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Time to Watch the Swiss Market

3 Oct, 2022

The Swiss Confederation is a small country with a modest population. Yet it is also one of the wealthiest countries in the world. Lying in Central Europe, it was an economically important crossing point in the 13th century. This meant that Switzerland was founded upon a pact of mutual assistance. Its well-known neutrality and independence have long since been honored by the major European powers. It wasn’t involved in the two World Wars and isn’t a member of the European Union. As a result, it is a popular location for international organizations’ headquarters. Renowned for its natural beauty and way of life, Switzerland is full of glacier-carved peaks and deep Alpine Lakes. Its spectacular valleys are dotted with neat farms, villages, and thriving cities that blend old and new to make it a sight to behold.

The tourism and banking sectors have had a significant role in the overall Swiss economy. The country’s central location along international trade routes and lack of raw materials promote commerce and transport. Secondly, the country has a skilled, efficient, and highly educated workforce with an output too big for its domestic market. Thus, the economy is built around importing raw materials and converting them into high-quality, high-value-added finished products for export.

Switzerland has the world’s second most complex economy and was the third happiest nation in 2021. Being a developed country, only about 2% of the population is engaged in agriculture. While a larger minority of about 30% are in the Manufacturing sector. The service sector stands as the top employer, cornering about 68% of the  workforce. Switzerland is infamous for its financial sector that provides discreet banking to high income individuals from all over the world. Besides that, Swiss chocolates, dairy products, knives, and especially watches are a favorite with global consumers. The country is home to Nestle, a global FMCG conglomerate. The country is also a coveted tourist destination, and boasts of one of the most competitive pharmaceutical industries worldwide.

Switzerland Export Overview

Gold and Base Metal Watches are part of the Swiss watchmaking industry. Nitrogen heterocyclic compounds are used in antibacterial and vaccine production. Switzerland has two of the biggest pharmaceutical companies in the world. The Trade Vision has extensive resources that inform traders of real-time trade developments in Switzerland. Buyers and Suppliers across the world have expanded their operations using data and marketing intelligence reports from The Trade Vision.

Switzerland: Top Export Commodities

  1. Gold ($68.5 billion)
  2. Packaged Medicaments ($46.3 billion)
  3. Vaccines, blood, antisera, toxins, and cultures ($30.2 billion)
  4. Base Metal Watches ($11.5 billion)
  5. Nitrogen Heterocyclic Compounds ($11.4 billion)

Switzerland: Top Export Countries

  1. United States ($62 billion)
  2. Germany ($49.2 billion)
  3. China ($17.3 billion)
  4. France ($16.3 billion)
  5. United Kingdom ($14.5 billion)

Switzerland Import Overview

The population is very active within the government. Policy decisions that promote sustainable food culture have led to a largely independent food sector. About 90 to 100% of pork, veal, cattle, and milk products consumed are produced within the country. Beyond that, Swiss agriculture meets 65% of the domestic food demand. Due to a lack of natural resources, most imports are used for domestic production.

Switzerland: Top Import Commodities

  1. Gold ($87.4 billion)
  2. Packaged Medicaments ($26.6 billion)
  3. Vaccines, blood, antisera, toxins, and cultures ($11.8 billion)
  4. Cars ($9.65 billion)
  5. Jewelry ($7.83 billion)

Switzerland: Top Import Countries

  1. Germany ($62.7 billion)
  2. Italy ($25.1 billion)
  3. United States ($19.7 billion)
  4. France ($16.3 billion)
  5. China ($14.9 billion)

Switzerland: What’s In Store?

Chemicals and pharma drove Swiss exports’ growth in 2021. Luxury watches also had a great year. Exports came to a total value of $284.5 billion in 2021, marking a 15.2% increase in the pandemic year 2020. With imports also climbing, but less markedly, to $203 billion, 2021 ended with a trade surplus of $81 billion, up from $43.5 billion in 2020.

Chemical and pharmaceutical products accounted for just over half of the total volume of exports; the value of this industry rose by 12.4%, with exports of immunological products notably rising for almost a quarter. As for imports, one remarkable progression last year was the big jump in energy imports, which rose by almost 70% to just under $10.1 billion – a rise explained “exclusively” by higher prices rather than volumes.

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