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Austrian exports to the US account for a third of Austria's total export growth

March 20, 2015

Austrian exports to the US increase by more than 10% in 2014 – US nearly overtakes Italy’s number two ranking.   

In 2014 Austrian exports to the US exceeded all expectations with a strong growth rate of 10.1%. No sooner had the Austrian export industry celebrated its all-time high of EUR 7 billion than it was surpassed in 2014 with EUR 7.77 billion. Hence, the US is on its way to becoming the second most important export market for Austria. Austrian companies exported EUR 38 billion (+0.5%) to Germany and EUR 8.22 billion to Italy last year.

Austrian imports from the US increased as well by 3.3% to EUR 4.46 billion in 2014. Austria does not generate a surplus this large with any other bilateral partner (EUR 3.31 billion trade surplus between Austria and the US).

In 2014 Austrian exports reached EUR 127.9 billion (+1.7%) worldwide, reflecting a new all-time high. This once again confirms the importance of the Austrian export industry as a significant sector of the Austrian trade cycle. Exports of machinery and vehicles, manufactured goods, steel, and finished products showed a major increase. Food & beverage exports were also once again on the rise.

Increased Austrian exports to the US are responsible for a third of the Austrian export growth. One of the reasons for this growth is the exchange rate, which will help Austrian exports in the upcoming months. However, not all Austrian products or services have this price elasticity due to old contracts. But what definitely helps is the US economic growth of almost 3%, and the low interest and price level which encourage consumers and companies to increase their spending habits. “Increased disposable income, low energy rates, re-shoring of US companies from Asia back home, and business confidence will help the growth of ongoing US imports,” said Michael Friedl, the Austrian Trade Commissioner.