Trade Relations Today
Over time and despite two world wars, the U.S. and Austria built and rebuilt trade relations that prosper today. The U.S. is Austria’s third largest investor. For U.S. companies, Austria represents an attractive and affluent export market. American companies have invested more than $20 billion in Austria and now employ more than 30,000 Austrians; 130 Austrian companies have invested more than $6.9 billion in the U.S. and employ 25,000 Americans
For the U.S. and Austria, trade and investment is a dynamic, continuously expanding two-way street.
Recent figures, due to the recovery of both economies after the financial crisis, are looking quite favorable. The year 2012 saw an increase of 9.4% from 2011 in U.S. exports to Austria; in total, exports amounted to $5.28 billion, while U.S. imports from Austria accounted for $8.89 billion. According to these numbers, the United States are Austria’s fourth largest trading partner overall, and the leading trading partner outside of Europe. In 2012, imports from the United States came from sectors such as machinery, medical devices, pharmaceuticals and chemicals, aircraft and aircraft components, as well as computer equipment and parts.
Austria exported specialized industrial machinery, pharmaceuticals, glassware, electric power machinery and food products to the U.S. Austria serves many U.S. companies as a gateway to Central and Southeastern Europe, and is perceived as a good export market for U.S. technology and services with a geographical advantage, providing access to Eastern Europe. Historically, Austria possesses close cultural and historical relationships with its neighbors. Many companies set up their headquarters for these regions in and around Vienna. Altogether, some 340 U.S. companies have established subsidiaries in the area, contributing to a strong economic network between the two countries. With Austria being a European Union member state and the possibility of a Free Trade Agreement currently negotiated between the United States and the European Union, trade relations between Austria and the U.S. are likely to flourish in the future. Today, the U.S. and the EU are already each other’s top trading partner, covering together nearly half of the world output and a third of all trade.