Austria is performing successfully regarding exports, and it is ranked as the 31st largest export economy globally. Its biggest export destinations are Germany ($39.9 billion), the United States ($10.9 billion), Italy ($9.1 billion), and Switzerland ($7.92 billion). Austria’s 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.
Largest Export Products of Austria
Packaged medicaments often include hormones, medicines, insulin, antibiotics, alkaloids, penicillin, and streptomycin. They are among the top 10 most traded products and are majorly exported in Bonaire, Austria, Malta, Italy, Denmark, and Ireland. They are also highly imported in Chad, Congo, Uzbekistan, and Malawi. However, the biggest exporters of packaged medicaments include Germany, USA, Ireland, Switzerland, and France. On the other and, the highest importers of these medicaments comprise the United Kingdom, Germany, Switzerland, and Belgium. In Austria, packaged medicaments account for $6.2 billion and constitute 3.7% of the overall export. Austria also exports packaged medicaments to Switzerland, Germany, Russia, Hungary, and France.
Vehicle parts include parts of a car such as sensors, muffler, starters, alternator, gauges, and switches. They are among the top most mechanized products; in 2017, their sales summed up to $385.4 billion worldwide. Vehicle parts export in Austria totals up to $4.98 billion and constitute 3.2% of the total exports. Apart from Austria, vehicle parts are also top exports in Portugal, Poland, and Romania. 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. The same countries that are on top of the list for highest importers are also the top exporters for vehicle parts inclusive of Japan.
Cars can also be termed as automobiles, autos, or vehicles. They are the most traded merchandise and are ranked third in Austria's topmost export; they account for $3.99 billion, which is 2.8% of the total exports. Austria manufacture over 400,000 cars annually and their major models include Magna, Fiat, BMW, and General Motors (Saab). Cars are also top exports in Hungary, Canada, Spain, Japan, and Sweden. In Turkey, Spain, Italy, and Poland vehicles are also at the topmost imports. However, the highest importers of cars are Germany, France, China, and the United Kingdom whereas highest exporters comprise Japan, Germany, Canada, the US, and the United Kingdom.
Broadcasting equipment includes products such as television, microwave, antenna, Bluetooth, wireless, and radio. They are ranked position ten under most traded goods. In Austria, broadcasting equipment is the fourth topmost export product and make up 2.2% of the total export. Broadcasting equipment is also a top export in Vietnam. Afghanistan also has broadcast equipment at the top of the imports list. Broadcasting equipment largest exporters include Netherlands, South Korea, Vietnam, the US, and China whereas its biggest importers are Japan, United Kingdom, the US, Hong Kong, and Germany. According to Product Complexity Index (PCI), broadcasting equipment is a complex product.
Austria’s Market Overview
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. The exports, in turn, reduce the rates of unemployment and bring about social stability. 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.