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Austria’s trade relations with America

Bilateral economic relations with North America

Austria traditionally has strong trading ties with the North American states – USA and Canada. According to the preliminary data produced by Statistics Austria for 2023, the two countries together represent 6.2% of the Austrian trading volume, of which about 90% involves the USA. After the decline in 2020 in the wake of the covid pandemic, trading with North America is once again stepping up considerably. After € 22.3 billion in 2022, a record of € 25.0 billion was reached in 2023, according to the preliminary data of Statistics Austria, corresponding to an increase of 12.2% over 2022.

Exports of € 14.7 billion in 2023 marked an all-time high for the USA. With a rise of 14.2% over 2022, the USA ranked second (behind Germany and before Italy) among Austrian export destinations. At a share of 7.4% of Austria’s total exports, the USA remain by far the most important sales market both outside the EU and outside Europe (the share is three times higher that of China). At the same time, an import volume of € 7.9 billion made the USA the second most important import market outside Europe (behind China). The increase was 9.1% in 2023.

Austrian exports to Canada registered a decline of 2.9% in 2023 at € 1.7 billion. Imports from Canada, on the other hand, increased by 66.3% to € 715 million in 2023. In total, Austria’s trade volume with Canada was € 2.4 billion in 2023.

Bilateral economic relations with Latin America

According to the preliminary data generated by Statistics Austria, the country’s trading volume with Latin America amounted to 1.6%, which makes for about € 6.4 billion or 20% of total trade with America.

In 2023, the most important trading partner in Latin America was Mexico, at a trading volume of € 2.6 billion, followed by Brazil (€ 1.4 billion) and Chile (€ 570 million).

Mexico remained the most important export partner in Latin America in 2023, with exports running at almost € 2.0 billion (50% of Austrian exports to Latin America). Mexico managed a new record in Austrian exports in 2023. Second came Brazil, at € 1.0 billion or 25% of Austrian exports to the region). Mexico ranked first in Austrian imports from Latin America in 2023 (€ 643 million), followed by Guyana (€ 383 million) and Brazil (€ 380 million).

Contact

America, Africa, Middle East, world expositions: wirtschaftsbeziehungen-amerika@bmaw.gv.at