That dollar amount results from a 30.5% advance from $171.5 billion five years earlier in 2019.
Year over year, the total value of Austrian exports rose 9.9% compared to $203.8 billion for 2022.
Based on the average exchange rate for 2023, Austria uses the euro which depreciated by -3.5% against the US dollar since 2019 but appreciated by 2.6% from 2022 to 2023. The weaker EU currency after 2019 made Austria’s exports paid for in stronger US dollars relatively less expensive for international buyers.
Austria’s Main Partners for Buying Austrian Exports
The latest available country-specific data shows that 73.5% of products exported from Austria was bought by importers in: Germany (28.6% of the Austrian total), United States of America (7.1%), Italy (6%), Switzerland (5%), Poland (3.7%), Slovakia (3.7%), Belgium (3.6%), France (also 3.6%), Hungary (3.5%), Czech Republic (also 3.5%), United Kingdom (2.6%) and mainland China (2.4%).
From a continental perspective, 79.4% of Austria’s exports by value was delivered to fellow European countries while 8.9% was sold to importers in North America. Austria shipped another 8.8% worth of goods to Asia.
Smaller percentages went to buyers in Africa (1.1%), Latin America (1%) excluding Mexico but including the Caribbean, then Oceania (0.7%) led by Australia and New Zealand.
Given Austria’s population of 9.07 million people, its total $223.9 billion in 2023 exports translates to roughly $24,700 for every resident in the Central European nation. That dollar metric exceeds the average $23,500 per capita one year earlier during 2022.
Austria’s Top 10 Exports
The following export product groups represent the highest dollar value in Austrian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Austria.
- Machinery including computers: US$38.2 billion (17.1% of total exports)
- Electrical machinery, equipment: $24.1 billion (10.8%)
- Vehicles: $22.1 billion (9.9%)
- Pharmaceuticals: $17.6 billion (7.9%)
- Iron, steel: $9.3 billion (4.2%)
- Plastics, plastic articles: $8.9 billion (4%)
- Mineral fuels including oil: $8 billion (3.6%)
- Articles of iron or steel: $7.7 billion (3.4%)
- Organic chemicals: $7.4 billion (3.3%)
- Optical, technical, medical apparatus: $6 billion (2.7%)
Austria’s top 10 exports generated two-thirds (66.7%) of the overall value of Austrian shipments.
Organic chemicals was the fastest grower among the top 10 export categories, up by 180.4% from 2022 to 2023.
In second place for improving export sales was the electrical machinery and equipment category, via a 29.7% advance.
Austria’s shipments of pharmaceuticals posted the third-fastest gain in value, up by 28.4%.
The leading decliner among Austria’s top 10 export categories was plastics (both as materials and items made from plastic) incurring to a -5.9% year-over-year drop.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
From the more granular four-digit HTS code perspective, Austria’s most valuable exported product is blood fractions including antisera (4.5% of Austrian exports by value). In second place were cars (4%), medication mixes in dosage (3.1%), heterocyclics and nucleic acids (2.6%), automobile parts or accessories (2.4%), phone devices including smartphones (2.2%), electrical energy (2%), piston engines (1.5%), non-alcoholic drinks excluding water, juice and milk (also 1.5%), then electrical converters and power units (1.3%).
Products Creating Austria’s Largest Trade Surpluses
The following types of Austrian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Machinery including computers: US$10.5 billion (Up by 50.4% since 2022)
- Pharmaceuticals: $6.3 billion (Up by 73.2%)
- Iron, steel: $4.2 billion (Up by 54.8%)
- Beverages, spirits, vinegar: $2.49 billion (Down by -16.6%)
- Wood: $2.44 billion (Down by -14.1%)
- Paper, paper items: $2.4 billion (Down by -28.4%)
- Other base metal goods: $1.5 billion (Down by -19.6%)
- Articles of iron or steel: $1 billion (Up by 104.7%)
- Manmade staple fibers: $946 million (Down by -15.4%)
- Organic chemicals: $940.5 million (Reversing a -$3.26 billion deficit)
Austria has highly positive net exports in the international trade of machines including computers. In turn, these cashflows indicate Austria’s strong competitive advantages under the machinery including computers category.
Products Causing Austria’s Worst Trade Deficits
Austria incurred an overall -US$1.17 billion trade deficit for 2023, shrinking by -94.8% from -$22.7 billion in red ink one year earlier in 2022.
Below are exports from Austria that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Austria’s goods trail Austrian importer spending on foreign products.
- Mineral fuels including oil: -US$11.8 billion (Down by -43.2% since 2022)
- Electrical machinery, equipment: -$3.2 billion (Down by -11.2%)
- Collector items, art, antiques: -$2.9 billion (Up by 7621.4%)
- Knit or crochet clothing, accessories: -$1.9 billion (Down by -9%)
- Clothing, accessories (not knit or crochet): -$1.7 billion (Down by -7%)
- Ores, slag, ash: -$1.5 billion (Down by -17%)
- Vehicles: -$1.3 billion (Reversing a $592.6 million surplus)
- Fruits, nuts: -$1.19 billion (Up by 14.9%)
- Furniture, bedding, lighting, signs, prefabricated buildings: -$1.15 billion (Down by -21%)
- Gems, precious metals: -$1.06 billion (Down by -76.4%)
Austria has highly negative net exports and therefore deep international trade deficits for both crude and refined petroleum oils under the energy-related product category.
These cashflow deficiencies clearly indicate Austria’s competitive disadvantages in international mineral fuels-related markets, but also represent key opportunities for Austria to improve its position in the global economy through focused innovations particularly in alternative energy sources.
Austrian Export Companies
Ten Austrian corporations rank among Forbes Global 2000. Below is a sample of the major Austrian companies that Forbes included.
- Andritz (other industrial equipment)
- OMV Group (oil, gas)
- STRABAG (construction services)
- Uniqa (diversified insurance)
- Voestalpine (iron, steel)
Wikipedia also lists exporters from Austria. Selected examples are shown below.
- Ams AG (semiconductors)
- Austria Metall (metals)
- Borealis (polyethylene, plastics)
- Bösendorfer (pianos)
- Julius Meinl (coffee)
- KTM (motorcycles)
- OMV (petroleum)
- Red Bull GmbH (beverages)
- Rosenbauer (fire-fighting vehicles)
- Runtastic (smartphone apps)
Searchable List of Austria’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Austria during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Export Product | US$ | Change |
|---|---|---|---|
| 1 | Blood fractions (including antisera) | $10,154,327,000 | +53.4% |
| 2 | Cars | $8,990,806,000 | +13.3% |
| 3 | Medication mixes in dosage | $6,835,081,000 | +11.6% |
| 4 | Heterocyclics, nucleic acids | $5,728,598,000 | +1382% |
| 5 | Automobile parts/accessories | $5,309,033,000 | +14.8% |
| 6 | Phone devices including smartphones | $4,951,833,000 | +219% |
| 7 | Electrical energy | $4,502,017,000 | -5.1% |
| 8 | Piston engines | $3,399,418,000 | +23.6% |
| 9 | Non-alcoholic drinks (not water/juice/milk) | $3,278,368,000 | +4.1% |
| 10 | Electrical converters/power units | $2,979,074,000 | +22.3% |
| 11 | Motorcycles | $2,627,586,000 | +9.6% |
| 12 | Flat-rolled other alloy steel products | $2,539,178,000 | +9.2% |
| 13 | Gold (unwrought) | $2,315,632,000 | -10.6% |
| 14 | Base metal mountings, fittings | $2,104,720,000 | -19.1% |
| 15 | Heavy machinery (bulldozers, excavators, road rollers) | $2,067,340,000 | +31.9% |
| 16 | Miscellaneous machinery | $1,955,120,000 | +21.5% |
| 17 | Processed petroleum oils | $1,828,835,000 | +18.7% |
| 18 | Machinery for making semi-conductors | $1,812,789,000 | +20.1% |
| 19 | Trucks | $1,812,577,000 | -1.3% |
| 20 | Tractors | $1,794,117,000 | +18.8% |
| 21 | Wood carpentry, builders' joinery | $1,660,153,000 | -16.7% |
| 22 | Engines (diesel) | $1,592,768,000 | +18.9% |
| 23 | Lifting/loading machinery | $1,587,566,000 | +13.7% |
| 24 | Sawn wood | $1,578,316,000 | -26.2% |
| 25 | Miscellaneous iron or steel items | $1,576,628,000 | +8.2% |
| 26 | Miscellaneous plastic items | $1,534,274,000 | +2.9% |
| 27 | Computers, optical readers | $1,476,970,000 | +92.5% |
| 28 | Miscellaneous iron and steel structures | $1,475,194,000 | -2.6% |
| 29 | Insulated wire/cable | $1,460,839,000 | +2.2% |
| 30 | Electro-medical equipment (e.g. xrays) | $1,327,362,000 | +2.6% |
| 31 | Machinery parts | $1,303,945,000 | +14.4% |
| 32 | Solar power diodes/semi-conductors | $1,264,633,000 | +20.4% |
| 33 | Plastic packing goods, lids, caps | $1,205,259,000 | +17.5% |
| 34 | Electrical/optical circuit boards, panels | $1,195,365,000 | +16.1% |
| 35 | Hot-rolled iron or non-alloy steel products | $1,181,308,000 | -2.4% |
| 36 | Flat-rolled iron or non-alloy steel products (plated/coated) | $1,143,046,000 | +0.9% |
| 37 | Lower-voltage switches, fuses | $1,129,469,000 | +26.8% |
| 38 | Electric motors, generators | $1,125,859,000 | +9.1% |
| 39 | Refrigerators, freezers | $1,124,479,000 | +3.5% |
| 40 | Aluminum plates, sheets, strips | $1,118,312,000 | +03% |
| 41 | Derricks, cranes | $1,081,376,000 | +30.3% |
| 42 | Aircraft or spacecraft parts | $1,059,056,000 | +19.4% |
| 43 | Electric circuit parts, fuses, switches | $1,049,161,000 | +18.7% |
| 44 | Transmission shafts, gears, clutches | $1,043,476,000 | +19.1% |
| 45 | Miscellaneous aluminum items | $1,010,311,000 | +20.1% |
| 46 | Miscellaneous furniture | $1,010,052,000 | -2.2% |
| 47 | Integrated circuits/microassemblies | $1,007,912,000 | +11.7% |
| 48 | Rubber/plastic article making machines | $1,006,097,000 | +13.3% |
| 49 | Iron or steel tubes, pipes | $1,006,029,000 | +3.1% |
| 50 | Refined copper, unwrought alloys | $1,002,953,000 | +1.6% |
| 51 | Central heating boilers | $992,085,000 | -25.1% |
| 52 | Plastic plates, sheets, film, tape, strips | $992,041,000 | -5.6% |
| 53 | Coated paper | $988,731,000 | -32.5% |
| 54 | Lamps, lighting, illuminated signs | $988,011,000 | +3.1% |
| 55 | Taps, valves, similar appliances | $981,956,000 | +3.8% |
| 56 | Centrifuges, filters and purifiers | $972,291,000 | +5.4% |
| 57 | Miscellaneous animal feed preparations | $962,278,000 | +10.7% |
| 58 | Other food preparations | $952,359,000 | +19.6% |
| 59 | Coins | $930,811,000 | +10933% |
| 60 | Piston engine parts | $928,214,000 | +9.9% |
| 61 | Cheese, curd | $927,495,000 | +10.7% |
| 62 | Locomotives/rolling stock miscellaneous parts | $914,033,000 | +7.2% |
| 63 | Paper containers, cellulose wadding | $908,893,000 | -2.9% |
| 64 | Bread, biscuits, cakes, pastries | $894,119,000 | +14.2% |
| 65 | Particle board, other ligneous materials | $882,136,000 | +3.2% |
| 66 | Electrical lighting/signaling equpment, defrosters | $876,263,000 | +14.3% |
| 67 | Unrecorded sound media | $875,112,000 | +14.7% |
| 68 | Plastic plates, sheets, film, tape, strips | $869,373,000 | -21.4% |
| 69 | Other measuring/testing machines | $865,092,000 | +0.7% |
| 70 | Pneumatic hand tool | $839,486,000 | -5.6% |
| 71 | Orthopedic appliances | $838,783,000 | +21.9% |
| 72 | Liquid pumps and elevators | $826,948,000 | +13.3% |
| 73 | Sports equipment | $804,527,000 | -2% |
| 74 | Temperature-change machines | $789,080,000 | +23.3% |
| 75 | Uncoated kraft paper | $770,255,000 | -11.1% |
| 76 | Harvest/threshing machinery | $750,869,000 | -0.4% |
| 77 | Ball, roller bearings | $733,300,000 | +4.8% |
| 78 | Railway track construction material | $731,882,000 | +13.5% |
| 79 | Plastic tubes, pipes, fittings | $706,614,000 | -1% |
| 80 | Bridge/tower structures, parts | $703,497,000 | -3.6% |
| 81 | Aluminum bars/rods | $690,612,000 | -19.2% |
| 82 | Air or vacuum pumps | $686,207,000 | +17.6% |
| 83 | Chocolate, other cocoa preparations | $671,442,000 | +24.9% |
| 84 | Physical/chemical analysis tools | $649,115,000 | +12.9% |
| 85 | Iron and steel screws, bolts, nuts, washers | $642,179,000 | +16.7% |
| 86 | Ethylene polymers | $637,594,000 | -21.5% |
| 87 | Machine tools for nailing, stapling, glueing | $632,791,000 | +6.2% |
| 88 | Propylene/olefin polymers | $626,248,000 | -20.2% |
| 89 | Electric storage batteries | $609,523,000 | +15.7% |
| 90 | Flat-rolled thin alloy steel products | $568,413,000 | -11.1% |
| 91 | Air conditioners | $567,464,000 | +4.9% |
| 92 | Fresh or chilled beef | $546,482,000 | +11.5% |
| 93 | Other machine parts, accessories | $540,493,000 | +33.9% |
| 94 | Iron or steel scrap | $536,479,000 | -17% |
| 95 | Footwear (leather) | $526,939,000 | +4.4% |
| 96 | Electric generating sets, converters | $523,681,000 | +21.7% |
| 97 | Miscellaneous iron or steel tubes, pipes | $522,130,000 | -10.2% |
| 98 | Flour/meal/starch/malt extract food preparations | $518,813,000 | +16.2% |
| 99 | Packaged insecticides/fungicides/herbicides | $511,707,000 | -18.6% |
| 100 | Swine meat | $508,709,000 | +22.4% |
Austria’s 100 most valuable exported goods were worth a subtotal of US$149.6 billion or about two-thirds (66.8%) by value for all products exported from Austria during 2023.
In macroeconomic terms, Austria’s total exported goods represent 35.7% of its overall Gross Domestic Product for 2023 ($626.5 billion valued in Purchasing Power Parity US dollars). That 35.7% for exports to overall GDP in PPP for 2023 compares to 35% for 2022. This suggests a relatively increasing reliance on products sold on international markets for Austria’s total economic performance, albeit based on a short timeframe.
Please note that these metrics include a significant amount of re-exporting activity.
Another key indicator of a country’s economic performance is its unemployment rate. Austria’s unemployment rate averaged 5.107% for 2023, up from 4.767% one year earlier in 2022 according to International Monetary Fund statistics.
Austria’s capital city is Vienna.
See also Austria’s Top Trading Partners, Austria’s Top 10 Imports, Switzerland’s Top Trading Partners, Poland’s Top Trading Partners and Slovakia’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on April 12, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 12, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 12, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 12, 2024
International Trade Centre, Trade Map. Accessed on April 12, 2024
Investopedia, Net Exports Definition. Accessed on April 12, 2024
Wikipedia, Austria. Accessed on April 12, 2024
Wikipedia, Gross domestic product. Accessed on April 12, 2024
Wikipedia, List of Companies of Austria. Accessed on April 12, 2024
Wikipedia, Purchasing power parity. Accessed on April 12, 2024