Trading Partner Portal: Austria

Overview

Trade Overview

Flags of USA, Country, California

Austria is in central Europe and is a member of the European Union. It is geographically similar to the size of South Carolina and Vienna is the capital. Austria has a population of 8.6 million people with a gross domestic product (GDP) of $376.95 billion. Austria is categorized as a high income country with a well-developed market economy. Austria has developed a large service sector, while sustaining their manufacturing and agriculture fields. World Bank, CIA

The United States is the second largest export destination for Austria, second to Germany. In 2016, the US imported $10.8 billion of goods from Austria. Some of the key imported goods were chemicals and non-electrical machinery. Both totaling roughly $2 billion each and composing slightly fewer than 40% of total imports from Austria together. Another major import from Austria was transportation equipment, which had a value of around $1.7 billion. Austria is the 46th largest exporting partner of the US, with a total of approximately $3.7 billion worth of goods exported from the US to Austria in 2016. 55.4% of US exports to Austria were chemicals, with a value of $2.1 billion. Other prevalent exported categories were computer and electronic products and non-electrical machinery. US Department of Commerce 

The strong economic relationship between the US and Austria is not just prominent in trade, but also in foreign direct investment (FDI) flows. In 2015, the US had roughly $17.2 billion invested in Austria and Austria California Exports to Austriahad $7.1 billion invested in the US. US Department of Commerce

Austria- California Trade

The United States, California, in particular, has a strong trade relationship with Austria. Though Austria receives an exceedingly high amount of imports from Puerto Rico, California still remains one of the top three exporting states to Austria. In 2016, California exported $282 million of goods to Austria. The major category of exported goods from California was chemicals, with a total of $49.3 million, and accounted for 17.5% of total exports to Austria from California. The other major exports included agricultural products with a value of $47 million and non-electrical machinery with a value of $46.5 million. California is also the largest importer of goods from Austria compared to the other states in the US. California imported almost $1.4 billion of goods in 2016 from Austria. Roughly 50% of those imports were beverage and tobacco products with a value of $695 million. The following major imported good categories were transportation equipment and chemicals. US Department of Commerce

Trade Agreements

Trade Agreements and Issues

Transatlantic Trade and Investment Partnership (TTIP)

Austria is one of the nations that is currently involved in negotiations for the Transatlantic Trade and Investment Partnership (TTIP) with the rest of the European Union and the United States. The United States and the European Union have a strong bilateral trade relationship totaling $698.7 billion in 2015. A free trade agreement, such as TTIP, desires to strengthen that relationship by eliminating tariffs, aligning compatible regulations to open trade, and furthering trade in the service sector.

Transatlantic Trade and Investment Partnership

USTR Transatlantic Trade and Investment Partnership