Austrian Foreign Trade News and Analysis

Strengthening the Economic Bridge Between China and Austria at the 15th Investment Seminar in Vienna

The 15th seminar on “Austria as an investment location” took place in the Austrian capital in the context of growing economic ties between China and Europe. The event was organized by the Embassy of the People's Republic of China in Vienna, under the direction of Ambassador Qi Mei. The high-caliber event brought together representatives from Austrian federal authorities, economic institutions, and federal states as well as numerous executives from Chinese companies operating in Austria.

April 21, 2025

India's Finance Minister Visits Vienna to Intensify Trade and Economic Partnership

The visit of Indian Finance Minister Nirmala Sitharaman to Vienna marks a significant step towards deepening bilateral relations between Austria and India. The talks with Foreign Minister Beate Meinl-Reisinger and Finance Minister Markus Marterbauer focused on strengthening economic cooperation, particularly in the areas of digitalization, green technologies, and the exchange of skilled workers.

April 15, 2025

U.S. Tariffs Cause Tensions: Austria between Willingness to Negotiate and Strong Response

Transatlantic economic relations are once again being put to the test. Following the US decision to impose import tariffs on European products - particularly steel, aluminum, and a range of industrial goods - under former President Donald Trump, the EU has responded with a second package of sanctions. Stakeholders in Austria are also taking a clear stance - between calls for diplomacy and calls for consistency.

April 9, 2025

Economic Dialogue with a Signaling Effect: China and Austria Intensify Cooperation

Economic relations between the People's Republic of China and Austria have taken a significant step forward. The focus was on the official visit of a high-ranking Chinese business delegation led by Ren Hongbin, President of the China Council for the Promotion of International Trade (CCPIT), accompanied by intensive talks with political decision-makers, entrepreneurs, and institutions in Vienna.

April 7, 2025

Steyr Arms Pushes Expansion - Austria as a Location in Danger?

The Austrian arms manufacturer Steyr Arms, part of the Czech investment group RSBC since 2024, is planning extensive expansion in the US and European markets. At the same time, the site in Austria is coming under pressure as export licenses are being delayed. While the company management wants to secure the future of the traditional business with new strategic decisions, a relocation could be considered.

February 11, 2025

Austria's Initial Federal Deficit for 2024 Better Than Expected

Austria's federal deficit for 2024 ended up being 1.7 billion euros lower than initially forecast, standing at 19.1 billion euros. This positive outcome comes despite economic challenges, with lower-than-expected government spending helping offset revenue shortfalls.

February 9, 2025

Shock for Austrian Foreign Trade: Weak Demand from Abroad Depresses Exports

The Austrian economy is facing a new challenge: exports slumped more sharply in November 2024 than they have for years. In particular, weak demand from Germany and the EU is causing concern - experts are warning of long-term consequences for industry and the labor market.

February 7, 2025

Schallenberg Attended EU-Summit Calling for Unity in Trade and Security Policies

European leaders gathered in Brussels for an informal EU summit to discuss pressing issues related to security, defense, and transatlantic relations. Austrian Chancellor Alexander Schallenberg emphasized the need for a united European stance amid growing geopolitical tensions, particularly in response to potential trade disputes with the United States.

February 3, 2025

Poland and Austria Network in the Field of Fintech and Finance

The Polish Embassy in Vienna hosted the conference “Poland and Austria: cooperation and exchange of expertise. Fintech and finance” took place. The event brought together many experts, industry representatives, and decision-makers from Poland and Austria. The aim was to network the dynamically growing Polish fintech sector with the stable and well-regulated Austrian financial market and explore potential cooperation areas.

December 18, 2024

New Flight Connection Between Vienna and Chengdu Inaugurated

Hainan Airlines links Europe and Asia with a new direct flight route between Vienna and Chengdu. The opening of the route was attended by a prominent delegation, including Qi Mei, Ambassador of the People's Republic of China to Austria, Julian Jäger, CEO of Flughafen Wien AG, Meng Fanzhuang, Counselor of the Chinese Embassy, and Zhang Zhuo, General Manager Austria of Hainan Airlines. The event marks another milestone in the bilateral relations between Austria and China.

December 12, 2024

Glock Ecotech Delivers Green Energy to Japan to Promote Sustainability

The Austrian company Glock Ecotech has secured an important project in Japan. As part of a partnership with the Japanese company Eishin Co., Ltd., Glock Ecotech supplies 18 modern Glock CHP 50 thermal power plants to Tokamachi in Niigata Prefecture. This major project will start in the first half of 2025 and marks an important step in Japan's efforts to reduce fossil fuels and become climate-neutral.

September 24, 2024

Austria's External Trade Deficit 2023 has Fallen Sharply

Austria recorded a remarkable reduction in its foreign trade deficit in 2023. As the latest figures from Statistics Austria show, the deficit fell by around 90 percent from 20.59 billion euros in 2022 to just 2.02 billion euros. This decrease is mainly due to cheaper energy imports, especially gas.

June 25, 2024

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