Austria2020 Economic Complexity : 1.52, Rank 10 of 127
2020 Product Exports | Imports: $160B | $165B, 31 of 226 | 28 of 226
2020 Per Capita Product Exports | Imports: $18k | $18.5k, 49 of 219 | 48 of 219
2020 Service Exports | Imports : $52.8B | $44.9B, 12 of 65 | 16 of 65
Overview In 2020, Austria was the number 25 economy in the world in terms of GDP (current US$), the number 31 in total exports, the number 28 in total imports, the number 19 economy in terms of GDP per capita (current US$) and the number 10 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Austria are Cars ($7.02B), Packaged Medicaments ($6.48B), Vaccines, blood, antisera, toxins and cultures ($4.96B), Motor vehicles; parts and accessories (8701 to 8705) ($4.14B), and Flavored Water ($2.86B), exporting mostly to Germany ($46.6B), United States ($10.6B), Italy ($9.75B), Switzerland ($8.82B), and France ($6.89B).
In 2020, Austria was the world's biggest exporter of Flavored Water ($2.86B), Wood Carpentry ($1.41B), Unprocessed Artificial Staple Fibers ($767M), Iron Railway Products ($517M), and Cigarette Paper ($477M)
Imports The top imports of Austria are Cars ($7.91B), Broadcasting Equipment ($4.53B), Motor vehicles; parts and accessories (8701 to 8705) ($4.23B), Vaccines, blood, antisera, toxins and cultures ($3.69B), and Packaged Medicaments ($3.64B), importing mostly from Germany ($64.4B), Italy ($10.4B), Switzerland ($8.32B), China ($8.01B), and Czechia ($7.71B).
In 2020, Austria was the world's biggest importer of Electric Locomotives ($203M) and Slag Dross ($64.6M)
Location Austria borders Czechia, Germany, Hungary, Italy, Slovakia, Slovenia, and Switzerland by land.
The following section uses the most recent trade data from partners of Austria.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
In 2020, Austria exported a total of $160B, making it the number 31 exporter in the world. During the last five reported years the exports of Austria have changed by $14B from $146B in 2015 to $160B in 2020.
The most recent exports are led by Cars ($7.02B), Packaged Medicaments ($6.48B), Vaccines, blood, antisera, toxins and cultures ($4.96B), Motor vehicles; parts and accessories (8701 to 8705) ($4.14B), and Flavored Water ($2.86B). The most common destination for the exports of Austria are Germany ($46.6B), United States ($10.6B), Italy ($9.75B), Switzerland ($8.82B), and France ($6.89B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Austria Exports Services (2020): $52.8B
Austria Imports Services (2020): $44.9B
In 2020, Austria exported $52.8B worth of services. The top services exported by Austria in 2020 were Miscellaneous business, professional, and technical services ($14.1B), Other transport ($12.2B), Personal travel ($11.8B), Business travel ($2.09B), and Air transport ($2.05B).
The top services imported by Austria in 2020 were Miscellaneous business, professional, and technical services ($14.6B), Other transport ($12.7B), Personal travel ($3.47B), Merchanting and other trade-related services ($1.57B), and Sea transport ($1.54B).
Austria has a high level of specialization in Railway Maintenance Vehicles (32.3), Unprocessed Artificial Staple Fibers (30.4), Handguns (29.1), Cigarette Paper (21.7), and Molybdenum (21.6). Specialization is measured using RCA, an index that takes the ratio between Austria observed and expected exports in each product.
The highest complexity exports of Austria according to the product complexity index (PCI) are Metalworking Transfer Machines (2.55), Photo Lab Equipment (2.15), Metalworking Machines (2.09), Cermets (2.08), and Artificial Textile Machinery (2.02). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Austria according to the relatedness index, are Newspapers (0.45), Rock Wool (0.45), Antifreeze (0.45), Vegetable Parchment (0.45), and Rubber Pipes (0.44). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Austria is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Austria's economy has become relatively less complex, moving from the 9th to the 10th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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