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Foreign Trade in Figures

The Swiss economy is extremely open to foreign trade, which represents 140% of the country’s GDP (World Bank – latest data available). According to official figures from the Federal Statistical Institute, in 2022, exports were led by chemical and pharmaceutical products (35,2%), precious metals and gemstones (26,9%), machines, appliances, electronics (8,7%), watches (6,5%), precision instruments and equipment (4,7%). As per imports, precious metals and gemstones were the main category (30.6%), followed by chemical and pharmaceutical products (19.1%), machines, appliances, electronics (10.6%), energy sources (6.5%), and metals (5.5%).

At the country level, the United States absorbed 16.3% of Swiss exports, ahead of Germany (13.3%), China (11%), Italy (6.2%), France (5.2%), and India (3.7%). Germany (19.5%), the U.S. (11%), China (6.9%), Italy (6.5%) and France (6%) were Switzerland's principal procurement markets in 2022. Overall, Europe accounted for 45.5% of total exports and 50.1% of imports (Federal Statistical Office data).

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 2022, Switzerland's exports of goods amounted to USD 401.7 billion while imports stood at USD 356.4 billion (+5.6% and +10% compared to one year earlier, respectively). As with regard to services, Switzerland exported USD 148 billion (+6.4%), while it imported USD 157.5 billion (+9.9%). The country’s trade surplus was estimated at 13.7% of GDP in 2022 by the World Bank (was 12.3% one year earlier).  According to preliminary figures from the Federal Customs Administration, after a spring marked by a decline in exports, Swiss foreign trade recovered in the third quarter of 2023, with the trade balance closing with a surplus of CHF 10.5 billion.