Trading in Austria
Trading in AustriaUpdated on Saturday 03rd March 2018
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Austria has a favorable trade position in Europe, having developed strong trade ties with important EU economies, such as Germany, France, and Italy. Trade with other EU countries accounts for more than half of the total trade volume in the country and the export sector is of particular importance to Austria’s economy.
Companies involved in trading in Austria usually focus on particular export product groups. Our team of lawyers in Austria present some of the conditions regarding trading in the country and the requirements for companies.
Austria’s trade sector
Austria has a well-developed economy, with a set of key industries that are also reflected in the types of products that are presented for export. Machinery and equipment, vehicles and pharmaceuticals are examples of top Austrian exports, but other sectors are also worth exploring by investors.
Austria is an important producer or agricultural products and foodstuffs, with agriculture and farming being two well-developed business sectors. The country has a reputation for producing several types of quality products such as cheeses or chocolates, pastries, and wine.
Among the top export destinations, we can include Germany, the United States, Italy, France, and Switzerland.
Austria’s trading partners
Germany is one of Austria’s most significant trade partners. Italy, the United States and Switzerland are examples of other countries that have close trade relations with Austria. In terms of imports, the top imported products imported by Austria include foodstuffs, motor vehicle parts, different computer parts, equipment or oil products.
Austrian companies involved in the import of products must comply with the conditions for shipping into the Austrian customs area. Value-added tax is applied to all import transactions and companies must also comply with the requirements for obtaining import licenses and other needed documentation, according to the type of imported product/s. One of our lawyers in Austria can give you complete information about the conditions for import and the documentation needed.
We invite you to contact our law firm in Austria should you need any particular or detailed information about the conditions for trading in the country and the requirements for companies involved in these types of activities.