• Analysis and Studies
• Austria, June 2023

Austria, a former powerful empire within Austro-Hungarian Empire, became a small republic after its defeat in World War I. It was occupied by Nazi Germany in 1938 and subsequently by the Allies in 1945. Austria's status was uncertain for a decade until the signing of the State Treaty in 1955, which recognized its independence and prohibited reunification with Germany. The country declared "perpetual neutrality" in its constitution that same year as a condition for the withdrawal of Soviet forces. However, the meaning of neutrality changed somewhat after the collapse of the Soviet Union in 1991 and Austria's entry into the EU in 1995. Austria is now a prosperous democratic nation and joined the EU Economic and Monetary Union in 1999.

A look at the market

In 2021, Austria ranked as the 29th largest economy in the world in terms of GDP (current US$) and the 15th highest in terms of GDP per capita (current US$). It stood as the 31st largest exporter and the 28th largest importer globally. Austria's economy is known for its strength within the European Union and the Eurozone, with diversified trade portfolios and relations. The country has a significant trade economy and is heavily reliant on Russian energy but has been investing in alternative energy sources. Austria faces challenges such as an aging labor force but also has a sizable refugee population. Additionally, it carries a large government debt.

Austria's primary exports included vaccines, blood, antisera, toxins, and cultures (valued at $7.24 billion), cars ($7.2 billion), packaged medicaments ($6.76 billion), motor vehicles, parts, and accessories ($4.92 billion), and broadcasting equipment ($3.96 billion). The country predominantly exported these goods to Germany ($56.4 billion), Italy ($13.1 billion), the United States ($12.7 billion), Switzerland ($10.1 billion), and Hungary ($7.99 billion).

Notably, in 2021, Austria claimed the title of the world's largest exporter of flavored water ($3.49 billion), wood carpentry ($1.97 billion), iron railway products ($581 million), cigarette paper ($480 million), and handguns ($451 million).

Regarding imports, Austria's main imported goods were cars ($8.7 billion), broadcasting equipment ($5.65 billion), vaccines, blood, antisera, toxins, and cultures ($5.5 billion), gold ($5.1 billion), and motor vehicles, parts, and accessories ($5.01 billion). The country primarily sourced these imports from Germany ($81.7 billion), Italy ($13.6 billion), Switzerland ($10.3 billion), Czechia ($10.2 billion), and the Netherlands ($9 billion).

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