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Analysis: Bilateral Trade and Investments Between Turkey and Austria Decreased Slightly

Published: June 9, 2014; 10:00 · (Vindobona)

According to the office of the Commercial Counsellor of the Turkish Embassy in Vienna, Austria is Turkey’s 34th largest goods export market with exports worth US$ 1 billion.

Bilateral Trade and Investment Decreased Slightly / Picture: © Turkish and Austrian crossed flags by Vindobona


Economic and Technical Cooperation Agreement (1954), Double Taxation Prevention Treatment (1970), Bilateral Investment Promotion and Protection Agreement(1998) and Mutual Agreement on the Formation of Joint Economic Commission (1996) constitute the legal framework of bilateral commercial and economic relations between Turkey and Austria.

Exports

Austria was Turkey’s 34th largest goods export market in 2012.

Turkish goods exports to Austria in 2012 amounted to 1 billion $ a decrease by  4,7% when compared to 1.05 billion $ in 2011.

The top export categories (2-digit SITC) for 2012 were: Road vehicles (including air-cushion vehicles) $144,7 million; articles of apparel and clothing accessories $101,6 million; vegetables and fruit$98,8 million; textile yarn, fabrics, made-up articles and related products $72,5 million, electrical machinery, apparatus and appliances and electrical parts thereof (including non-electrical counterparts of electrical household-type equipment) $69 million.

Imports

Austria was Turkey’s 31st largest supplier of goods in 2012.

Turkish goods imports from Austria amounted to $1,6 billion in 2012 a decrease by 5,8% when compared to $1,7 billion in 2011.

The top 5 imports categories (2-digit SITC) for 2012 were: General industrial machinery and equipment and machine parts $139,6 million, Iron and steel $129,9 million, machinery specialized for particular industries $124,7 million, textile fibres (other than wool tops and other combed wool) and their wastes $124,5 million, electrical machinery, apparatus and appliances and electrical parts thereof (including non-electrical counterparts of electrical household-type equipment) $108,8 million.

Trade Balance

The trade deficit of goods with Austria was  $633 million in 2012.

Contracting and Consultancy Services

Turkish contracting firms hold 2 projects in Austria with a total value of $41 million.

Investment

Foreign direct investment (FDI) from Turkey to Austria was $53 million in 2012. FDI from Austria to Turkey was $1,5 billion in 2012.

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