Trade relations between Italy and Austria are solid and lively. Despite the decline in trade in 2020, the Belpaese has maintained its second position as supplier to the Federal Republic.
What are the major opportunities for our companies?
With just over 8 million inhabitants, Austria is a small country with strong ties to the Italian economy: since 2014, trade – both in terms of imports and exports – has grown steadily. At the same time, numerous Italian groups have invested directly in the country, establishing their presence there.
This is a long-standing relationship, which has seen Italy maintain its market share of total Austrian imports even at the beginning of 2021: around 6%.
In spite of the recent reduction in volumes, the country remains an important outlet market, where Italian products and services have always been appreciated.
But what to sell in Austria?
Business opportunities: machinery, metals and more
As the Economic Observatory of the Ministry of Foreign Affairs reports, our manufacturing plays a leading role here, primarily in metallurgy and industrial machinery.
The two commodities accounted for 17.1% and 15.8% of our sales here in 2019, respectively: another proof of our entrepreneurship’s ability to build profitable business relationships thanks to high-quality solutions.
Automotive accounts for a significant percentage of Italian trade in Austria, with our components playing a leading role alongside German components in the local market.
Among the most popular products are those of the chemical industry, with pharmaceutical preparations constituting the largest export item in this field. The sale of food products has always been of considerable importance, with Italian products seen as synonymous with taste and well-being. It is no coincidence that in the first quarter of this year the sector saw its exports to the country increase by more than 10%.
Textiles and clothing are also widely appreciated, accounting for over 7% of our direct exports to the area in 2019.
A historic relationship to be relaunched
The figures presented so far are unequivocal evidence of the positive image that our companies have always enjoyed: an excellent business card for anyone who decides to expand their operations here.
This decision is supported by Austria’s main macroeconomic and demographic data: a high GDP, expected to grow again this year (to a total of around 421 billion euros), a stable population and an average income that is among the highest in the European Union.
These are undoubtedly elements that can facilitate trade between nations, especially with regard to capital goods or medium-high end products: among these, there are good growth opportunities for furniture, thanks to factors such as refined design and sustainability, which are also increasingly appreciated by Austrian consumers.
The ties that have long united our companies with Austrian ones could thus be consolidated, making our position as a strategic supplier even more stable: an opportunity to be seized, especially in light of the recovery of foreign trade in recent months.