Asia and Pacific
Asia and Pacific, which accounts for around 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 2019. 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 2019 and rose to approximately 32.8 billion euros. Austrian exports of goods to Asia and the Pacific region increased by 8.7 percent, while Austrian imports of goods from Asia and the Pacific region increased by 6.9 percent.
The most important export markets for Austrian goods in 2019 continued to be China (2.9 percent of total Austrian exports), Australia (1.0 percent), Japan (1.0 percent), South Korea (0.8 percent) and India (0.6 percent). Some of these countries also registered a sharp increase in exports (Australia 29.6 percent, China 10.0 percent, Japan 5.5 percent). The increase amounted to 960 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 9.8 percent in 2019. About 1.7 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. In 2019, Thailand and Vietnam each could break the trade volume of 1 billion euros.
Australia and New Zealand should not be go unmentioned. Australia was the fourth most important overseas export destination in 2019 after the USA, China and Japan. Per capita, Australia is by far the most important overseas buyer of the Austrian export economy. The European Union is currently negotiating free trade agreements with both Australia and New Zealand, which suggests that trade will continue to develop positively in the future.
Comparing the export data of the year 2000 with the previous year 2019 shows a significant positive development of the Asia region as well as in Australia and Oceania. Austrian goods exports to Asia increased by 234 percent, those to Australia and Oceania between 2000 and 2019 by 376 percent.
Asia and the Pacific: firstname.lastname@example.org