That dollar amount reflects a 31.3% increase compared to $277.2 billion five years prior during 2019.
Year over year, the overall cost that Switzerland paid for its imports increased by 2% from $356.8 billion spent 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 made the Swiss Confederation’s imports paid for in weaker US dollars relatively less expensive when converted starting from the Swiss franc.
Domestically, Switzerland posted an average 2.193% inflation rate in 2023 specific to Swiss consumer prices down from average 2.835% for 2022.
Switzerland’s Best Import Suppliers
The latest available country-specific data shows that 65.3% of products imported into Switzerland was furnished by exporters in: Germany (18.2% of the Swiss total), United States of America (9%), Italy (7.9%), France (5.9%), mainland China (5.6%), Slovenia (3.7%), Austria (3%), United Arab Emirates (2.85%), Spain (2.84%), Uzbekistan (2.2%), Japan (2.1%) and United Kingdom (1.9%).
From a continental perspective, over half (55%) of Switzerland’s total imports by value in 2023 were purchased from fellow European countries. Trade partners in Asia supplied 23.9% of imports bought by Switzerland while another 11.6% worth originated from providers in North America.
Switzerland is not a member of the European Union due to its historical tradition of neutrality and sovereignty. Nevertheless, EU member states collected 51.6% of total Swiss spending on imports for 2023.
Smaller percentages came from Africa (5.2%), Latin America (2.7%) excluding Mexico but including the Caribbean, then Oceania (1.5%) led by Australia and New Zealand.
Given Switzerland’s population of 8.8 million people, its total $364 billion in 2023 imported goods translates to about $41,500 in yearly product demand from every person in the European country. That per-capita dollar amount lags the average $46,000 one year earlier in 2022.
Switzerland’s Top 10 Imports
The following product groups represent the highest dollar value in Switzerland’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Switzerland.
- Gems, precious metals: US$120.5 billion (33.1% of total imports)
- Pharmaceuticals: $58.7 billion (16.1%)
- Machinery including computers: $22.7 billion (6.2%)
- Vehicles: $20.5 billion (5.6%)
- Electrical machinery, equipment: $18.6 billion (5.1%)
- Mineral fuels including oil: $14.5 billion (4%)
- Optical, technical, medical apparatus: $9.8 billion (2.7%)
- Organic chemicals: $8.9 billion (2.5%)
- Plastics, plastic articles: $7.7 billion (2.1%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $5.2 billion (1.4%)
Switzerland’s top 10 imports generated over three-quarters (78.9%) of the overall value of its product purchases from other countries.
Vehicles achieved the fastest-growing increase in overall cost among the top 10 import categories, up 22.7% year over year.
Trailing that category were imported pharmaceuticals (up 20.5% from 2022). Switzerland’s imports under the optical, technical and medical apparatus category rose 5.8%, ahead of imported machinery including computers category’s 4% upturn.
The severest decline was the -38.4% reduction from 2022 to 2023 for Swiss imports of mineral fuels including oil.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.
At the more detailed 4-digit HTS code level, Switzerland spent the most on imported gold (27.8% of Swiss total imports), medication mixes in dosage (11%), blood fractions including antisera (4.9%), cars (3.8%), jewelry (2.6%), processed petroleum oils (1.7%), electrical energy (1.2%), computers including optical readers (1%), phone devices including smartphones (also 1%), then precious metal waste and scrap (0.8%).
Swiss Most Valuable Imported Gems and Precious Metals
In 2023, Swiss importers spent the most on the following 10 subcategories of gems and precious metals.
- Gold (unwrought): US$101.1 billion (up 2.6% from 2022)
- Jewelry: $9.4 billion (up 4.5%)
- Precious metal waste, scrap: $3.1 billion (up 38.3%)
- Diamonds (unmounted/unset): $2.1 billion (down -15%)
- Platinum (unwrought): $1.8 billion (down -23%)
- Silver (unwrought): $1.2 billion (down -10.8%)
- Precious/semi-precious stones (unstrung): $864.7 million (up 34.3%)
- Coins: $590.7 million (down -31.8%)
- Natural pearl/precious stone items: $145 million (up 0.4%)
- Imitation jewelry: $127.1 million (up 13.2%)
Among these import subcategories, Switzerland’s purchases of precious metal waste and scrap (up 38.3%), precious or semi-precious unstrung stones (up 34.3%), then imitation jewelry (up 13.2%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported gems and precious metals among Swiss businesses and consumers.
Swiss Most Valuable Imported Pharmaceuticals Products
In 2023, Swiss importers spent the most on the following subcategories of pharmaceuticals.
- Medication mixes in dosage: US$40.2 billion (up 26.6% from 2022)
- Blood fractions (including antisera): $17.7 billion (up 9.1%)
- Medication mixes not in dosage: $380.4 million (up 17.3%)
- Sutures, special pharmaceutical goods: $314.5 million (up 12.1%)
- Packaged dressings: $137.3 million (down -10.4%)
- Dried organs, heparin: $31.8 million (up 9.3%)
Among these import subcategories, Switzerland’s purchases of medication mixes in dosage (up 26.6%), medication mixes not in dosage (up 17.3%), then sutures or other special pharmaceutical goods (up 12.1%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported pharmaceuticals among Swiss businesses and consumers.
Swiss Most Valuable Imported Machinery Products Including Computers
In 2023, Swiss importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$3.7 billion (down -10.7% from 2022)
- Miscellaneous machinery: $1.3 billion (up 3.3%)
- Taps, valves, similar appliances: $1.2 billion (down -0.9%)
- Refrigerators, freezers: $1 billion (up 18.4%)
- Centrifuges, filters and purifiers: $1 billion (up 2.3%)
- Turbo-jets: $955.5 million (up 23.7%)
- Printing machinery: $849.7 million (up 4.2%)
- Temperature-change machines: $817.1 million (up 15.4%)
- Air or vacuum pumps: $708.2 million (up 9.2%)
- Dishwashing, clean/dry/fill machines: $690.1 million (up 8.7%)
Among these import subcategories, Switzerland’s purchases of turbo-jets (up 23.7%), refrigerators and freezers (up 18.4%), then temperature-change machines (up 15.4%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Swiss businesses and consumers.
Swiss Most Valuable Imported Vehicles
In 2023, Swiss importers spent the most on the following 10 subcategories of vehicles.
- Cars: US$14 billion (up 25.9% from 2022)
- Trucks: $2 billion (up 52.6%)
- Automobile parts/accessories: $1.5 billion (up 6.8%)
- Motorcycles: $818 million (down -2.5%)
- Tractors: $568 million (up 16.7%)
- Trailers: $437.6 million (up 6.8%)
- Motorcycle parts/accessories: $318.5 million (down -28.9%)
- Public-transport vehicles: $263.3 million (up 64.3%)
- Special purpose vehicles: $261.9 million (up 17.5%)
- Bicycles, other non-motorized cycles: $245.8 million (up 4.9%)
Among these import subcategories, Switzerland’s purchases of public-transport vehicles (up 64.3%), trucks (up 52.6%) then cars (up 25.9%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among Swiss businesses and consumers.
See also Switzerland’s Top Trading Partners, Switzerland’s Top 10 Exports and Switzerland’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on April 27, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 27, 2024
International Trade Centre, Trade Map. Accessed on April 27, 2024