The Austrian economy has seen steady growth in recent years, especially in the export sector. Austria is known for its high quality products and innovative approach when it comes to manufacturing goods.
In this article we take a look at the most profitable export products from Austria and compare them with each other. We consider both the financial performance and the qualitative evaluation of the products.
From traditional Wiener Schnitzel to technical machine components, we will cover a wide range of products that Austria exports to the world. Join us on this journey and discover the pearls of the Austrian export economy!
The most profitable Austrian export products in comparison
Austria is known for its high quality products and is one of the strongest exporting countries in Europe. But which export products are the most profitable and how do their sales compare?
1. Machines and technical devices
With an export volume of over 40 billion euros, this sector is Austria’s largest exporter. Especially the production of special machinery and tools is gaining importance in a global comparison. Here, the electronics industry is one of the leading sectors.
2. Chemical and plastics industry
With an export volume of 29 billion euros, this sector is also one of Austria’s strongest export sectors. Among the most successful products are organic chemicals, dyes and plastics.
3. Vehicles and vehicle parts
This sector includes the production of automobiles and their components, as well as the production of bicycles and motorcycles. With an export volume of around 15 billion euros, the sector is an important exporter and provides numerous jobs in Austria.
- Other important export products from Austria are u.a.:
- Construction and building materials
- Food and beverages
- Energy production and distribution
- Precious metals and jewelry
Overall, exports play a central role in the Austrian economy. Thanks to a broad diversification of export products, the country can look back on a strong economic base and will continue to position itself successfully on the world market in the future.
Which countries are the biggest buyers of Austrian export goods?
Austria exports a variety of products all over the world, but which countries buy the most products from Austria? Germany is by far the largest customer, followed by Italy and the USA. Together, these three countries account for almost half of all exports.
The automotive industry and the food and beverage sector play an important role in this regard. For example, Austria exports wine, beer, coffee and chocolate to many countries. Austria also has a strong presence in the mechanical engineering and parts sector, exporting to many countries in Europe and Asia.
In addition to neighboring European countries, many countries in the Far East, such as China or Japan, and in the Middle East, such as Saudi Arabia or the United Arab Emirates, also buy Austrian products. A particularly popular export product is milk and dairy products, which go mainly to Germany and Italy.
- Saudi Arabia
- United Arab Emirates
Exports from Austria are thus very diverse and go to many countries. Especially the European neighboring countries as well as the Far East and Middle East are important markets for Austrian exports. With the automotive industry and the food and beverage sector, Austria has strong industries that perform very well internationally.
The most profitable products from Austria: industry analysis
Exports from Austria have reached a high level in recent years and played an important role in the economy. However, which industries are the most affected?
The data shows that the mechanical engineering sector was the most profitable sector in 2019, accounting for 14.2% of Austrian exports. The export of motor vehicles and parts was in second place with 12.1% and the food and beverage sector was in third place with 8.2%.
It is also interesting to note that medical technology (6.6%), pharmaceuticals (6.3%) and metals (5.6%) also account for an important share of Austrian exports.
- Mechanical engineering: 14.2%
- Motor vehicles and parts: 12.1%
- Food and beverages: 8.2%
- Medical technology: 6.6%
- Pharmaceutical industry: 6.3%
- Metal industry: 5.6%
Thus, these industries have accounted for the largest share of Austrian exports and will continue to play an important role.
Exports in comparison: the most profitable products from Austria
In recent years, exports from Austria have changed enormously. The country has established itself as an important exporter of various products. An analysis of export data shows that the following products were particularly profitable:
- Pharmaceuticals, which have seen strong growth in recent years.
- Machinery, which has been one of the biggest growth areas for years.
- Energy (including coal, oil and gas) and products of the chemical industry.
Of course, there are other products that have developed well and are successfully exported to the world market. These include, for example, plastics, metal products and foodstuffs. Overall, exports from Austria have seen an increase in sales every year, increasing the country’s importance on the world stage.
However, it must also be noted that trade is always volatile and there can be fluctuations. Political events and economic crises in particular can have an impact on exports. Nevertheless, export with its many different products is an important factor for the Austrian economy.
To remain successful in the future, Austria must continue to be innovative and enterprising. The products must meet the requirements of the world markets and convince in the long term. Only in this way can the country hold its own in international competition and continue to secure the prosperity and quality of life of its population.
Future prospects for Austrian exports
Austria has a long history of successfully exporting high-quality products to all parts of the world. While some industries may face more challenges in the future due to changes in global trends and technologies, there are still strong future prospects for Austrian exports overall.
One of the cross-sector strengths of Austria’s exports is its focus on quality and innovation. Austrian companies are known for producing excellent products that are appreciated worldwide for their high quality, reliability and sustainability. This will continue to play an important role in the future, as consumers worldwide are looking for products that are not only functional, but also produced in an environmentally friendly and sustainable way.
Another factor that will positively influence the future of Austria’s exports is the increasing demand for products from the health and wellness sector. Austria is known for its high-quality cosmetic, natural and health products. These industries have experienced strong growth in recent years, especially due to the increasing demand for natural and organic products. There are therefore good reasons to believe that the future of Austrian exports in these industries is promising.
Ultimately, it remains to be seen how the global economy will develop in the coming years. Austrian companies must adapt to changes in international trade relations, digitalization and sustainability to remain competitive. It remains to be said, however, that the country has good prospects for export due to its high quality and innovation, as well as the growing interest in healthy and natural products.