What does Austria import from Italy?
Italy is Austria's second most important trading partner
Of all European countries, Italy suffers the most from the coronavirus epidemic - public life has been drastically restricted as a result. The consequences will also be felt by Austria's economy, because Austria is economically closely intertwined with its southern neighbor, Italy is Austria's second most important trading partner after Germany.
According to the Chamber of Commerce, Austria’s deliveries to Italy have tripled and imports have doubled since Austria joined the EU in 1995. Most of the deliveries go to the highly industrialized north of Italy.
In 2019, according to preliminary data from Statistics Austria, Austrian companies delivered goods worth 9.76 billion euros to Italy, which means that Italy has a 6.3 percent share of Austria's exports and, as an export destination, ranks third behind Germany (29.4 percent ) and the United States (6.7 percent).
With a value of 10.39 billion euros, Italy has a 6.6 percent share of Austria's imports of goods and is in second place ahead of China (6.2 percent). The most important import country for Austria is Germany with a share of 35 percent. The total trade volume of goods and services with Italy amounts to almost 26 billion euros.
The export nation Italy, with its around 61 million inhabitants, is one of the eight largest economies in the world and achieved a trade surplus of almost 40 billion euros in 2018. Exports make up a quarter of the total economic output, the service sector (transport, logistics, tourism, trade) accounts for around two thirds of the gross domestic product.
Mechanical engineering is one of the pillars of the Italian economy - almost a third of Austrian imports from Italy are machinery and vehicles. Italy's design and furniture industry is number 1 in Europe with 29,000 companies and a turnover of almost 5 billion euros. Italy covers a fifth of its wood requirements with imports from Austria.
Italy is also known as the largest wine producer in the world and the country is one of the world's largest players in medical technology. (apa / red)
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