March 9, 2010Austria Economyby EconomyWatch Content

Austria Trade, Exports and Imports

 With active neighbors in the form of Germany and strong trade allies such as the USA, Austria has managed to push its growth rate beyond the 1% mark, which almost became synonymous with its economy in the 90s. Helped by a boost in trade, especially exports, the growth rate hovered at around 3.5% in 2007.

Austria Trade, Exports and Imports

Austria’s biggest export partner is Germany, accounting for almost 29.5% of the total trade. Italy stands second with 8.6% and USA comes in third with 4.3%. Switzerland too has a prominent trading relation with Austria at 4.2% (2008 est).

Austria’s export is dominated by:

  • Machinery

  • Equipments

  • Motor vehicles

  • Paper and paper board

  • Metal goods

  • Iron

  • Steel

  • Textiles

  • Foodstuffs

 

Austrian imports too show a strong presence of German products, with a volume share of 44.5%. Italy stands second with 7.1%, followed by Switzerland at 5.2% and Netherlands at 4.1%.

The major import products include:

 

  • Motor vehicles

  • Metal goods

  • Oil products

  • Foodstuffs

  •  

Relationship with the US has grown over the years as well and imports from the USA amount to more than $5.1 billion. As far as FDI is concerned, the US represents about 10% of the total amount and stands second amongst the foreign investors in Austria. Being a convenient region with high potential, Austria attracts FDI from across the EU.

To grow further, Austria needs to work on its knowledge sectors to keep the growth consistent and trade balance skewed more towards exports than imports.

 

 

blog comments powered by Disqus