Facts about external trade

International competitiveness

Not only was the inflationary shock of 2022 and 2023 more pronounced in Austria than the euro area average, but the associated loss of purchasing power was also fully offset in the Austrian wage-setting process. As a result, hourly wages rose more sharply than in Germany and in the euro area. Productivity trends show that productivity growth failed to offset the sharp rise in wages seen in recent years. Consequently, Austria’s unit labour cost position relative to its main trading partners has deteriorated significantly. The decline in price competitiveness in recent years is also reflected in the trend in real effective exchange rates. Beginning with the wage agreements concluded since autumn 2025, this has led to a reversal: For one thing, most agreements are now concluded at rates below the inflation rate, and for another, multi-year agreements with fixed wage increases have become more common. This means that Austria’s relative unit labour cost position vis-à-vis the euro area will not deteriorate further. In other words, Austria’s price competitiveness has stabilised after years of significant losses.

Regional pattern of Austrian goods exports

In 2025, more than half of Austria’s goods exports went to the euro area. Hence, such exports were not exposed to any direct exchange rate risks. Among Austria’s trading partners, Germany is still the most important by far, accounting for a share of close to 30% in Austria’s total goods exports, followed by the USA, Italy and Switzerland. In the same vein, the countries of Central, Eastern and Southeastern Europe (CESEE) remain a very important export market for Austria, accounting for a combined share of more than 20%. Roughly 30% of Austrian exports are services, with travel and tourism accounting for one-third.
The sectoral structure of Austria’s external goods trade follows the pattern typically observed in highly industrialised nations. The biggest share of Austria’s goods exports is made up by machinery and transport equipment, ranging from 35% to 40%. Other important pillars of Austrian export activity include manufactured goods (around 20%) and chemicals (around 15%).

Current account balances of EU member states

Austria has recorded a current account surplus since 2002. The only exception was 2022, when, as a result of the COVID-19 pandemic and the shock in energy import prices, there was a slight current account deficit of 1.3%. As both factors became less relevant, a surplus was again achieved as early as in 2023. This surplus expanded to EUR 9.5 billion or 1.9% of GDP in 2025.

Net international investment position of EU member states

Thanks to the current account surpluses recorded in recent years, Austria has gradually improved its net international investment position (IIP). In 2013, its net IIP entered positive territory for the first time. In 2025, it came to EUR 135 billion (26% of GDP). Overall, Austria’s net IIP is fairly balanced, compared with countries recording large deficits, such as Greece, Ireland and Cyprus, and countries recording large surpluses, like Germany, Denmark and the Netherlands.