Applying a continental lens, over 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 7.7% worth of goods to North America.
Tinier percentages went to Africa (1.2%), Oceania led by Australia (0.8%) then Latin America excluding Mexico but including the Caribbean (0.9%).
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 2020. Also shown is each import country’s percentage of total Austrian exports.
- Germany: US$50.3 billion (29.9% of Austria’s total exports)
- United States: $10.4 billion (6.2%)
- Italy: $10.3 billion (6.1%)
- Switzerland: $9 billion (5.4%)
- France: $7 billion (4.2%)
- Slovakia: $6.9 billion (4.1%)
- Poland: $6.4 billion (3.8%)
- Czech Republic: $5.7 billion (3.4%)
- Hungary: $5.7 billion (3.4%)
- United Kingdom: $4.6 billion (2.8%)
- China: $4.6 billion (2.7%)
- Netherlands: $3.3 billion (2%)
- Slovenia: $3.2 billion (1.9%)
- Belgium: $3 billion (1.8%)
- Romania: $2.9 billion (1.7%)
Almost four-fifths (79.1%) of Austrian exports in 2020 were delivered to the above 15 trade partners.
The fastest growers from 2019 to 2020 among top consumers of Austria’s exports were Slovakia (up 94.6%), Poland (up 11.3%) and Switzerland (up 5.2%).
Leading the decliners year over year were Slovenia (down -9.5%), the United States (down -8.7%) and China (down -7.8%).
Austria incurred an overall -$3.7 billion trade deficit for 2020, down -27.7% from -$5.1 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$19.9 billion (country-specific trade deficit in 2020.)
- Netherlands: -$4.3 billion
- Vietnam: -$2.9 billion
- China: -$2 billion
- Czech Republic: -$1.7 billion
- Kazakhstan: -$829.9 million
- Belgium: -$807.7 million
- Switzerland: -$439.9 million
- Ireland: -$420.5 million
- Turkey: -$353.9 million
Among Austria’s trading partners that cause the greatest negative trade balances, Austrian deficits with Vietnam (up 249.6%), Netherlands (up 198.7%) and Germany (up 79.2%) grew at the fastest pace from 2019 to 2020.
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$6.9 billion (country-specific trade surplus in 2020)
- France: $2.9 billion
- Slovakia: $2.5 billion
- United Kingdom: $2.3 billion
- Russia: $1.9 billion
- Mexico: $1.12 billion
- Romania: $1.11 billion
- Hungary: $1.1 billion
- Australia: $1.07 billion
- Canada: $1.06 billion
Among Austria’s trading partners that generate the greatest positive trade balances, Austrian surpluses with the United States (up 97.6%), United Kingdom (up 20%) and Russia (up 17.2%) grew at the fastest pace from 2019 to 2020.
In addition, Austria reversed a -$148.2 million deficit trading with Slovakia in 2019 to post $2.5 billion in black ink during 2020.
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 April 1, 2021
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 1, 2021
International Trade Centre, Trade Map. Accessed on April 1, 2021
Investopedia, Net Exports Definition. Accessed on April 1, 2021
Wikipedia, Austria. Accessed on April 1, 2021
Wikipedia, List of Companies of Austria. Accessed on April 1, 2021