Switzerland flag Switzerland: Economic and Political Overview

Foreign trade figures of Switzerland

Foreign Trade in Figures

The Swiss economy is extremely open to foreign trade, which represents 138% of the country’s GDP (World Bank – latest data available). According to official figures from the Federal Statistical Institute, in 2023, exports were led by chemical and pharmaceutical products (49.4%), machines and electronics (12%), watches (9.8%), precision instruments (6.5%), and metals (5.3%). As per imports, chemical and pharmaceutical products were the main category (30.7%), followed by machines, appliances, electronics (15.6%), vehicles (9.5%), metals (7.1%), and energy sources (5.8%).

At the country level, the United States absorbed 17.8% of Swiss exports, ahead of Germany (15.5%), Italy (7.7%), France (5.7%), China (5.6%), and Slovenia (5.2%). On the other hand, Germany (24.9%), Italy (10.2%), France (8%), China (7.9%), the U.S. (6.4%), and Slovenia (5.4%) were Switzerland's principal procurement markets in 2023. Overall, Europe accounted for 55% of total exports and 72% 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 2023, Switzerland's exports of goods amounted to USD 420.1 billion while imports stood at USD 364.1 billion (+4.8% and +1.9% compared to one year earlier, respectively). As with regard to services, Switzerland exported USD 170 billion (+12% y-o-y), while it imported USD 191.5 billion (+19.2%). The country’s trade surplus was estimated at 12.4% of GDP in 2023 by the World Bank (from 13.7% one year earlier). According to preliminary figures from the Federal Customs Administration, in 2024, exports rose by 3.2% to CHF 282.9 billion, while imports dropped 1.6% to CHF 222.3 billion, leading to a record trade balance surplus of CHF 60.6 billion.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 277,830291,981324,069357,115364,098
Exports of Goods (million USD) 313,934319,318380,194400,693420,170
Imports of Services (million USD) 141,919139,896158,899160,673191,523
Exports of Services (million USD) 135,632120,582140,510151,696169,979

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 124.1121.8130.3140.2138.2
Trade Balance (million USD) 71,38863,482116,121120,938124,944
Trade Balance (Including Service) (million USD) 65,10144,16897,331110,73697,824
Imports of Goods and Services (Annual % Change) 0.3-3.25.76.23.5
Exports of Goods and Services (Annual % Change) -0.7-5.213.85.92.5
Imports of Goods and Services (in % of GDP) 57.257.759.063.262.9
Exports of Goods and Services (in % of GDP) 67.064.171.376.975.3

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 2.21.84.23.44.2
Volume of imports of goods and services (Annual % change) -0.02.04.04.04.0

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Switzerland is a member of the following international economic organisations: IMF, European Free Trade Association (EFTA), ICC, Latin American Integration Association (LAIA) (observer), G-10, WTO, OECD, among others. For the full list of economic and other international organisations in which participates Switzerland click here. International organisation membership of Switzerland is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Switzerland can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
United States 15.0%
Germany 12.2%
China 10.8%
Italy 6.4%
France 4.8%
See More Countries 50.9%
Main Suppliers
(% of Imports)
2023
Germany 18.1%
United States 9.0%
Italy 7.8%
France 5.9%
China 5.6%
See More Countries 53.5%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

419.9 bn USD of products exported in 2023
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 25.5%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 12.5%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 10.8%
Heterocyclic compounds with nitrogen hetero-atom[s...Heterocyclic compounds with nitrogen hetero-atom[s] only 6.0%
Wrist-watches, pocket-watches and other watches,...Wrist-watches, pocket-watches and other watches, incl. stop-watches (excl. of precious metal or of metal clad with precious metal) 4.3%
See More Products 40.9%
365.4 bn USD of products imported in 2023
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 28.0%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 11.0%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 4.8%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.8%
Articles of jewellery and parts thereof, of...Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal (excl. articles > 100 years old) 2.6%
See More Products 49.8%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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Latest Update: March 2025