Austrian businesses are increasing their exports to the U.S., the country’s largest overseas market, and mutual bilateral investments are also on the rise.

"Austrian companies have particularly advantageous trade relations with the USA. Austria not only has one of the world's highest trade surpluses with the USA, but the annual export growth rates, currently almost 25% in the first half of 2022, are also promising," said Peter Hasslacher, Economic Delegate of the Austrian Federal Economic Chamber (WKÖ) in New York.

One of the principal reasons for the significance of the U.S. market for Austrian companies is stability. The country emerged from the Covid crisis with 3.6% unemployment, higher than average growth and robust consumer behaviour, Vindobona – Vienna International News reports.

"Economic relations between Austria and the U.S. have been developing positively across the board for several years," Hasslacher added. The U.S. is the third most important export market for Austria, after Germany and Italy. In 2021 alone, there was a total of €11.1 billion in goods exports. In the first half of this year, exports reached around €8.6 billion. 

Moreover, the Economic Delegate of the Austrian Federal Economic Chamber added that consumers and businesses in the U.S. appreciate Austria’s high-quality products: "Austrian products stand out in the USA due to their above-average quality and durability. Machines and vehicles made in Austria are particularly popular, as are chemical products and foodstuffs."

In addition, Austrian investments in the U.S. are also increasing. Direct investments in properties and new investments by U.S. firms increased from €11.9 billion to €13.9 billion over the last two years. “This makes Austria one of the foreign investors with the strongest growth momentum in the U.S.," Hasslacher added.

The Foreign Trade and Investment Centre in New York aims to ease the entry of Austrian businesses into the U.S. market and bolster economic relations between both countries.