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Austria's imports and exports increase during the first eight months of the year

posted onNovember 26, 2018
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The total nominal value of imports of goods into Austria in the period from January to August 2018 was EUR 102.43 billion, up 5.5% on the previous year, while exports of goods rose by 6.5% to EUR 99.26 billion, according to preliminary results from Statistik Austria.

Considering the first eight months of the year, the trade gap decreased to EUR 3.17 billion from EUR 3.85 billion in the same period of 2017. 

Austria imported goods worth 72.45 billion euros (+5.8%) from EU countries during the reporting period. The value of goods exported to these countries also recorded an increase compared to the same period of the previous year (+7.3%) and amounted to 69.91 billion euro. 

The trade deficit with the EU amounted to 2.53 billion euro.

(Austria Balance of Trade)

Foreign trade with countries outside the EU showed an increase both in imports (+5.0% to 29.98 billion euros) and exports (+4.6% to 29.34 billion euros) compared to the same period of the previous year. This resulted in a trade balance liability with third countries of EUR 0.64 billion.

In August 2018, the value of imports of goods was 11.90 bn euro, an increase of 2.7% compared with August 2017. Exports of goods amounted to 11.32 bn euro (+5.0%). The trade balance showed a liability of 0.59 billion euros. Adjusted for working days, imports rose by 4.4% and exports by 5.2%.

In August 2018, Austria imported goods worth 8.32 billion euros from EU countries and exported goods worth 7.85 billion euros to these countries. Compared with August 2017, both intra-EU imports (+2.9%) and intra-EU exports (+7.0%) increased. This led to a trade deficit of 0.47 bn euro with the Member States of the European Union.

Imports from countries outside the EU amounted to 3.58 bn euro and increased by 2.3% compared to the same month of the previous year; extra-EU exports increased only slightly (+0.8% to 3.47 bn euro). The resulting negative trade balance with third countries amounted to 0.12 billion euros.
Balance of trade in Austria, a landlocked  nation surrounded by Germany, Hungary, Slovakia, Slovenia, Italy, Switzerland and Liechtenstein, averaged -287.41 million euro from 1953 until 2018, reaching an all time high of 581 million euro in November of 2014 and a record low of -1256 million euro in April of 1991, according to Trading Economics.

Austria has been a member of the United Nations since 1955, joined the European Union in 1995 and is a founder of the OECD. Austria also signed the Schengen Agreement in 1995 and adopted the euro currency in 1999.

Austria’s top 10 exports (2017)

1. Machinery including computers: US$29.8 billion (17.7% of total exports)
2. Electrical machinery, equipment: $20.8 billion (12.4%)
3. Vehicles : $15.6 billion (9.3%)
4. Pharmaceuticals: $9.1 billion (5.4%)
5. Plastics, plastic articles: $7.7 billion (4.6%)
6. Iron, steel: $7.3 billion (4.3%)
7. Articles of iron or steel: $5.4 billion (3.2%)
8. Wood: $5.1 billion (3%)
9. Paper, paper items: $4.7 billion (2.8%)
10. Optical, technical, medical apparatus: $4.4 billion (2.6%)