Based on its foreign trade relations, the European Union (EU) has gradually developed into a player in the global economic network in recent years and will have to compete with new economic superpowers in ten to twenty years.
The EU market is the most important target region for Austria's foreign trade. Accordingly, the Federal Ministry for Digital and Economic Affairs provides strong backing at all levels to the concerns and interests of the Austrian export sector in these countries.
The Federal Ministry for Digital and Economic Affairs uses intensive trade, foreign and economic policy contacts to EU Member States to create the best possible framework for Austrian business and industry in the EU's Single Market.
In 2017 the EU countries accounted almost 70 percent (see table) of Austria's entire foreign trade (70.9 percent of imports and 69.8 percent of exports). At 56 percent, the share of foreign trade between Austria and its eight neighbouring countries (see table) underscores the overriding importance of the EU and Austria's neighbouring countries in foreign trade activities. The most important exported goods include: road vehicles; electrical machines and devices; iron and steel; machinery as well as metal products. The most relevant imported goods include: road vehicles, machinery; electrical machines and devices; other finished goods as well as metal products.