Trade, Switzerland diversifies but the EU remains the main hub
Over the past decade, Switzerland has increased its market diversification in terms of exports and imports, but the European Union is still by far the main area for Swiss foreign trade. The growth of Asia and North America within Swiss trade has led to a better articulation of risks and opportunities, but it has not taken away - nor could it, considering the geographical and economic location of Switzerland - the primacy of Europe and in particular of the EU.
The 2019 Swiss Foreign Trade Report, edited by the Federal Customs Administration (FTA), provides a snapshot of the reality at the end of last year and some comparisons with previous years. The data in the Report relate to the so-called conjunctural total, ie they do not include the trade in precious stones and metals, objects of art and antiquities. Framed with this criterion, Swiss exports for the whole of 2019 amounted to 242 billion francs and imports to 205 billion, with a record trade surplus of 37 billion.
Data by area
Interesting is the breakdown by geographical areas, according to the value of what is exported or imported. This is the situation for Swiss exports in the whole of 2019: Europe 54% (with the European Union of 27 at around 48%, the United Kingdom around 4%, other European countries at around 2%); Asia 21% (with China at 5.5%); North America 19% (with the US at over 17%); Latin America and the Caribbean 3%, Africa 2%, Oceania 1%. Compared to ten years earlier, there has been an increase in the share of Asia (it was 19% in 2009) and, above all, of North America (it was 11%). Europe, for its part, fell by ten points (it was at 64%), but as you can see, it clearly remains the main area. For the other markets, the odds are stable.
In terms of Swiss imports, this is the situation for 2019: Europe 71% (with the EU at over 64%, the United Kingdom around 4.5%, other European countries around 2%); Asia 20% (with China at over 7%); North America 7% (with the USA around 6%); the remaining 2% is divided between Latin America and the Caribbean, Oceania and Africa. Also on this front, compared to ten years earlier, Europe has dropped by ten percentage points (it was 81% in 2009), with Asia growing sharply (it was 11%), with North America only slight increase (it was at 6%) and with the other markets recording stable shares. But, even here, those of Europe in the EU-27 remain much higher than those of Asia and North America.
Individual partners
Looking at individual countries, Germany remains by far the largest trading partner for Switzerland. Combining Swiss exports and imports, Germany accounted for 21.9% of Swiss trade in 2019; followed by the USA with 12.5%, Italy with 7.3%, France with 6.6%, China with 6.3%, the United Kingdom with 4.2%, the Austria with 3.2%, Spain with 3.1%, Japan with 2.6%, Holland with 2.5%. Thus, among Switzerland’s top ten trading partners, as can be seen, six are part of the European Union. If you look at the next ten places, you can see how there are five other EU countries (in order Ireland, Belgium, Poland, Czech Republic, Slovenia), so there are eleven EU countries in the top twenty partners Swiss.
Consolidated relationships
Remaining on the cumulation of Swiss exports and imports, at the end of 2019 55% concerned the European Union of 27 (therefore without the United Kingdom). This is based on the economic total provided by the Federal Customs Administration. If we take into account, with the data provided by the AFD in other statistics, the so-called grand total (which also includes precious stones and metals, objects of art and antiquity), we can see how the percentage of the European Union at 27 is about 47%. A lower percentage than in the economic situation, which however leaves the EU clearly in first place among the economic areas with which Switzerland trades, even taking into account precisely the exchanges relating to precious items, art and antiquities.
The package of bilateral agreements between Switzerland and the EU, which also includes free movement and overcoming technical barriers to trade, entered into force in June 2002. In the period 2003-2019, Swiss exports to the EU still 28 recorded increases in value in eleven of the seventeen years considered; Swiss imports from the EU recorded increases in twelve years of the period. Overall, Swiss imports increased from 109 billion francs in 2003 to 163 billion in 2019; Swiss exports increased even more: from 89 billion in 2003 to 154 billion in 2019.