Asia and Pacific
Asia and Pacific, which accounts for 60 percent of the world's population and roughly 50 percent of economic performance worldwide, continued to be a reliable driver of global economic growth in 2018. Currently around 10 percent of Austria's trade in goods are conducted with this region.
The volume of Austrian trade in goods with this region continued to increase in 2018 and rose to approximately 30.6 billion euros. Austrian exports of goods to Asia and the Pacific region increased by 7.5 percent, while Austrian imports of goods from Asia and the Pacific region increased by 6.9 percent.
The most important market outlets for Austrian goods in 2018 continued to be China (2.7 percent of total Austrian exports), Japan (1 percent), South Korea (0.9 percent, Australia (0.8 percent) and India (0.6 percent). Some of these countries also registered a sharp increase in exports (China 9.6 percent, Japan 10.7 percent, South Korea 3 percent, Australia 3.5 percent and India 22.4 percent). The increase amounted to 750 million euros in absolute terms.
Within Asia there is one region which stands out through its dynamic economic figures: ASEAN. The volume of trade with this region increased by 2 percent in 2018. About 1.5 percent of the Austrian trade in goods happens in this region and within this region currently three countries play a major role with regard to trade volume: Vietnam, Malaysia and Thailand. Due to the continuation of last year’s trend in the first months of 2019, Thailand - after Vietnam - is expected to be the next country within the region to break the trade barrier of 1 billion euros.
Australia and New Zealand should not be left unmentioned. Australia is Austria's 25th most important export market of Austria. Besides the economic importance, the European Union is negotiating a Free Trade Agreement with these two countries, which will lead to additional increase in trade.
With regard to highest export increases in the Asia Pacific Group also exotic countries like Fiji (969.0 percent), Cambodia (282.8 percent), Brunei (171.4 percent) Papua New Guinea (164.8 percent) and the United States Minor Outlying Islands (100 percent). The development is very positive, even though these economies often start from a low base level and quite often year related projects lead to a sharp increase.
Asia and the Pacific: email@example.com