Bilateral economic relations with Europe
The member states of the European Union (EU) are the most important trading partners for the Austrian economy. The EU area is therefore the most important target area for Austrian foreign trade. Due to its geostrategic role in the heart of Europe, Austria is above all an economic bridge builder and also a major investor not only in the EU member states in Eastern Europe and the Danube region, but also in the Central and Eastern European countries (CEEC). This is why Austria plays an important mediating role with these countries in the ongoing EU enlargement process.
The European Economic Area (EEA) with the EFTA states Liechtenstein, Norway and Iceland, as well as Switzerland as a non EEA-member, also play an important role as Austrian trading partners. The trade relations with the Western Balkans are traditionally strong. According to preliminary data, the total trade volume in 2023 amounted to almost 4.1 billion Euros, of which Austria exported around 2.1 billion Euros.
Austrian Relations with Europe
The most important trading partner for Austria is and will remain Germany. The volume of trade with Germany in 2023 was 123.1 billion Euros, exports alone amounted to 58.4 billion Euros, which made up a total export share of 29.1 percent of the entire Austrian economy. With 61.2 billion Euros Germany is Austria's most important investor within Europe. Conversely, there are 39.3 billion Euros in Austrian investments in Germany.
Among the ranking of Austria's 10 most important trading partners in the export sector, in 2023, in addition to Germany, six more were from EU member states, such as Italy (12.3 billion Euros), Belgium (7.5 billion Euros), Poland (7.3 billion Euros), France (7.3 billion Euros), Hungary (7.3 billion Euros), the Czech Republic (7.2 billion Euros); Switzerland is 4th most important export destination with 10.0 billion Euros.
The total volume of trade with the EU in 2023 was 268.7 billion Euros, of which 137.4 billion Euros were exports. Exports to the EFTA states in 2023 amounted to 11.1 billion Euros.
Austria is also an important investor in Central and Southeastern Europe. Exports to Central and Eastern European countries (CEEC) alone amounted to 40.1 billion Euros in 2023.
Contact
Europe, ETC: wirtschaftsbeziehungen-europa@bmaw.gv.at