Austria is performing successfully regarding exports, and it is ranked as the 31st largest export economy globally. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/MediaBox[0 0 595.32 841.92]/Contents 76 0 R/Group<>/Tabs/S/StructParents 2>> In January 2002, Euro notes and coins were introduced, replacing those of the Austrian schilling. 6 0 obj Here is a breakdown of the most important products exported by Austria, both commodities and other notable exports. 13 0 obj Austrian Embassy - Commercial Section uuid:8affbb78-c6fd-2a86-73c3-04302826f354 Direct access to our data from your apps using any programing language. 12 0 obj Before adopting the Euro in 2002 Austria had maintained use of the Austrian schilling which was first established in December 1924. The most important product groups for export are: Austrian exports are also heavily influenced by service exports, with tourism taking first place in this sector. The United States is Austrias second largest export market after Germany and third largest trading partner worldwide. In addition, Austria's membership in the EU has drawn an influx of foreign investors. 11 0 obj 2011 was another promising year for Austrian agricultural exports. Hungary, Germany, Slovakia, and Czechia are the main importers of refined petroleum from Austria. You should consider whether you can afford to take the high risk of losing your money. Due to this different methodology, Austrian government reports a much larger value of U.S. exports to Austria, totaling $6.7 billion for 2018. endobj 5 0 obj Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. In 2017, over 245 deals with a total value of over 12.9 bil. Contact your local ADVANTAGE AUSTRIA office or browse business offers by sector. The government still operates some firms, state monopolies, utilities, and services. Viennese law firms and banks are among the leading corporations in business with the new EU member states. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/MediaBox[0 0 595.32 841.92]/Contents 26 0 R/Group<>/Tabs/S/StructParents 0>> The Austrian economy is highly internationalized. Over 300 U.S. companies operate subsidiaries in Austria, many drawn in the past to Austria as a regional Central Europe hub, and today more focused on the Austrian market with some also using Austria as a base for providing specialized global production and solutions.The American Chamber of Commerce Austrias (www.amcham.at) annual Business Barometer Survey of U.S. company members shows that the most important business location factors in Austria are consistently: 1) availability of skilled labor, 2) high quality of life and security, and 3) excellent infrastructure (transport, telecom, energy). <>stream [25], Austria's health care system was developed alongside other social welfare programmes by the social democrats in Vienna initially.[26]. Since 1945, the GB has pursued a moderate, consensus-oriented wage policy, cooperating with industry, agriculture, and the government on a broad range of social and economic issues in what is known as Austria's "social partnership". The country has a less than 1% market share of a global export trade that is worth $127 billion annually. 12950 Jakarta Although some industries are global competitors, such as several iron and steel works, chemical plants and oil corporations that are large industrial enterprises employing thousands of people, most industrial and commercial enterprises in Austria are relatively small on an international scale. Gain exclusive insights into various industries and the interesting Austrian companies within these industry sectors. Vehicle parts include parts of a car such as sensors, muffler, starters, alternator, gauges, and switches. And even though exports slowed down during the financial crisis, the U.S. was the only market that still grew. In fact, with the tremendous growth, the value of agricultural exports broke $12 billion (more than 9 billion). Vehicle parts export in Austria totals up to $4.98 billion and constitute 3.2% of the total exports. "The Taste of Nature" is not only a preference of the Austrian consumer, but growths in exports show that Austrian food and wine is also treasured all over the world. All rights reserved. endobj uuid:31d72797-3c9a-2a49-5644-04302826f354 It showcases Austrian companies that specialise in export and import and generates significant business opportunities. Intrastat provides a direct collection of information from companies. The exports, in turn, reduce the rates of unemployment and bring about social stability. endobj Exports of goods and services (annual % growth), Exports of goods and services (constant LCU), Exports of goods and services (constant 2015 US$), Exports of goods and services (current US$), Exports of goods and services (current LCU), Exports as a capacity to import (constant LCU), International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. Many of the country's largest firms were nationalised in the early post-war period to protect them from Soviet takeover as war reparations. Austria enjoys well-developed industry, banking, transportation, services, and commercial facilities. According to Product Complexity Index (PCI), broadcasting equipment is a complex product. companies considering establishing operations in Austria should keep in mind that, while livability is high, so are labor costs. Since Austria's becoming a member of the EU in 1995, the Austrian agricultural sector has been undergoing substantial reform under the EU's Common Agricultural Policy (CAP). Austrias economic weaknesses mirror its strengths. EU-wide considerations including required standards and certifications, as well as exchange rate variability should be considered in business planning. In contrast to U.S. data which tracks direct trade, Austrian government data also captures trade with Austria via in-bond transfers and through distributors in other parts of Europe. The annual results are usually released in June. API users can feed a custom application. 2010-2022 Commodity.com. Jalan HR Rasuna Said Blok X-5, Kav. Previously, dependency on German guests made this sector of the Austrian economy very dependent on German economy. Hungary is the primary destination for Austrian petroleum gas exports. The value of Austrias refined petroleum exports equate to a market share of 0.25% of an annual global market worth $753 billion. However, the highest importers of cars are Germany, France, China, and the United Kingdom whereas highest exporters comprise Japan, Germany, Canada, the US, and theUnited Kingdom. Between 2013 and 2018, Austrias GDP grew by 5.81%. According to the Economic Complexity Index (ECI), the country is the worlds 11th most complex economy. 9 0 obj Concerning assets, Austria has an affluent market, as its economy is international and widespread; 63% of what it assembles and produces is meant for export. They are also highly imported in Chad, Congo, Uzbekistan, and Malawi. At $40 per hour in 2018, Austrias hourly labor costs rank the 8. Twitter. endobj They are ranked position ten under most traded goods. The red-white-red color combination was subsequently adopted as his banner and the national emblem. To learn more about cookies, click here. The content is provided on an as-is and as-available basis. The GB has often opposed the Schssel government's programme for budget consolidation, social reform, and improving the business climate, and indications are rising that Austria's peaceful social climate could become more confrontational. <>stream However recent developments have brought a change, especially since winter ski resorts such as Arlberg or Kitzbhel are now more and more frequented by Eastern Europeans, Russians and Americans. The Austrian Eisriesenwelt Caves, often known as the world of the ice giants, is the largest accessible ice cave system in the world. Here's a summary of statistics, trade partners and product groups. At $40 per hour in 2018, Austrias hourly labor costs rank the 8th highest in the EU. Legitimate CFD brokers, like Plus500, cannot accept US clients by law, Blood, antisera, vaccines, toxins, and cultures $3.92 billion, Blood, antisera, vaccines, toxins, and cultures $2.94 billion. The landlocked country in central Europe is ranked #30 in the world for total exports and #29 for total imports. Expanding trade and investment in the emerging markets of central and eastern Europe is a major element of Austrian economic activity. In contrast to U.S. data which tracks direct trade, Austrian government data also captures trade with Austria via in-bond transfers and through distributors in other parts of Europe. EUR have taken place. They were attracted by Austria's access to the European Single Market and the country's proximity to the aspiring economies of the European Union. Exports of petroleum gas account for 0.4% of Austrias annual export totals. Plant Engineering & Construction / Smart Factory, Medical Technologies & Laboratory Equipment, Building Technology / Interior Construction, Transportation Infrastructure / Below Ground Engineering, Energy / Sustainability / Natural Resources, Mechanical engineering and terotechnology. 8 0 obj Broadcasting equipment includes products such as television, microwave, antenna, Bluetooth, wireless, and radio. Austria has one of the richest collection of collectors' coins in the Eurozone, with face value ranging from 10 to 100 euro (although a 100,000 euro coin was exceptionally minted in 2004). Foreign Safeguard Activity Involving U.S. Exports, Austria - Using an Agent to Sell US Products and Services, Austria - Distribution and Sales Channels, Austria - Trade Promotion and Advertising, Austria - Protecting Intellectual Property, Austria - Principal Business Associations, Austria - Limitations on Selling US Products and Services, Austria - Information and Communication Technology, Austria - Import Requirements and Documentation, Austria - Prohibited & Restricted Imports, Austria - Licensing Requirements for Professional Services, Austria - U.S. Banks and Local Correspondent Banks. The content on this website is provided for informational purposes only and isnt intended to constitute professional financial advice. Austrias national flag is among the oldest national banners in the world. According to U.S. Census data, U.S. goods exports to Austria totaled $3.6 billion in 2018. <>stream Extrastat Trade:Goods traded by Austria with third countries. In recent years, privatisation has reduced state holdings to a level comparable to other European economies. The Austrian Trade Union Federation (GB) comprises constituent unions with a total membership of about 1.5 millionmore than half the country's wage and salary earners. Trade with these countries accounts for almost 14% of Austrian imports and exports,[27] and Austrian firms have sizable investments in and continue to move labour-intensive, low-tech production to these countries. 1 0 obj Trading any financial instrument involves a significant risk of loss. Presented annually by an interagency team at the U.S. Embassy Austria, the CCG is intended as a tool for U.S. companies interested in doing business in Austria.Key facts (2018): Despite its small size, Austria is a rich market with the 27th largest GDP and the 14th highest per capita GDP in the world. <> In addition to smaller productions of other agricultural products. 15 0 obj <>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/MediaBox[0 0 595.32 841.92]/Contents 90 0 R/Group<>/Tabs/S/StructParents 4>> Vienna has grown into a finance and consulting metropole and has established itself as the door to the East within the last decades. Its biggest export destinations are Germany ($39.9 billion), the United States ($10.9 billion), Italy ($9.1 billion), and Switzerland ($7.92 billion). The value of Austrias raw aluminum exports represents 0.25% of the nations annual export output. From 2013 until 2017, Austrias GDP grew steadily, but since has softened somewhat following global trends with a 1.7% growth rate projected for 2019.Austria and the United States share strong economic and business ties. The Schilling was abolished in the wake of the Anschluss in 1938 and has been reintroduced after the end of the World War II in November 1945. The worldwide annual value of wheat shipments is $45.1 billion. Lawrence Pines is a Princeton University graduate with more than 25 years of experience as an equity and foreign exchange options trader for multinational banks and proprietary trading groups. Though wealthy, with a population of 8.8 million, there is a natural limit to market potential. Although Austrian farmers provide about 80% of domestic food requirements, the agricultural contribution to gross domestic product (GDP) has declined since 1950 to less than 3%. <>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/MediaBox[0 0 595.32 841.92]/Contents 84 0 R/Group<>/Tabs/S/StructParents 3>> When evaluating online brokers, always consult the brokers website. In 2007, in order to adopt the new common map like the rest of the Eurozone countries, Austria changed the common side of its coins. Germany is Austrias biggest trade partner by far for both exports and imports. Austria has a 0.71% share of the global raw aluminum export market that is worth $61.1 billion annually. Austria manufacture over 400,000 cars annually and their major models include Magna, Fiat, BMW, and General Motors (Saab). The central European landlocked country is bordered by Switzerland, Liechtenstein, Germany, Czechia, Slovakia, Hungary, Slovenia, and Italy. EUR), Adjustment: Not seasonally adjusted (NSA), 37 countries, territories or special areas. Manufacturing accounts for 26% of Austrias GDP and over 60% of manufactured product are exported. Vehicle parts are also highly imported in Hungary, Mexico, Serbia, Slovakia, and Romania but the highest importers for these parts are Germany, US, Canada, Mexico, China, and Canada. 2017-02-22T17:47:44+01:00 The United States is its 2nd biggest export partner, while Italy is its next biggest import partner. Eight different designs, one per face value, were selected for the Austrian coins. Around 800 employees around the world can assist you in locating Austrian suppliers and business partners. This development reduced its economic dependence on Germany. The economy of Austria is a developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP (gross domestic product) per capita. For 2018, U.S. Census data reported that U.S. exports to Austria were led by: pharmaceuticals (up 25%), machinery (up 7%), aircraft and parts (down 21%), chemicals (down 72% for all categories), medical and measuring instruments (up 3%), and electrical machinery and equipment (up 9%). Start your research with reviews of these regulated brokers available in . Moodys Analytics. [30][31], Privatisation, state participation and labour movements. xMkac,4fhEm?bQZ1+bqft&6v{:\f&4 ^+StOWD;!7Qw}58lKVv.qG[ 7>YI^+#}m;or:y/yW soGR"One`w_q{V|6mW ^XCP\yzS;6Ev*GBS/w^BNQ_L?>.>rm7Q->IZhC[k m6Zhh?5/52h#,6ghs6ghs6ghs6ghs6ghs6ghs6ghs6gD1P->OZhC[k m6Zhh\Nm>'3}?Tr*N6M.W]W](N7g{7gQZLVZ=l 1fRf{.0`ZUwy%a5 Unlike normal issues, these coins are not legal tender in all the eurozone. Its economy is diversified and highly international. [19], Growth had been steady between 2002 and 2006, varying between 1 and 3.3%. 3 0 obj Commodity.com makes no warranty that its content will be accurate, timely, useful, or reliable. Austria became a member of the EU on 1 January 1995. [19], Vienna was ranked the fifth richest NUTS-2 region within Europe (see Economy of the European Union), with its GDP reaching 38,632 per capita. Austrias major exports include packaged medicaments, vehicle parts, cars, broadcasting equipment, human or animal blood, combustion engines, flavored water, spark ignition engines, metal mountings, and electrical transformers. Austria, however, faces some faults, for instance, its GDP has had a relatively slow advancement due to reasons such as the unpredictability of exchange rates and the $36.18 unit labor cost that is above the European Union mean of $32.97. This site uses cookies to optimize functionality and give you the best possible experience. Top image: sterreich Werbung/ Reiberger, Austria's Official Portal in the United States, A Taste of AustriaAustrian Press & Information Service in the United States, Embassy of Austria3524 International Court, NWWashington, DC 20008. World Bank national accounts data, and OECD National Accounts data files. Indonesia, +62 21 2550 0186 Austria and the United States share strong economic and business ties. European Commission [18], In 2004 Austria was the fourth richest country within the European Union, having a GDP (PPP) per capita of approximately 27,666. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. As Austria is an industrial country with a small domestic market, the export economy is particularly important. In Austria, 1.37% over average population growth is the strong factor. Virtually all of Austrias refined petroleum exports are destined for European destinations. The top export destinations of Austria are Germany ($50.9 billion), the United States ($12.7 billion), Italy ($11.3 billion), Switzerland ($8.3 billion), and France ($7.48 billion). Since 1991, more than 7,183 mergers & acquisitions transactions have been announced with a known total value of 261.6 bil. Austria also has made progress in generally increasing its international competitiveness. endstream For instance, a 5 Austrian commemorative coin cannot be used in any other country. This Country Commercial Guide (CCG) presents a comprehensive look at Austrias commercial environment, including an analysis of economic, political, and market regulatory factors. The industry with the largest M&A activity in Austria in terms of transaction value has been the financial sector, whereas the industry with the largest number of transactions has been Industrials - representing 19.2%. Austrias economic weaknesses mirror its strengths. We have a plan for your needs. White label accounts can distribute our data. Wheat production in Austria has failed to reach 2 million tons over the last 10 years. Statistics Austria revises the external trade statistics at the lowest level of breakdown for all the reporting months of the current year when the monthly provisional results are published. 7 0 obj 2&3 In comparison to the previous year, the value of agricultural exports grew by 16.1 % while the quantity of exports increased by 4 %. [emailprotected] Companies and investors from Austria are active in mergers and acquisitions (M&A). PDF CoDe 2016 3.6010 (c) 2002-2016 European Commission It imports just over 65% of Austrias total annual exports of this product. This Country Commercial Guide (CCG) presents a comprehensive look at Austrias commercial environment, including an analysis of economic, political, and market regulatory factors. At this time, the provisional results for December are revised and the results of the 11 previous reporting months of the year are also revised for the final time. Cars can also be termed as automobiles, autos, or vehicles. Other services provided by ADVANTAGE AUSTRIA offices range from introductions to Austrian companies looking for importers, distributors or agents to providing in-depth information on Austria as a business location and assistance in entering the Austrian market. While Austrian banks with global operations regularly work with larger U.S. corporations, smaller U.S. entities and individuals often have trouble conducting banking activities since many local banks are hesitant to serve clients from the United States due to strict U.S. government regulated reporting requirements. Did you know? Join your colleagues in participating in this Most important for Austria is the service sector generating the vast majority of Austria's GDP. 2017-02-22T17:47:44+01:00 Intrastat Trade: Goods traded between Austria and Member States of the European Union. It was trailing behind Inner London, Luxembourg, the Brussels-Capital Region and Hamburg. Economic Data, Research, Advisory, Forecasting <> <>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/MediaBox[0 0 595.32 841.92]/Contents 96 0 R/Group<>/Tabs/S/StructParents 6>> Once considered to be one of the poorest countries in Europe after the Second World War, Austria has subsequently managed to become one of the most prosperous countries in the world over the last 20 years. The United States is Austrias second largest export market and third most important global trading partner. <>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/MediaBox[0 0 595.32 841.92]/Contents 59 0 R/Group<>/Tabs/S/StructParents 1>>