Austrian-Israeli Economic Relations - 20% Increase in Exports

CompaniesOther ♦ Published: February 4, 2019; 19:47 ♦ (Vindobona)

On the occasion of the official state visit of Federal President Alexander Van der Bellen and the accompanying business delegation of the Austrian Chamber of Commerce, the issue of the actual state of economic relations has arisen. The Austrian-Israeli foreign trade volume amounted to 568 million euros in 2017, with a trade balance surplus for Austria of 229 million euros. The Chamber of Commerce reports that Austrian exports to Israel increased by 20.3% in 2017. The trend seems to have continued in 2018. More than 600,000 overnight stays by Israeli tourists make Israel one of the top nations in Austrian tourism statistics.

Austrian-Israeli foreign trade volume: Trade balance surplus for Austria of 230 million euros / Picture: © Israeli and Austrian crossed flags by Vindobona

Israel's economy has been stable in recent years: real economic growth of 3.5% in 2017, 3.4% and 3.1% respectively are forecast for 2018 and 2019.

For 2017 as a whole, the extremely positive trend is continuing: Austrian exports to Israel increased again by 20 % compared to the previous year.

In particular, pharmaceutical products (+38 %), machinery and mechanical…