Trading Partner Portal: Austria
Overview
Trade Overview
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 its capital. Austria has a population of 9.1 million people with a gross domestic product (GDP) of $526 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, U.S. Department of Commerce
U.S. – Austria Trade
Austria is the 44th largest export market of the U.S., with a total of approximately $5.53 billion worth of goods exported from the U.S. to Austria in 2023. $2.98 billion of U.S. exports to Austria were chemicals. Other top export categories were non-electrical machinery ($398 million), computer and electronic products ($363 million), minerals and ores ($326 million), and other special classification provisions. U.S. Department of Commerce
In 2023, the U.S. imported $19.14 billion of goods from Austria. Some of the key imported goods were chemicals ($4.26 billion), transportation equipment ($3.95 billion), non-electrical machinery ($3.74 billion), computer and electronic products ($1.16 billion), and primary metals manufactures ($1.1 billion).
Austria- California Trade
The United States, California, in particular, has a strong trade relationship with Austria. California is one of the top exporting states to Austria. In 2023, California exported $342 million of goods to Austria. The major category of exported goods from California was chemicals, with a total of $117 million. The other major exports included non-electrical machinery ($68 million), computer and electronic products ($65 million), transportation equipment ($22 million), and electrical equipment, appliances & components ($22 million).
California is also one of the largest importers of goods from Austria compared to the other states in the U.S. California imported almost $1.85 billion of goods in 2023 from Austria. Transportation equipment made up the largest import with a value of $920 million. The following major imported good categories were computers and electronic equipment ($218 million), non-electrical machinery ($203 million), beverages and tobacco ($193 million), and chemicals ($76 million). U.S. Department of Commerce
FDI – Austria
The strong economic relationship between the U.S. and Austria is not just prominent in trade, but also in foreign direct investment (FDI) flows. In 2023, the U.S. had roughly $6.1 billion invested in Austria and Austria had $19.1 billion invested in the U.S. As of 2022, Austria was the eighth fastest growing source of FDI into the U.S. U.S. Department of Commerce
As of 2021, Austrian FDI supported 38,400 jobs, $317 million was invested into innovative research and development in the U.S., and $1.7 billion was put toward expanding U.S. exports. The top industry sectors for Austrian FDI in the US were: industrial equipment, software and IT services, transportation, plastics, electronic components, and metals. SelectUSA
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
Three Seas Initiative (3SI)
The Three Seas Initiative (3SI), getting its name from the three seas that border the region, was launched in 2015 by Croatian President Kolinda Grabar-Kitarović and Polish President Andrzej Duda to promote interconnectivity on energy, infrastructure, and digitization projects in Central and Eastern Europe. There are 12 EU member states that are part of the initiative: Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia. The main goal of the venture is to create a “north-south” energy and infrastructure corridor in the region. The region has a total population of 10 million and a combined GDP of about $1.7 trillion, and has emerged as a significant driver of European economic growth. (Atlantic Council)
The U.S. has committed up to $1 billion to the 3SI, adding momentum to the project and its investment fund, helping to attract international private capital to the region. The initiative has been endorsed diplomatically by the United States, Germany, and the European Union, among others.
Pompeo Pledges $1 Billion in US Support for European Energy Initiative
The Hill, February 15, 2020