Foreign trade figures of Switzerland

Foreign Trade in Figures

The Swiss economy is extremely open to foreign trade, which represents 115.9% of the country’s GDP (World Bank – latest data available). Exports of goods and services account for nearly two-thirds of 5the country’s GDP. In 2020, the main exports were gems (22.5%), pharmaceuticals (14.9%), blood (12.4%), and clocks and watches (3.6%), while imports were led by gems and precious metals (30.3%), pharmaceuticals (8.9%), blood (4.3%), motor cars (3.5%), and jewellery (2.7% - Comtrade data).

In 2020, Switzerland's main clients were the United States (23%), Germany (15.4%), China (5.5%), the United Kingdom (5.3%), and France (5.2%). Its main suppliers were Germany (19.5%), Italy (8.2%), the United States (7.2%), China (6.1%), and France (5.9% - Comtrade data). The European Union is Switzerland's largest trade partner, accounting for two-thirds of its total foreign trade. Since 2002, the country has signed agreements with the EU regarding seven key trade sectors. Most of Switzerland's trade agreements have been signed through EFTA, although Switzerland is allowed to conclude FTAs outside EFTA, as was the case with Japan and China.

Switzerland has a structurally large trade surplus. Exports rely mostly on high-tech sectors, which are less dependent on the international economic situation than other industries. According to WTO data, in 2020, Switzerland's exports of goods amounted to USD 319.3 billion while imports stood at USD 292 billion (+1.7% and +5% compared to one year earlier, respectively). As with regard to services, Switzerland exported USD 113 billion (-12%), while it imported USD 113.8 billion (-6.9%). The country’s trade surplus was estimated at 8.8% of GDP in 2020 by the World Bank. According to preliminary figures from the Federal Customs Administration, in the first nine months of 2021, Swiss exports totalled CHF 182.6 billion whereas imports stood at CHF 147 billion.