Austria2021 Economic Complexity Trade : 1.5, Rank 9 of 131
2021 Economic Complexity Technology : 1.5, Rank 3 of 96
2021 Economic Complexity Research : 1.52, Rank 19 of 140
2021 Product Exports | Imports: $198B | $203B, 31 of 226 | 28 of 226
2021 Per Capita Product Exports | Imports: $22.1k | $22.7k, 16 of 219 | 49 of 219
Overview In 2021, Austria was the number 29 economy in the world in terms of GDP (current US$), the number 31 in total exports, the number 28 in total imports, the number 15 economy in terms of GDP per capita (current US$) and the number 9 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Austria are Vaccines, blood, antisera, toxins and cultures ($7.24B), Cars ($7.2B), Packaged Medicaments ($6.76B), Motor vehicles; parts and accessories (8701 to 8705) ($4.92B), and Broadcasting Equipment ($3.96B), exporting mostly to Germany ($56.4B), Italy ($13.1B), United States ($12.7B), Switzerland ($10.1B), and Hungary ($7.99B).
In 2021, Austria was the world's biggest exporter of Flavored Water ($3.49B), Wood Carpentry ($1.97B), Iron Railway Products ($581M), Cigarette Paper ($480M), and Handguns ($451M)
Imports The top imports of Austria are Cars ($8.7B), Broadcasting Equipment ($5.65B), Vaccines, blood, antisera, toxins and cultures ($5.5B), Gold ($5.1B), and Motor vehicles; parts and accessories (8701 to 8705) ($5.01B), importing mostly from Germany ($81.7B), Italy ($13.6B), Switzerland ($10.3B), Czechia ($10.2B), and Netherlands ($9B).
In 2021, Austria was the world's biggest importer of Slag Dross ($103M)
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.
Top Export (2021): Vaccines, blood, antisera, toxins and cultures, $7.24B
Top Destination (2021): Germany, $56.4B
In 2021, Austria exported a total of $198B, making it the number 31 exporter in the world. During the last five reported years the exports of Austria have changed by $53B from $145B in 2016 to $198B in 2021.
The most recent exports are led by Vaccines, blood, antisera, toxins and cultures ($7.24B), Cars ($7.2B), Packaged Medicaments ($6.76B), Motor vehicles; parts and accessories (8701 to 8705) ($4.92B), and Broadcasting Equipment ($3.96B). The most common destination for the exports of Austria are Germany ($56.4B), Italy ($13.1B), United States ($12.7B), Switzerland ($10.1B), and Hungary ($7.99B).
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 (32.7), Handguns (29.1), Unprocessed Artificial Staple Fibers (25.5), Cermets (24.8), and Molybdenum (24.2). 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 Photographic (including cinematographic) laboratory apparatus and equipment, n.e.c. in chapter 90; negatoscopes; projection screens (2.07), Cermets; articles thereof, including waste and scrap (1.98), Textile machinery; for extruding, drawing, texturing or cutting man-made textile materials (1.97), Electric (electrically heated gas) soldering, brazing, welding machines and apparatus, capable or not of cutting, electric machines and apparatus for hot spraying of metals or sintered carbides (1.94), and Machine-tools; for planing, shaping, slotting, broaching, gear cutting and grinding, finishing, sawing, cutting off and other tools working by removing metal, sintered metal carbides or cermets n.e.c. (1.9). 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, were Newspapers (0.46), Vegetable Parchment (0.45), Rock Wool (0.45), Thermostats (0.45), and Iron Radiators (0.45). 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 more complex, moving from the 9th to the 9th 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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