%), then Hungary (up 10.4%) and Romania (also up 10.4%).
The severest year-over-year sales reductions were attributed to importers of Austria’s export products in Russia (down -20% from 2021) and Belgium (down -8.2%).
Countries Generating Austria’s Largest Trade Deficits
Austria incurred an overall -$20.6 billion trade deficit for 2022, inflating by 22.9% from -$16.8 billion in red ink one year earlier in 2021.
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$26.8 billion (country-specific trade deficit in 2022)
- Netherlands: -$7.4 billion
- mainland China: -$4.2 billion
- Czech Republic: -$4 billion
- Vietnam: -$2.6 billion
- Belgium: -$2 billion
- Kazakhstan: -$1.4 billion
- Libya: -$716.5 million
- Türkiye: -$671.1 million
- Iraq: -$500.1 million
Among Austria’s trading partners that cause the greatest negative trade balances, Austrian deficits with Türkiye (up 62.9%), Belgium (up 41.9%) and the Czech Republic (up 29.8%) grew at the fastest pace from 2021 to 2022.
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.
Countries 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$8.8 billion (country-specific trade surplus in 2022)
- France: $3.2 billion
- Slovakia: $2.6 billion
- United Kingdom: $2.5 billion
- Hungary: $2.3 billion
- Romania: $2 billion
- Canada: $1.62 billion
- Russia: $1.62 billion
- Mexico: $1.61 billion
- Australia: $1.1 billion
Among Austria’s trading partners that generate the greatest positive trade balances, Austrian surpluses with Romania (up 59.2%), Hungary (up 44.3%) and France (up 27.2%) grew at the fastest pace from 2021 to 2022.
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
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on April 25, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 25, 2023
International Trade Centre, Trade Map. Accessed on April 25, 2023
Investopedia, Net Exports Definition. Accessed on April 25, 2023
Wikipedia, Austria. Accessed on April 25, 2023
Wikipedia, List of Companies of Austria. Accessed on April 25, 2023