Austrian Foreign Trade News and Analysis

Read the latest headlines about developments in Austrian foreign trade

Austria's Constitutional Protection Agency Warns of Chinese Economic Espionage

The Austrian Office for the Protection of the Constitution has issued an urgent warning about Chinese industrial espionage. Small and medium-sized enterprises and research centers are particularly at risk.

May 20, 2024

RBI in a Balancing Act Between Sanction Risks and Solid Management

Raiffeisen Bank International (RBI) is currently caught between geopolitical tensions and its own business progress. Recent developments have led the bank to take cautious steps to avoid sanction risks on the one hand and to present its robust quarterly results on the other, which show that the bank remains strong even without the income from Russia and Belarus.

May 2, 2024

Austrian Economic Chamber: Opportunities and Challenges for Austria in Global Trade Dynamics

Against the backdrop of an increasingly interconnected global economy and the challenges posed by geopolitical tensions, Mariana Kühnel, Deputy Secretary General of the Austrian Federal Economic Chamber (WKÖ), emphasized the critical role of international trade for the Austrian economy. On the occasion of the Market Access Day in Vienna, she spoke about the need to secure access to global markets and open the doors to international sales markets, especially for small and medium-sized enterprises (SMEs).

March 21, 2024

Chinese BYD Strengthens Presence in Austria

Chinese car manufacturers are becoming increasingly present in the European car market and are openly demonstrating their role. The Chinese company BYD proudly presents its cars and other products on the Austrian market.

February 28, 2024

Austria Plans to Withdraw from Russian Gas Contracts

In a decisive step against continued energy dependence, Energy Minister Leonore Gewessler (Greens) announced that she would end the gas supply contracts between OMV and the Russian company Gazprom. The contracts, which run until 2040 and oblige Austria to purchase significant quantities, are under critical review. Gewessler commissioned the Economic Research Institute (WIFO) to carry out a detailed analysis of the economic consequences of termination and the risks of continued dependency.

February 12, 2024

Africa Day 2024: Austria Looks to Africa's Future Markets

This year's Africa Day was all about Africa's future markets and offered a platform to strengthen economic relations between Austrian and African companies. Organized by the Austrian Federal Economic Chamber (WKÖ), the event attracted more than 1,200 participants from Austria, over 30 African countries, and guests from Europe, Asia, and the USA.

February 5, 2024

Austrian Foreign Minister Schallenberg's Pioneering Visits to Senegal and South Africa

In an unprecedented diplomatic mission, Foreign Minister Alexander Schallenberg was the first Austrian official to visit Senegal and South Africa, setting new impulses in Austrian-African relations and opening the 31st Austrian Cultural Forum in Pretoria.

December 20, 2023

Ukraine Removes Raiffeisen Bank International from the List of "War Sponsors"

The Ukrainian government has temporarily removed Raiffeisen Bank International (RBI) from the controversial list of "war sponsors". This step follows intensive bilateral talks and consultations with representatives of the European Commission. RBI, which was previously criticized for its business activities in Russia and the recognition of the self-proclaimed Donetsk and Luhansk People's Republics by its Russian subsidiary, is now no longer suspected of supporting the Russian war of aggression.

December 17, 2023

Glock Ecotech Launches Sustainable Energy Project in Sweden

The Austrian company Glock ecotech has taken a significant step towards sustainable energy supply in Sweden. With the successful commissioning of its first electricity-to-heat power plant near Nyköping, the company now also offers an environmentally friendly energy option in the Scandinavian region.

December 5, 2023

Austro-Arab Chamber of Commerce Hosts Libyan Delegations for Industry and Digital Transformation Talks

In a series of significant events, the Austro-Arab Chamber of Commerce (AACC) in Vienna, Austria, played host to high-level delegations from Libya, focusing on industrial development and digital transformation.

December 5, 2023

Austria-Arab Business Dialogue: Increased Cooperation and Innovation

The 13th edition of the Arab-Austrian Business Forum, which took place in Vienna, impressively demonstrated the growing importance of cooperation between Austria and the Arab countries. The forum, organized by the Austro-Arab Chamber of Commerce (AACC) and the Vienna Economic Chamber (WKW), brought together over 200 participants from various countries, including high-ranking ministers and business people.

December 4, 2023

Vienna Stock Exchange Strengthens International Presence with Barclays as New Trading Member

The Vienna Stock Exchange announced a significant step in its international expansion with the addition of Barclays Bank Ireland PLC as a new trading member. This marks an important milestone in the history of the exchange by adding one of the world's leading banks to its trading circle.

November 21, 2023

Ukraine Will Block Gas Transit: Challenges and Opportunities for OMV and Europe

Ukraine's decision to stop transiting Russian natural gas to the West from 2025 poses a significant challenge for OMV and for several European countries. The announcement, made by the head of Ukrainian energy company Naftogaz, Olexiy Chernyshov, raises several questions about energy security and dependence on Russian gas.

October 29, 2023

OMV and Wood Sign Agreement to License Plastic Recycling Technology

In a move to promote the circular economy and reduce plastic waste, Vienna-based OMV and UK-based Wood have signed an exclusive cooperation agreement to commercially license OMV's ReOil technology. This agreement was reached at ADIPEC, the world's largest energy conference in Abu Dhabi, and is designed to drive progress in chemical plastic recycling.

October 3, 2023

Federation of Austrian Industries: New Divisional Managers in "Education & Society" and "International Relations & Markets

The Federation of Austrian Industries (IV) has announced personnel changes in two of its core areas. Gudrun Feucht and Igor Sekardi join in senior positions, supported by their previous roles at IV and their extensive expertise in their respective areas.

October 2, 2023

EU-Mercosur Pact: Austria's Balancing Act between Trade Opportunities and Sustainability

The discussion about the free trade agreement between the EU and the Mercosur countries - Brazil, Argentina, Uruguay, and Paraguay - is entering a new round. While some see the treaty as an opportunity to intensify trade between the two economic areas, others raise serious concerns about its impact on the environment and social standards.

September 19, 2023

AACC Organised the “Ambassadors’ Meeting” at the Diplomatic Academy of Vienna

The Austro-Arab Chamber of Commerce (AACC), in harmonious collaboration with the Vienna School of International Studies or Diplomatic Academy of Vienna, successfully conducted the “Ambassadors’ Meeting”.

September 17, 2023

OMV Secures Additional European Gas Transmission and Pipeline Capacities until 2028

The listed oil and gas group OMV has successfully secured additional European gas transport capacities and gas pipeline capacities. This measure serves to secure Austria's gas supply and enables OMV to meet its delivery obligations in the medium term.

July 12, 2023

Wirecard Trial: Entire Wirecard Asia Business Made Up

Wirecard's insolvency administrator, Michael Jaffe, has confirmed that the company's deal with supposed partners in Asia was completely fabricated, according to recent findings. This is according to Jaffe's fifth status report to the Munich District Court.

June 27, 2023

European Ministers of Serbia and Austria Emphasize the Importance of Relations

During her working visit to Belgrade, Austrian Minister for European Affairs Karoline Edtstadler met with Serbian Prime Minister Ana Brnabić and her ministerial colleague Tanja Miščević.

May 22, 2023

Austrian Business Leaders and Government Officials Discuss Economic Ties with South Korea

The President of Austrian Chamber of Commerce Harald Mahrer welcomed South Korean Prime Minister Han Duck-soo. South Korea will be a global hotspot for future technologies of central importance for Austria.

May 14, 2023

Vienna Stock Exchange Reports High Profits for Third-Year Running

Vienna's stock exchange, Wiener Börse AG, has announced high profits for the third year in a row, despite the turbulent economic environment of 2022. Vienna's stock exchange plans to continue its focus on consistent market modeling and alignment with international standards and is calling on the government to act to take advantage of the capital market's potential as a powerful lever.

May 10, 2023

Polish President Says that We Should Not Be Afraid of Russia

Polish President Andrzej Duda met with Austrian Federal President Alexander Van der Bellen in Vienna. There he assured further military support for Ukraine

April 18, 2023

President Van der Bellen Reassured Austria’s Support to Pendarovski

Austria’s Federal President Alexander Van der Bellen Went on an Official Visit to North Macedonia and Met with his Macedonian Counterpart Stevo Pendarovski. Van der Bellen reassured support for North Macedonia’s EU accession and opted for constitutional Change in the country.

March 30, 2023

President Van der Bellen Visited his Albanian Counterpart in Tirana

Austrian Federal President Alexander Van der Bellen started his official Western Balkans visits on Sunday. The first country he visited was Albania, where he met with his counterpart Bajram Begaj. They discussed the ongoing reforms in Albania and Austria supporting those reforms.

March 27, 2023

Minister Schallenberg Shows Solidarity for LDC Countries at Doha Conference

Austrian Foreign Minister Alexander Schallenberg attended the Least Development Countries (LDC) in Doha. There, he expressed solidarity for the LDCs and reassured Austria’s support for the countries.

March 6, 2023

Ex-OMV Chief Doubts Policy Statements on Russian Gas Pullout

Russian gas supplies to Austria are currently causing discussions. While the Austrian government wants to do without gas supplies from Russia altogether by 2027, OMV refers to long-term contracts.

March 1, 2023

30 Years of EU Single Market: Austria’s Advantages are Apparent

30 Years of the EU Single Market have had a positive influence on Austria’s economy. This is shown by the reports of the Ministry of Labor and Economy and the Austrian Economic Chamber (WKO).

February 18, 2023

AACC and Vienna Economic Forum Signed a Memorandum of Understanding

A Memorandum of Understanding has been signed between the Austro-Arab Chamber of Commerce (AACC) and the Vienna Economic Forum (VEF) to enhance mutual relations and strengthen cooperation.

February 13, 2023

Minister Schallenberg Visits the USA

Foreign Minister Alexander Schallenberg visited the USA, where he will meet with Secretary of State Antony Blinken. Austria is a relevant geostrategic partner to the U.S. in many areas such as Western Balkan politics or the Ukraine subject.

February 7, 2023

Austria's Agriculture Minister Totschnig against Mercosur Agreement

Austria's Agriculture Minister Norbert Totschnig is against ratification of the Mercosur trade agreement. In his opinion, the agreement with South America would put domestic farm families and supplies under pressure.

February 6, 2023

EU Extends Sanctions Against Russia

The European Union is extending its economic sanctions against the Russian Federation for the aggression in Ukraine. The sanctions will be extended for a half year now.

January 29, 2023

German Chamber of Commerce in Austria Organized New Year's Reception 2023 in Graz

After two years of interruption, the traditional joint New Year's reception of the German Chamber of Commerce in Austria (DHK) could finally be held again. The cultivated atmosphere of the auditorium of the Old University of Graz provided the setting for the event, which was attended by around 200 representatives of the Styrian business community.

January 18, 2023

Austrian Raiffeisen Bank International Gets Under Pressure Due to Russo-Ukrainian War

Its involvement in Russia keeps Raiffeisen Bank International (RBI) and its managers, led by Johann Strobl, very busy. The subsidiary institution in Moscow is RBI's biggest profit earner and almost the entire RBI board is on the Ukrainians' "awaiting sanctions" list. Whether RBI will stay in Russia and how to proceed is still unclear, as the banking group is in a tricky situation.

January 9, 2023

The European Single Market Generally Appreciated by Austrians

A survey commissioned by the Austrian Society for European Politics (OeGfE) displayed that Austrians are generally and pragmatically satisfied with the four freedoms of the European Single Market. The European Single Market is 30 years old now, so Austrians can serve this as a review of the market.

January 2, 2023

Russia Bans Oil Export on Countries with Gas Price Cap

Russia has responded to the west’s decision to cap gas prices as a measure to brake the rising energy prices. This was an expected move as Russian President Vladimir Putin has criticized this cap numerous times.

December 27, 2022

AACC has organized a Business & Innovation Panel held at Palais Eschenbach

The Austro-Arab Chamber of Commerce (AACC) organized a high-level Business & Innovation panel which was held in the United Arab Emirates. Speeches were made, highlighting the good business relations between UAE and Austria.

December 9, 2022

OPEC Plus Sticks to Production Strategy

The OPEC+ oil alliance is sticking to its current production strategy for the time being. EU sanctions against Russia's oil revenues will apply from tomorrow. The OPEC+ countries have nevertheless confirmed their previous oil production targets. However, an expert committee wants to review the production strategy every two months.

December 4, 2022

What is the Alps-Adriatic Economic Network?

Since 2007, the Network of Chambers of Commerce, Industry, Crafts, Agriculture and Economy of the New Alpe Adria (NAAN) has been working to deepen economic relations. It now comprises - with the new addition of Bolzano - ten chambers from Austria, Italy, Slovenia and Croatia. According to the Austrian Chamber of Commerce, with one million member businesses, NAAN is making rapid progress toward becoming an EU Alps-Adriatic macroregion. Read more to find out about the project.

November 7, 2022

Austrian Federal Chamber of Commerce and EU-Mercosur Agreement

The Association Agreement between the European Union and MERCOSUR countries, such as Argentina, Brazil, Paraguay and Uruguay, includes provisions on political dialogue, cooperation and trade. For the Austrian Federal Chamber of Commerce, the agreement is a fair trade deal that increases exports and jobs, and high social and environmental standards remain untouched. The EU would be the first region to conclude an agreement with Mercosur.

November 4, 2022

Diplomats as Economic Bridge Builders: Austrian Companies Present Themselves to the Diplomatic Corps

International investors and cross-border business relations were what Tyrolean and Vorarlberg company representatives hoped for at the recently held "Business Location Austria" event. This brought together representatives from business, tourism and entrepreneurship with diplomats accredited in Austria to network with each other.

October 21, 2022

Trade Between Tiger States and Austria at a High Level

The great potential for Austrian companies that emanates from the so-called tiger states in Asia was the main point of the Asia conference recently held by the WKO. Singapore, Hong Kong, Malaysia and South Korea are considered global hotspots for innovation and new technologies.

October 20, 2022

Foreign Companies Provide Every 5th Job in Austria

A new statistic examines the question of how many jobs in Austria depend on foreign companies and what share these companies have in the Austrian economy. Read on if you want to know more!

October 8, 2022

Born Global Academy: Initiative of the Austrian Federal Chamber of Commerce

Internationalization is high on the agenda of many Austrian startups. According to Start-up-Monitor, 80 percent planned to export their business model this year. The Born Global Academy was launched last year by Aussenwirtschaft Austria and weGrow International offers an internationalization program for startups.

October 3, 2022

How International Direct Investment and Skilled Workers Influence the Austrian Economy

A new study deals with the question of the extent to which foreign companies and workers influence Austria's value creation. The results show a clear outcome. Read on if you want to learn more!

September 28, 2022

Austro-Arab Chamber Organised the “Ambassadors’ Meeting at Vienna School for International Studies”

The Vienna School of International Studies hosted the "Ambassadors' Meeting at Vienna School of International Studies", organized by the Austro-Arab Chamber (AACC).

September 14, 2022

Lufthansa and OMV Cooperate Over Sustainable Aviation Fuel

OMV, the international integrated oil, gas and chemical company headquartered in Vienna, and Lufthansa Group are expanding a partnership on sustainable aviation fuels. Germany's Lufthansa plans to stock up on sustainable aviation fuel (SAF) from OMV in the future.

September 13, 2022

Global Business Campaign ReFocus Austria to Be Continued

A lot of attention was given this year's Ambassadors' Conference in Vienna to Austria's export economy as well as to ReFocus Austria, the successful economic campaign that has now been continued.

September 9, 2022

Austro-Arab Chamber Strengthens Relations with Kuwait, Saudi Arabia, Sudan and Egypt

The Austro-Arab Chamber of Commerce (AACC) strengthened its relations with Kuwait, Saudi Arabia, Sudan and Egypt. The AACC Secretary-General Mouddar Khouja met with important ambassadors and dignitaries from Kuwait, Saudi Arabia, Sudan and Egypt.

September 7, 2022

Austria Wants Covid Vaccine Contracts Renegotiated

Austria's Health Minister Johannes Rauch wants to renegotiate existing CoV vaccine contracts. Rauch said he wants to negotiate more flexibility with vaccine manufacturers at the informal meeting of EU health ministers in Prague.

September 6, 2022