Bilateral economic relations with Europe
The member states of the European Union (EU) are the most important trading partners for the Austrian economy. The EU area is therefore the most important target area for Austrian foreign trade. Due to its geostrategic role in the heart of Europe, Austria is above all an economic bridge builder and also a major investor not only in the EU member states in Eastern Europe and the Danube region, but also in the Central and Eastern European countries (CEEC). This is why Austria plays an important mediating role with these countries in the ongoing EU enlargement process.
The European Economic Area (EEA) with the EFTA states Liechtenstein, Norway and Iceland, as well as Switzerland as a non EEA-member, also play an important role as Austrian trading partners. The trade relations with the Western Balkans are traditionally strong. According to preliminary data, the total trade volume in 2020 was just under 2.7 billion Euros, of which Austria exported around 1.4 billion Euros. As a result ot the economic sanctions imposed by the EU on the Russian Federation (RF), Austria and all EU member states are now called upon to make greater efforts to acquire important third markets.
Austrian Relations with Europe
The most important trading partner for Austria is and will remain Germany. The volume of trade with Germany in 2020 was 93.8 billion Euros, exports alone amounted to 43.3 billion Euros, which made up a total export share of 32.8 percent of the entire Austrian economy. With 52.8 billion Euros Germany is Austria's most important investor within Europe. Conversely, there are 31.6 billion Euros in Austrian investments in Germany.
Among the ranking of Austria's 10 most important trading partners in the export sector, in 2020, in addition to Germany, five more were from EU member states, such as Italy (9.3 billion Euros), France (6.1 billion Euros), Poland (5.3 billion Euros), the Czech Republic (5.0 billion Euros), Hungary (4.9 billion Euros); Switzerland is 4th most important export destination with 7.5 billion Euros.
The total volume of trade with the EU in 2020 was 194.4 billion Euros, of which 95.7 billion Euros were exports. Exports to the EFTA states in 2020 amounted to 8.4 billion Euros.
Austria is also an important investor in Central and Southeastern Europe. Exports to Central and Eastern European countries (CEEC) alone amounted to 27.1 billion Euros in 2020.
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