Austria's economic relations by region
For a small and open economy such as Austria's, economic ties with other countries are of paramount importance. Exports and imports of goods, services, capital, and know-how are decisive factors in economic development. Maintaining and expanding bilateral economic relations and promoting the export orientation of Austrian companies play an essential role in this context. The Federal Ministry of Economy, Energy, and Tourism (BMWET) is therefore in regular dialogue with domestic and foreign institutions relevant to the economy, both within and outside the European Union. The aim of this dialogue is to strengthen Austria as a business location by internationalizing the Austrian economy, thereby contributing to sustainable growth and the creation of future-proof jobs.
Austrian foreign trade has developed extremely positively over the long term. Total goods trade has increased from around 145 billion euros in 2000 to around 380 billion euros in 2024. Austria has recovered quickly from short-term slumps caused by the 2008/2009 financial crisis and the COVID-19 pandemic. In 2024, Austria achieved a trade surplus with exports worth around 191 billion euros compared to imports worth around 189 billion euros. Around 38 percent of Austrian exports are accounted for by machinery, electronics, and vehicles, and around 33 percent by raw materials and (chemical) products. These product groups form the backbone of the domestic export economy and represent high technological expertise, specialized industrial manufacturing, and strong integration into European and global value chains.
Due to multiple uncertainties and geopolitical tensions, Austrian exports declined in 2024, raising the question of how Austria's exports can be specifically targeted at international growth regions. Against this backdrop, the BMWET commissioned a study on the topic of Tomorrow's Growth Drivers: Future Markets for Austrian Exports, which aims to strategically build on existing strengths, but also to identify new potential in the form of growth and export drivers. The focus is on relevant product groups and international export markets, providing guidance in the context of foreign trade policy priorities.
As part of the “Opportunity Package for Export Companies” initiative, a cooperation between the BMWET and the WKÖ, Austria is focusing specifically on eight global opportunity regions that are characterized by high market dynamics, structural investment needs, and economic growth potential. This focus is intended to facilitate access to promising markets for Austrian companies and strengthen their international competitiveness in the long term. Five areas of strength have been identified on which the focus is to be placed: mobility & infrastructure, green tech & wood, life sciences, electronics, and industrial supply.
These attractive opportunities are to be seized through, among other things, the go-international internationalization campaign, which is being implemented in collaboration with the Austrian Federal Economic Chambers (WKÖ). The initiative focuses on innovation, technology, green tech, digitalization, and value chains. It offers information, advice, and direct funding that can be used for market entry, digital internationalization, and international projects, among other things.
A key partner of the BMWET in this regard is Advantage Austria (Außenwirtschaft Austria). This is the international foreign trade and innovation agency of the Austrian Federal Economic Chamber (WKÖ), which operates worldwide under the brand name “Advantage Austria.” It has around 100 offices in more than 70 countries and employs over 700 economic delegates and local experts. Its main task is to provide comprehensive support to Austrian companies in their international business activities – from market research to strategic support for export projects and direct investments. It connects domestic companies worldwide, secures a sustainable market presence, and strengthens Austria's role as a reliable partner in global trade.
Austria's participation in major international events such as world exhibitions (EXPOs) is another component of its strategic foreign trade policy. EXPOs offer a global platform on which Austria can present itself as an innovative, sustainable, and economically attractive location. Its presence in national pavilions creates valuable opportunities for image building, establishing new business relationships, and deepening existing cooperation. Austrian companies benefit from increased international visibility, while the business location as a whole is strengthened through targeted positioning in future-oriented topics such as environmental technologies, digitalization, and the circular economy.
Furthermore, the ABA (Austrian Business Agency) supports Invest in Austria, one of the three strategic thrusts of the settlement agency, in attracting and assisting international companies in establishing branches and projects in Austria, providing information on location factors, tax conditions, infrastructure, contact mediation, and administrative procedures. Work in Austria, another sub-unit of the ABA, serves to recruit highly qualified specialists from abroad, which includes comprehensive information on work and residence permits. A third focus of the ABA is Film in Austria, which promotes Austria as an international film location and attracts productions to Austria.
Austria Wirtschaftsservice GmbH (aws) is the national development bank of the Republic of Austria, bundling all federal business-related economic development measures and supporting Austrian companies in their internationalization efforts. It offers financing instruments and support programs, as well as providing a networking platform.
The Global Incubator Network Austria (GIN) connects the domestic start-up ecosystem with international partners – particularly from Asia – and offers tailor-made acceleration programs such as “GO AUSTRIA,” which support start-ups in establishing a presence in Austria. GIN thus complements Austria's internationalization architecture with a practice-oriented and globally networked incubator approach.