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Trade between India and Austria increased by 65 percent in 7 years, these goods are exported

Sagar Patel

By Sagar Patel

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Indian Prime Minister Narendra Modi has arrived in Austria. After 41 years, an Indian prime minister has arrived in this European country.

After former Prime Minister Indira Gandhi, no Indian Prime Minister has visited Austria in Europe. This visit is therefore considered very important. Although there are not very large economic relations between the two countries, there has been an increase of around 65 percent in the last 7 years. Where India exports goods worth more than one and a half billion dollars to this European country. On the other hand, it buys goods worth a little less than one and a half billion dollars from this country. Currently, India is on its way to becoming the largest manufacturer in the world. In such a situation, India is busy trying to reach out to many countries to which its products can be exported. Let us also tell you how much trade is done between the two countries and how it has increased in the last seven years.

Bilateral trade between India and Austria

However, the size of bilateral trade between India and Austria is not very large. This can be guessed from the fact that no Indian head of state had visited this European country for 41 years after Indira Gandhi. Even after that, bilateral trade between the two countries amounts to about 3 billion dollars. In which India is in a state of trade surplus. According to data from the Indian Embassy in Austria, the total trade between the two countries in the year 2023 (January-December) was 2.93 billion dollars. The value of goods exported by India to Austria amounted to 1.52 billion dollars. On the other hand, if we talk about import, it was worth 1.41 billion dollars. This means that India’s trade surplus with Austria was 110 million dollars.

Trade has increased by 65 percent in the last seven years

Although the trade between the two countries is not very large. But from 2017 to 2023, bilateral trade between the two countries increased by 65 percent. In the year 2017, trade between the two countries amounted to 1.78 billion dollars. In which India’s exports were 930 million dollars and imports were 850 million dollars. The total bilateral trade will reach 2.93 billion dollars in the year 2023.

It continued to increase until the year 2019. In the year 2018 this figure reached $2.14 billion and in 2019 it also reached $2.16 billion. But amidst Covid restrictions, it decreased in the year 2020 and reached $2.05 billion. Since then there is a continuous increase in the same. This trade reached $2.47 billion in the year 2021 and $2.84 billion in the year 2022.

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This has been the bilateral trade between India and Austria in recent years.

What is export and import?

India’s exports to Austria mainly include electronic products, garments, textiles, footwear, rubber goods, railway vehicles and parts, electrical machinery and mechanical components. On the other hand, India and Austria also import some goods, which mainly include machinery, mechanical components, railway parts, iron and steel.

According to the Austrian National Bank, India received FDI from Austria worth EUR 733 million in 2023. On the other hand, Austria received FDI from India amounted to approximately EUR 1,159 million. To promote innovation and entrepreneurship between the countries, the India-Austria Startup Bridge was launched in February 2024.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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