Austria: Visió econòmica i política
The Austrian economy is heavily dependent on foreign trade, which accounts for 102% of GDP (World Bank, latest data available). Its trade with the countries of the European Union accounts for almost 70% of its total trade (WTO). The country’s main exports are vehicles, medicaments, human and animal blood and parts of motor vehicles. Its main imports are motor vehicles and their parts, medicaments, human and animal blood, and petroleum oils.
Germany is, by far, Austria’s privileged partner for both imports and exports. In 2020, Austrian exports to Germany represented 30.4% of total exports, while imports represented 34.7%. Except for the USA (Austria’s second export destination), and China (second main supplier), the country trades mainly with its neighbour countries: Italy, Switzerland, France, Poland and the Czech Republic. The manufacturing industry is well integrated into Germany’s value chain. Austria remains therefore dependent on the economic conjuncture in Germany and in other central and eastern European countries.
Austria imports more goods than it exports: USD 168.5 billion as opposed to USD 172.2 billion in 2020 (-6.7% y-o-y for both indexes - WTO latest data available), but its current account has invariably been in surplus since 2002 and will continue to improve over the forecasted horizon thanks to exports of services, which amounted to USD 64.2 billion while imports stood at USD 55.7 billion in 2020. In the same year, the external balance of goods and services stood at 3.8% of GDP (World Bank). According to preliminary results from Statistics Austria, the total value of imports of goods in the period January to August 2021 stood at EUR 114.28 billion, whereas exports amounted to EUR 106.84 billion.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 175,755 | 193,722 | 184,758 | 172,200 | 219,520 |
Exports of Goods (million USD) | 168,026 | 184,815 | 178,670 | 168,538 | 202,806 |
Imports of Services (million USD) | 55,150 | 63,860 | 65,226 | 55,769 | 66,987 |
Exports of Services (million USD) | 66,136 | 75,111 | 75,741 | 64,251 | 70,210 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 104.9 | 107.9 | 107.9 | 100.2 | 111.2 |
Trade Balance (million USD) | 1,201 | 1,401 | 4,893 | 3,902 | -336 |
Trade Balance (Including Service) (million USD) | 12,470 | 13,271 | 15,746 | 12,998 | 2,508 |
Imports of Goods and Services (Annual % Change) | 5.3 | 5.3 | 2.1 | -9.2 | 13.7 |
Exports of Goods and Services (Annual % Change) | 4.9 | 5.2 | 4.0 | -10.7 | 9.6 |
Imports of Goods and Services (in % of GDP) | 50.9 | 52.5 | 52.1 | 48.6 | 55.3 |
Exports of Goods and Services (in % of GDP) | 54.1 | 55.5 | 55.8 | 51.6 | 55.9 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 13.3 | 2.0 | 2.1 | 3.8 | 2.4 |
Volume of imports of goods and services (Annual % change) | 10.3 | 3.7 | 1.7 | 2.4 | 1.9 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Germany | 29.5% |
Italy | 6.6% |
United States | 6.1% |
Switzerland | 5.1% |
Poland | 4.0% |
Slovakia | 3.8% |
France | 3.7% |
Hungary | 3.7% |
Czech Republic | 3.5% |
China | 2.9% |
United Kingdom | 2.7% |
Slovenia | 2.0% |
Netherlands | 1.9% |
Romania | 1.9% |
Belgium | 1.7% |
Spain | 1.5% |
Russia | 1.2% |
Sweden | 1.1% |
Japan | 1.0% |
Croatia | 0.9% |
See More Countries | 48.7% |
Main Suppliers (% of Imports) |
2021 |
Germany | 39.7% |
Italy | 6.2% |
Switzerland | 5.1% |
Czech Republic | 4.7% |
Netherlands | 4.4% |
China | 4.3% |
Poland | 3.3% |
Hungary | 2.6% |
Slovakia | 2.5% |
France | 2.3% |
Belgium | 2.2% |
United States | 1.8% |
Slovenia | 1.6% |
Vietnam | 1.5% |
Spain | 1.2% |
Romania | 1.1% |
United Kingdom | 1.1% |
Türkiye | 1.0% |
Sweden | 0.9% |
Kazakhstan | 0.7% |
See More Countries | 39.9% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023
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