The trade relations between Austria and the UK have developed rather well and smoothly, however, there is always room for improvement and further development.
The Financial Crisis in 2007 affected trade in both directions severely and trade levels have yet to regain the level of 2007.
The total exchange of goods and services in 2013 amounted to 9.1 bn EUR (7.28 bn GBP) and the combined level of investments in 2012 stood at roughly 7.7 bn EUR (6.16 bn GBP). This brings the total value of the economic relations between the UK and Austria to nearly 17 bn EUR (13.6 bn GBP).
TRADE IN GOODS
Austria’s goods exports to the UK saw a recovery in 2013 with above average growth of 5% to 3.6 bn EUR (2.88 bn GBP). The biggest export category - machinery, equipment and vehicles - accounts for 46% of Austria’s exports to the UK. This is followed by manufactured goods at 19% and finished goods at 17%.
In 2013 the UK’s goods exports to Austria decreased by 4.9% to 2.1 bn EUR (1.68 bn GBP). The biggest export category is also machinery, equipment and vehicles with 47%, followed by chemical goods (including pharmaceuticals) at 18%, and manufactured goods at 12%.
TRADE IN SERVICES
In 2012 Austria’s services exports to the UK increased by 11.7% to 1.7 bn EUR (1.36 bn GBP). This positive development continued throughout the first 9 months of 2013 with a further increase of 5%.
The UK’s services exports to Austria jumped by 21.9% to 1.5 bn EUR (1.2 bn GBP) in 2012 and continued their strong increase in 2013 with a growth rate of 24% in the first 9 months.
FOREIGN DIRECT INVESTMENT (FDI)
Strong FDI data further underlines the close economic ties between Austria and the UK. At the end of 2012 Austrian companies had invested an aggregate total of 4.1 bn EUR (3.28 bn GBP) in the UK. According to 2011 data, around 17.000 jobs are provided through Austrian Investments in the UK
FDI of UK companies in Austria stood at 3.6 bn EUR (2.88 bn GBP) at the end of 2012, with roughly 10.000 jobs provided though the UK investments in Austria (2011 data).
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Trade Commissioner & Commercial Counsellor: Georg Karabaczek
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Source: AWO Economy Report www.wko.at/awo/uk