Austria’s trade relations with America
Bilateral economic relations with North America
Austria's trade relations with the North American countries - USA and Canada - are traditionally very strong. Taken together, the two countries represent almost six percent of Austria's foreign trade, with the USA accounting for almost 91 percent of this figure. After the trade volume reached a record high of € 17 bn in 2017 Austrian trade in goods with North America rose to € 18.15 bn in 2018 - another rise by 6.7 percent.
Exports of goods to the US for the first time in 2018 crossed the € 10 bn treshold, once more making it Austria's second most important export market, second only to Germany. With a share of more than seven percent in Austria's total exports, the US are also Austria's most important export destination outside both the EU and Europe. With Austrian imports reaching almost € 6 bn in 2018, the United States are Austria's second most important import destination outside Europe, behind China.
Austrian exports to Canada 2018 recorded an increase of 7.4 percent, reaching a new peak of € 1.2 bn. Austrian imports from Canada however showed a decline by 14 percent, reaching € 339 m. Taken together, Austria's trade in goods with Canada reached a new strong increase by almost 17 percent and reached a record high of € 1.6 bn.
Bilateral economic relations with Latin America
In 2018, Austria's trade relations with Latin America amounted to 1.45 percent of Austria's trade worldwide. Reaching a volume of € 4.4 bn, trade with the region amounts about one fifth of Austria's trade with America.
With exports amounting to €1.3 bn in 2018, Mexico remained Austria's most important export market in the region - 43 percent of Austrian exports go to this country. With 883 m in exports, Brazil came in second (28 percent of Austrian exports to Latin America). Brazil however was once again Austria's most important import partner in 2018 (€ 454 m), followed by Mexico (€ 380 m) and Chile (168 m).