That dollar amount results from a 33.7% increase compared to $314.1 billion five years earlier during 2019.
Year over year, the overall value of Switzerland’s exported goods grew 4.5% from $402.1 billion in 2022.
Based on average exchange rates for 2023, the Swiss franc appreciated by 9.6% against the US dollar since 2019 and increased by 5.9% from 2022 to 2023. Switzerland’s stronger local currency makes the Swiss Confederation’s exports paid for in comparatively weaker US dollars relatively less expensive.
Switzerland’s 5 biggest exports by value are gold, blood fractions including antisera, medication mixes in dosage, heterocyclics and nucleic acids, then wrist or pocket watches excluding those without a precious metal case. Collectively, that quintet of most valuable Swiss exports generated almost three-fifths (59%) of the overall value of Switzerland’s exported goods during 2023.
Switzerland’s Best International Trade Customers
The latest available country-specific data shows that 73.5% of products exported from Switzerland was bought by importers in: United States of America (15% of the Swiss total), Germany (12.2%), mainland China (10.7%), Italy (6.5%), France (4.8%), Slovenia (4.2%), India (4%), Türkiye (3.9%), Hong Kong (3.6%), United Kingdom (3.5%), United Arab Emirates (2.7%) and Austria (2.6%).
From a continental perspective, 44.8% of Switzerland exports by value was delivered to fellow European countries while 35.5% was sold to importers in Asia. Switzerland shipped another 16.6% worth of goods to buyers in North America.
Smaller percentages went to 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 $420.1 billion in 2023 exports translates to roughly $47,700 for every resident in the central European nation. That per-capita dollar amount is higher than the average $46,000 one year earlier for 2022.
Switzerland’s Top 10 Exports
The following export product groups categorize the highest dollar value in Swiss global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Switzerland.
- Gems, precious metals: US$127.2 billion (30.3% of total exports)
- Pharmaceuticals: $98.8 billion (23.5%)
- Organic chemicals: $40.3 billion (9.6%)
- Clocks, watches including parts: $29.8 billion (7.1%)
- Machinery including computers: $25.9 billion (6.2%)
- Optical, technical, medical apparatus: $20 billion (4.8%)
- Electrical machinery, equipment: $14.7 billion (3.5%)
- Mineral fuels including oil: $6.4 billion (1.5%)
- Plastics, plastic articles: $6.15 billion (1.5%)
- Perfumes, cosmetics: $3.87 billion (0.9%)
Switzerland’s top 10 exports accounted for 88.8% of the overall value of its global shipments.
Organic chemicals represent the fastest grower among the top 10 export categories, up by 29.9% from 2022 to 2023.
In second place for improving export sales was the clocks and watches including parts product category, thanks to a 14.4% year-over-year rise.
Switzerland’s shipments of machinery including computers posted the third-fastest gain in value, up by 6.4%.
The leading decliner among Switzerland’s top 10 export categories was mineral fuels including oil which fell -41.7%.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Switzerland’s Most Valuable Export Products further down below.
Products Generating Switzerland’s Greatest Surpluses
Switzerland posted a US$45.3 billion trade surplus for 2023. That positive balance represents a -19.3% decrease from $56.1 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$40.1 billion (Down by -18.8% since 2022)
- Organic chemicals: $31.3 billion (Up by 43.8%)
- Clocks, watches including parts: $25.8 billion (Up by 15.9%)
- Optical, technical, medical apparatus: $10.2 billion (Up by 2.6%)
- Gems, precious metals: $6.7 billion (Up by 141.2%)
- Machinery including computers: $3.1 billion (Up by 27.3%)
- Coffee, tea, spices: $2.3 billion (Up by 13.5%)
- Perfumes, cosmetics: $2 billion (Down by -11.3%)
- Base metal tools, cutlery: $928.3 million (Down by -3.1%)
- Tanning, dyes, paints, varnishes, ink: $834.8 million (Down by -2.6%)
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$17.6 billion (Up by 26.5% since 2022)
- Mineral fuels including oil: -$8.1 billion (Down by -35.7%)
- Furniture, bedding, lighting, signs, prefabricated buildings: -$4.4 billion (Down by -1.2%)
- Electrical machinery, equipment: -$3.9 billion (Down by -13%)
- Clothing, accessories (not knit or crochet): -$2.8 billion (Up by 2.7%)
- Knit or crochet clothing, accessories: -$2.5 billion (Down by -4%)
- Wood: -$1.7 billion (Down by -6.6%)
- Plastics, plastic articles: -$1.552 billion (Down by -27.4%)
- Iron, steel: -$1.551 billion (Down by -28.1%)
- Fruits, nuts: -$1.547 billion (Up by 8.8%)
Switzerland has highly negative net exports and therefore deep international trade deficits for automobile parts or accessories and cars.
These cashflow deficiencies clearly indicate Switzerland’s competitive disadvantages in the international markets under the vehicles category.
Biggest Swiss Export Companies
Based on Forbes Global 2000 rankings, here are examples of large international trade players from Switzerland. Shown within parentheses are the types of products each company provides.
- Nestlé (food processing)
- Novartis (pharmaceuticals)
- Roche Holding (pharmaceuticals)
- ABB Group (automation technology)
- Holcim (construction materials)
- Glencore International (diversified metals)
- Syngenta (pesticides, specialized chemicals)
- TE Connectivity (electronics)
- Transocean (offshore drilling equipment)
- Swatch Group (clothing, watches)
- Weatherford International (oil field equipment)
- Schindler Group (escalators, elevators)
Global trade intelligence firm Zepol also documents the following companies as examples of Swiss exporters.
- Baselux Sa Lugano Branch (heterocyclic compounds, printed documents)
- Novametal Sa Switzerland (stainless steel wire, plastic bobbins, aluminum wire)
- Olivado Tanlay (vegetable oil, honey, coconut oil)
- Polarome Switzerland (ketones, acetic acid esthers, acyclic polyhyric acids)
- Starbucks Coffee Trading (coffee, tea, paper bags)
Searchable List of Switzerland’s Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from Switzerland during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Swiss Export Product | Value (US$) | YOY |
|---|---|---|---|
| 1 | Gold (unwrought) | $100,342,346,000 | +6.6% |
| 2 | Blood fractions (including antisera) | $50,103,014,000 | +4.5% |
| 3 | Medication mixes in dosage | $46,481,927,000 | -2.7% |
| 4 | Heterocyclics, nucleic acids | $17,551,160,000 | +43.8% |
| 5 | Wrist/pocket watches (no precious metal case) | $15,846,807,000 | +13.6% |
| 6 | Jewelry | $12,574,593,000 | +10.2% |
| 7 | Wrist/pocket watches (precious metal case) | $9,013,544,000 | +16% |
| 8 | Orthopedic appliances | $7,359,313,000 | +1.9% |
| 9 | Electrical energy | $9,889,070,000 | -45% |
| 10 | Electro-medical equip (e.g. xrays) | $3,816,053,000 | +10.1% |
| 11 | Coffee | $3,422,252,000 | +6.6% |
| 12 | Hormones, miscellaneous steroids | $2,802,698,000 | +26.5% |
| 13 | Miscellaneous machinery | $2,544,612,000 | +0.4% |
| 14 | Sulphonamides | $1,846,990,000 | +36.2% |
| 15 | Miscellaneous heterocyclics | $2,080,013,000 | +11.3% |
| 16 | Taps, valves, similar appliances | $2,316,921,000 | -6.9% |
| 17 | Physical/chemical analysis tools | $2,027,332,000 | -0.6% |
| 18 | Scents used for beverage or industrial manufacturing | $1,837,496,000 | +8.3% |
| 19 | Electric motors, generators | $1,822,104,000 | +7.1% |
| 20 | Temperature-change machines | $1,591,664,000 | +19.7% |
| 21 | Silver (unwrought) | $1,630,958,000 | -2% |
| 22 | Non-alcoholic drinks (not water/juice/milk) | $1,823,637,000 | -12.6% |
| 23 | Aircraft, spacecraft | $1,382,330,000 | +10.4% |
| 24 | Liquid/gas checking instruments | $1,429,384,000 | +2.7% |
| 25 | Carboxyamid/amide-function compounds | $1,295,834,000 | +11.2% |
| 26 | Diamonds (unmounted/unset) | $1,712,526,000 | -16.7% |
| 27 | Electrical converters/power units | $1,154,061,000 | +22.9% |
| 28 | Air or vacuum pumps | $1,306,790,000 | +5.8% |
| 29 | Other measuring/testing machines | $1,222,962,000 | +10.9% |
| 30 | Lower-voltage switches, fuses | $1,425,687,000 | -6.2% |
| 31 | Turbo-jets | $1,194,033,000 | +9.7% |
| 32 | Beauty/makeup/skin care preparations | $1,596,855,000 | -19.6% |
| 33 | Hand-drawn paintings, drawings | $1,774,925,000 | -28% |
| 34 | Automobile parts/accessories | $1,071,857,000 | +13.1% |
| 35 | Aluminum plates, sheets, strips | $1,317,447,000 | -10.6% |
| 36 | Platinum (unwrought) | $1,964,853,000 | -43% |
| 37 | Dishwashing, clean/dry/fill machines | $873,671,000 | +24% |
| 38 | Other machine parts, accessories | $1,048,305,000 | +1.8% |
| 39 | Miscellaneous plastic items | $997,900,000 | +4.4% |
| 40 | Chocolate, other cocoa preparations | $882,155,000 | +16.9% |
| 41 | Insulated wire/cable | $927,504,000 | +7.2% |
| 42 | Plastic packing goods, lids, caps | $868,992,000 | +13.9% |
| 43 | High-voltage switches, fuses | $777,685,000 | +20.6% |
| 44 | Iron and steel screws, bolts, nuts, washers | $928,502,000 | +0.7% |
| 45 | Integrated circuits/microassemblies | $925,586,000 | -0.7% |
| 46 | Transmission shafts, gears, clutches | $857,108,000 | +7% |
| 47 | Electric circuit parts, fuses, switches | $859,934,000 | +3.1% |
| 48 | Processed petroleum oils | $948,207,000 | -8.1% |
| 49 | Liquid pumps and elevators | $806,783,000 | +6.3% |
| 50 | Polyamides | $952,409,000 | -16.2% |
| 51 | Precious/semi-precious stones (unstrung) | $585,821,000 | +34.3% |
| 52 | Electrical/optical circuit boards, panels | $723,898,000 | +8.6% |
| 53 | Centrifuges, filters and purifiers | $769,456,000 | +0.5% |
| 54 | Interchangeable hand/machine tools | $716,123,000 | +8% |
| 55 | Precious metal waste, scrap | $749,808,000 | +2.3% |
| 56 | Cheese, curd | $739,621,000 | +2.8% |
| 57 | Antibiotics | $655,529,000 | +14.1% |
| 58 | Material removal machine-tools | $802,410,000 | -7.1% |
| 59 | Cars | $681,577,000 | +6.6% |
| 60 | Other food preparations | $662,411,000 | +4.8% |
| 61 | Rubber/plastic article making machines | $539,639,000 | +25.5% |
| 62 | Plastic tubes, pipes, fittings | $685,217,000 | -1.7% |
| 63 | Hydrazine/hydroxylamine derivatives | $500,883,000 | +32.2% |
| 64 | Computers, optical readers | $616,047,000 | +6.4% |
| 65 | Polyacetal/ether/carbonates | $657,571,000 | -3.7% |
| 66 | Machine tools for sharpening, grinding, polishing | $598,229,000 | +4.9% |
| 67 | Hand saws, blades | $666,095,000 | -6.2% |
| 68 | Medication mixes not in dosage | $778,137,000 | -20.6% |
| 69 | Machinery for making semi-conductors | $493,101,000 | +24.4% |
| 70 | Miscellaneous iron or steel items | $577,876,000 | +3.2% |
| 71 | Plastic plates, sheets, film, tape, strips | $556,268,000 | +6.3% |
| 72 | Railway/subway coaches, vans, trucks | $536,601,000 | +9.6% |
| 73 | Sutures, special pharmaceutical goods | $664,515,000 | -12.3% |
| 74 | Metal soldering/hot-spray equipment | $607,187,000 | -5.1% |
| 75 | Cases, handbags, wallets | $541,371,000 | +4.7% |
| 76 | Electric water heaters, hair dryers | $742,970,000 | -23.8% |
| 77 | Electrical machinery | $455,422,000 | +23.5% |
| 78 | Solar power diodes/semi-conductors | $497,195,000 | +11.2% |
| 79 | Printing machinery | $519,853,000 | +6.2% |
| 80 | Women's clothing (not knit or crochet) | $478,543,000 | +12.9% |
| 81 | Flour/meal/starch/malt extract food preparations | $467,667,000 | +15.2% |
| 82 | Chemical industry products/residuals | $515,956,000 | +4.1% |
| 83 | Phone system devices | $454,567,000 | +12.5% |
| 84 | Aircraft or spacecraft parts | $470,311,000 | +8% |
| 85 | Heterocyclics, oxygen | $458,054,000 | +10.3% |
| 86 | Men's suits, trousers (not knit or crochet) | $477,782,000 | +5.1% |
| 87 | Survey/hydro/weather instruments | $558,922,000 | -11.7% |
| 88 | Precious metal compounds | $596,617,000 | -18.4% |
| 89 | Lifting/loading machinery | $389,076,000 | +25% |
| 90 | Amino-compounds (oxygen) | $721,897,000 | -32.8% |
| 91 | Paper-making machinery | $438,832,000 | +7.8% |
| 92 | Miscellaneous furniture | $435,838,000 | +7.1% |
| 93 | Other clock/watch parts | $422,729,000 | +10.1% |
| 94 | Footwear (leather) | $409,591,000 | +12.5% |
| 95 | Plastic plates, sheets, film, tape, strips | $509,918,000 | -13% |
| 96 | Miscellaneous iron and steel structures | $425,771,000 | +1.3% |
| 97 | Copper waste, scrap | $466,092,000 | -8.4% |
| 98 | Jerseys, pullovers (knit or crochet) | $383,858,000 | +8.7% |
| 99 | Coins | $669,653,000 | -39.8% |
| 100 | Moulding boxes/base | $405,918,000 | -2% |
These 100 exported goods were worth a subtotal of US$376.1 billion or 89.5% by value for all products exported from Switzerland during 2023.
In macroeconomic terms, Switzerland’s total exported goods represent 53.3% of its overall Gross Domestic Product for 2023 ($788.3 billion valued in Purchasing Power Parity US dollars). That 53.3% for exports to overall GDP in PPP for 2023 compares to 54.5% for 2022. 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 2.051% for 2023, down from an average 2.166% for 2022 according to International Monetary Fund statistics.
Domestically, the average inflation rate for Switzerland in 2023 was 2.193% compared to an average 2.835% 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 March 24, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 24, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 24, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 24, 2024
International Trade Centre, Trade Map. Accessed on March 24, 2024
Investopedia, Net Exports Definition. Accessed on March 24, 2024
Wikipedia, Gross domestic product. Accessed on March 24, 2024
Wikipedia, List of Companies of Switzerland. Accessed on March 24, 2024
Wikipedia, Purchasing power parity. Accessed on March 24, 2024
Zepol’s company summary highlights by country. Accessed on March 24, 2024