Exports' significance

While the global economy is highly driven by crossborder supplies and services in a general sense, the development of small open economies like Austria is in particular reliant on their companies' international business activities. Exports of Austrian goods in total comprised around 135,7 billion Euros in the year 2016 (132 billion Euros in 2015). 

For this reason the Austrian Federal Ministry of Finance constantly examines the availability of appropriate risk coverage and financing for Austrian companies and their international business activities as well as for specific Austrian projects abroad.  While various types of risk coverages are offered via the Austrian Export Credit Agency Oesterreichische Kontrollbank AG (OeKB) acting for the State, OeKB also provides financing options via commercial banks on its own behalf. The legal basis for export and investment insurance is the Export Guarantees Act on one hand and for Export and Investment financing the Export Financing Guarantees Act on the other hand.