The import and export industry in Austria plays a very important role in the country’s economy. In 2016, the country’s recorded imports accounted for 12,123 million euros, while its exports amounted to 11,840 million euros. Austria’s economy is highly dependent on its trade relations with other countries, particularly members of the European Union. Out of the 150 countries that it trades with, states from the European Union comprise about two-thirds of the total. These countries also take in most of the exports of Austria, as well as provide for most of the imports. Austria’s largest non-European Union trade partner is the United States of America. If you plan on taking part in the import and export industry, our specialists in company formation in Austria can help you.
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Importation in Austria
In 2014, Austria became the 28th largest importer in the world. It imported a total of $169 billion during that year. In 2015, Austria’s imports amounted to $155.5 billion. This was equivalent to 0.8% of the total global import. With the bulk of the country’s imports, it is estimated that each citizen demands $17,900 worth of products every year.
The number one product that the country imports is machinery, which amounts to $20.6 billion. The second most imported product is electronic equipment, which comprises $17.9 billion of imports. Other products that are imported are vehicles, oil and plastics – these are the top five products. Let our experts in company incorporation in Austria advise you on how you can participate in the import industry.
Exports in Austria
Austria became the 29th largest exporter in the world in 2014. During that year, it exported a total of $162 billion. For 2015, exports decreased to $152.8 billion. Despite the decrease, Austria’s export industry still comprises 37.8% of its economic output. Its biggest export partner is Germany which absorbs 29.5% of exports. The number one product that Austria exports are machineries, amounting to $27.6 billion. The second largest export is electronic equipment totaling to $18.9 billion. The next most exported products are vehicles, pharmaceuticals, and plastics. If you want to engage in the business of exporting goods, our experts can help you open a company in Austria.
Austrian Customs Administration
The main entity in charge of regulating the imports and exports in Austria is the Customs Administration. Previously, its task was only to regulate taxes and duties. Now, it is in charge of monitoring the international trade of the country.
Import and export in Austria is subject to many regulations. Just contact our specialists in company formation in Austria. They are knowledgeable about the industry.