Foreign trade figures of Austria

Foreign Trade in Figures

The Austrian economy is heavily dependent on foreign trade, which accounts for 117% of GDP (World Bank, latest data available). According to data from Statistics Austria, machinery and vehicles led Austrian exports in 2023, accounting for 37.5% of total outbound trade, with an 8.2% increase to EUR 75.22 billion. Other major export categories included manufactured goods (EUR 39.24 bn, −8.3%), chemical products (EUR 34.55 bn, +18.8%), and other manufactured goods (EUR 19.85 bn, −2.3%), which collectively made up 84.2% of exports. On the import side, machinery and vehicles held a 34.5% share, rising by 5.6% to EUR 69.55 bn. The largest decline was in fuels and energy, which fell by 32.7% to EUR 18.25 bn.

Germany is by far Austria’s privileged partner for both imports and exports. In 2023, Austrian exports to Germany represented 29.2% of the total, while imports accounted for 31.7%. The U.S. (7.4%), Italy (6.2%), and Switzerland (5%) were among the main export destinations, whereas for imports China was the second main origin (7.5%), followed by Italy (6.4%) and Switzerland (5.1% - Statistics Austria, latest data available). 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. Overall, the EU accounted for 68.4% of exports and 64.6% of imports in 2023.

According to Statistics Austria, the total value of goods imports in 2023 was EUR 201.64 bn, down 6.3% from the previous year. Goods exports rose by 3% to EUR 200.55 bn. The trade deficit in goods narrowed to EUR 1.09 bn, compared to EUR 20.59 bn in 2022. Concerning services, the country is a net exporter: in 2023, exports of services amounted to USD 90.2 billion while imports stood at USD 80.6 billion (WTO). With the exception of 2022,  Austria’s external trade balance has invariably been in surplus since 1999: in 2023, the external balance of goods and services stood at 2.1% of GDP (World Bank). From January to September 2024, preliminary data from Statistics Austria show that goods imports totalled EUR 140.31 bn, while exports reached EUR 143.79 bn. Compared to the same period in the previous year, imports fell by 9.5% and exports by 4.1%. The trade balance showed a surplus of EUR 3.48 bn, a significant improvement from the EUR 5.08 bn deficit recorded during the same period the previous year.