That dollar amount results from a 40.1% increase compared to $319 billion five years earlier during 2020.
Year over year, the overall value of Switzerland’s exported goods grew 6.2% from $420.7 billion in 2023.
Based on average exchange rates for 2024, the Swiss franc depreciated by -2% against the US dollar from 2023 to 2024. Switzerland’s weaker local currency makes the Swiss Confederation’s exports paid with comparatively stronger US dollars relatively less expensive.
Switzerland’s 5 biggest exports by value were unwrought gold, blood fractions including antisera, medication mixes in dosage, heterocyclics and nucleic acids, then wrist or pocket watches without a precious metal case. Collectively, that quintet of most valuable Swiss exports generated over three-fifths (61.9%) of the overall value of Switzerland’s exported goods during 2024.
Switzerland’s Best International Trade Customers
The latest available country-specific data shows that 74.7% of products exported from Switzerland was bought by importers in: United States of America (16.5% of the Swiss total), Germany (11.5%), mainland China (9.5%), Slovenia (6.7%), Italy (6.2%), India (5.1%), United Kingdom (5%), France (4.7%), Hong Kong (2.8%), United Arab Emirates (2.5%), Japan (2.1%) and Türkiye (2%).
From a continental perspective, 46.7% of Switzerland exports by value was delivered to fellow European countries while 32.2% was sold to importers in Asia. Switzerland shipped another 18.1% worth of goods to North America.
Smaller percentages went to buyers in Latin America (1.5%) excluding Mexico but including the Caribbean, Africa (0.9%) then Oceania (0.7%) led by Australia.
Given Switzerland’s population of 8.81 million people, its total $446.7 billion in 2024 exports translates to roughly $50,300 for every resident in the central European nation. That per-capita dollar amount surpasses the average $47,700 one year earlier for 2023.
Switzerland’s Top 10 Exports
The following export product groups categorize the highest dollar value in Swiss global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Switzerland.
- Gems, precious metals: US$137 billion (30.7% of total exports)
- Pharmaceuticals: $110.4 billion (24.7%)
- Organic chemicals: $47.3 billion (10.6%)
- Clocks, watches including parts: $29.5 billion (6.6%)
- Machinery including computers: $25.2 billion (5.6%)
- Optical, technical, medical apparatus: $20 billion (4.5%)
- Electrical machinery, equipment: $15.1 billion (3.4%)
- Plastics, plastic articles: $5.9 billion (1.3%)
- Mineral fuels including oil: $5.3 billion (1.2%)
- Perfumes, cosmetics: $4.2 billion (0.9%)
Switzerland’s top 10 export product categories generated 89.5% of the overall value of its global shipments.
Organic chemicals was the fastest grower among the top 10 export categories, up by 17.2% from 2023 to 2024.
In second place for improving export sales was pharmaceuticals which rose 11.4%.
Switzerland’s shipments of perfumes and cosmetics posted the third-fastest gain in value, up by 9.4% year over year.
The leading decliner among Switzerland’s top 10 export categories was mineral fuels including oil which fell -13.8%.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more detailed view of exported goods at the four-digit HTS code level, see the section below.
Searchable List of Switzerland’s Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from Switzerland during 2024. Shown beside each product label is its total export value then the percentage increase or decrease since 2023.
These 100 exported goods were worth a subtotal of US$403.3 billion or 90.3% by value for all products exported from Switzerland during 2024.
Products Generating Switzerland’s Greatest Surpluses
Switzerland posted a US$77.2 billion trade surplus for 2024. That positive balance represents a 42% increase from $54.4 billion in black ink one year earlier.
The following types of Swiss product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Pharmaceuticals: US$42.7 billion (Up by 5.1% since 2023)
- Organic chemicals: $39.2 billion (Up by 24.9%)
- Clocks, watches including parts: $25.8 billion (Down by -0.2%)
- Gems, precious metals: $12.9 billion (Up by 168%)
- Optical, technical, medical apparatus: $10.2 billion (Down by -0.3%)
- Machinery including computers: $2.8 billion (Down by -10.5%)
- Coffee, tea, spices: $2.5 billion (Up by 6.1%)
- Perfumes, cosmetics: $2.2 billion (Up by 9.7%)
- Base metal tools, cutlery: $908.4 million (Down by -2.2%)
- Tanning, dyes, paints, varnishes, ink: $852.3 million (Up by 1.9%)
Switzerland has highly positive net exports in the international trade of drugs and medicines. In turn, these cashflows indicate Switzerland’s strong competitive advantages under the pharmaceuticals product category.
Products Causing Switzerland’s Biggest Deficits
Below are exports from Switzerland that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Switzerland’s goods trail Swiss importer spending on foreign products.
- Vehicles: US$16.1 billion (Down by -9% since 2023)
- Mineral fuels including oil: -$5.8 billion (Down by -29.2%)
- Furniture, bedding, lighting, signs, prefab buildings: -$4.3 billion (Down by -1.2%)
- Clothing, accessories (not knit or crochet): -$2.8 billion (Up by 0.8%)
- Knit or crochet clothing, accessories: -$2.5 billion (Up by 0.3%)
- Electrical machinery, equipment: -$2.1 billion (Down by -46.4%)
- Wood: -$1.72 billion (Up by 0.4%)
- Plastics, plastic articles: -$1.69 billion (Up by 8.9%)
- Fruits, nuts: -$1.64 billion (Up by 5.7%)
- Footwear: -$1.52 billion (Down by -0.7%)
Switzerland has highly negative net exports and therefore deep international trade deficits notably for automobile parts or accessories and cars.
These cashflow deficiencies clearly indicate Switzerland’s competitive disadvantages in the international markets under the vehicles category.
Biggest Swiss Export Companies
Based on Forbes Global 2000 rankings, here are examples of large international trade players from Switzerland. Shown within parentheses are the types of products each company provides.
- Nestlé (food processing)
- Novartis (pharmaceuticals)
- Roche Holding (pharmaceuticals)
- ABB Group (automation technology)
- Holcim (construction materials)
- Glencore International (diversified metals)
- Syngenta (pesticides, specialized chemicals)
- TE Connectivity (electronics)
- Transocean (offshore drilling equipment)
- Swatch Group (clothing, watches)
- Weatherford International (oil field equipment)
- Schindler Group (escalators, elevators)
Global trade intelligence firm Zepol also documents the following companies as examples of Swiss exporters.
- Baselux Sa Lugano Branch (heterocyclic compounds, printed documents)
- Novametal Sa Switzerland (stainless steel wire, plastic bobbins, aluminum wire)
- Olivado Tanlay (vegetable oil, honey, coconut oil)
- Polarome Switzerland (ketones, acetic acid esthers, acyclic polyhyric acids)
- Starbucks Coffee Trading (coffee, tea, paper bags)
In macroeconomic terms, Switzerland’s total exported goods represent 40.1% of its overall Gross Domestic Product for 2024 ($446.7 billion valued in Purchasing Power Parity US dollars). That 40.1% for exports to overall GDP in PPP for 2024 compares to 53.3% for 2023. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Switzerland’s total economic performance.
Another key indicator of a country’s economic performance is its unemployment rate. Switzerland’s unemployment rate averaged 2.356% for 2024, up from an average 2.035% for 2023 according to International Monetary Fund statistics.
Domestically, the average inflation rate for Switzerland in 2024 was 1.253% compared to an average 2.134% one year earlier.
Switzerland’s capital city is Bern.
See also Switzerland’s Top Trading Partners, Switzerland’s Top 10 Imports and Switzerland’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on February 19, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on February 19, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 19, 2025
International Trade Centre, Trade Map. Accessed on February 19, 2025
Investopedia, Net Exports Definition. Accessed on February 19, 2025
Wikipedia, Gross domestic product. Accessed on February 19, 2025
Wikipedia, List of Companies of Switzerland. Accessed on February 19, 2025
Wikipedia, Purchasing power parity. Accessed on February 19, 2025
X-rates.com, Exchange Rates: US Dollar to Swiss Franc (monthly average 2024). Accessed on February 19, 2025
Zepol’s company summary highlights by country. Accessed on February 19, 2025