Bilateral economic relations with Europe
The member states of the EU are Austria's most important trade partners. Because of its geo-strategic role in the heart of Europe, Austria is a bridge-builder and an important investor not only within the EU member states in Eastern Europe and in the Danube region, but also in Middle and Eastern European countries. Therefore Austria is an important intermediator in the ongoing enlargement process with these countries.
The European Economic Area (EEA) with the EFTA states Liechtenstein, Norway and Iceland, as well as Switzerland as non EEA-member play an important role as Austria's trade partners, too. The trade relations with countries in the Western Balkans are traditionally strong. The trading volume amounted to 3.0 billion Euros in 2019, of which Austria exported 1.5 billion Euros. Because of economic sanctions imposed by the EU against the Russian Federation, Austria and all EU member states are required to strive for good relations with important third markets.
Austrian Relations with Europe
Austria's most important trade partner is Germany. In 2019 the trade volume with Germany amounted to 100.3 billion Euros; exports only amounted to 45.0 billion Euros, accounting for an export share of 29.3 percent of the Austrian economy. With 54.3 billion Euros, Germany is Austria's most important investor within Europe. Vice versa, there are 31.4 billion Euros of Austrian investments in Germany.
Among the ranking of the 10 most important trade partners of Austria in the export sector, besides Germany there were 6 EU member states, such as Italy (9.8 billion Euros), France (6.7 billion Euros), Hungary (5.6 billion Euros), Czech Republic (5.4 billion Euros), Poland (5.2 billion Euros) and Great Britain (4.5 billion Euros); Switzerland is 4th important export destination with 7.3 billion Euros.
In 2019 the trading volume with the EU amounted to 217.6 billion Euros, out of which exports accounted for 106.9 billion Euros. The exports to the EFTA states amounted 2019 8.1 billion Euros.
Moreover Austria is an important investor in Middle and Southeast Europe. Exports to Middle and Eastern European countries alone amounted to 28.4 billion Euros in 2019.
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