Switzerland shipped US$420.1 billion worth of exported products around the globe in 2023.
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 goods exported from Switzerland rose 4.5% from $402.1 billion in 2022.
That dollar figure also represents roughly 1.7% of the world’s exports one year earlier in 2022 estimated at $24.707 trillion. Switzerland’s global percentage reduced from 1.8% for 2021.
Switzerland’s biggest 5 export customers in 2023 were the United States of America, Germany, mainland China, Italy and France. Combined, that quintet of major purchasers of exported Swiss goods bought almost half (49.2%) of Switzerland’s global revenue.
Applying a continental lens, 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 North America.
Tinier percentages went to buyers in Latin America (1.5%) excluding Mexico but including the Caribbean, Africa (0.9%), and Oceania (0.7%) led by Australia.
Switzerland’s Top 25 Trading Partners
Below is a list showcasing 25 of Switzerland’s top trading partners in terms of customers for Swiss exports during 2023. That is, countries that imported the most Swiss shipments by dollar value. Also shown is each import country’s percentage of total Swiss exports.
- United States: US$65.5 billion (16.3% of total Swiss exports)
- Germany: $53.7 billion (13.4%)
- China: $44.2 billion (11%)
- Italy: $25.8 billion (6.4%)
- France: $21.3 billion (5.3%)
- India: $14.9 billion (3.7%)
- United Kingdom: $13.3 billion (3.3%)
- Türkiye: $12.7 billion (3.1%)
- Slovenia: $12 billion (3%)
- Austria: $10.8 billion (2.7%)
- Spain: $10.7 billion (2.7%)
- Singapore: $10.3 billion (2.6%)
- Japan: $9.8 billion (2.4%)
- Hong Kong: $7.4 billion (1.8%)
- Netherlands: $7.2 billion (1.8%)
- Thailand: $6.4 billion (1.6%)
- United Arab Emirates: $6 billion (1.5%)
- Belgium: $5.04 billion (1.3%)
- Saudi Arabia: $5.01 billion (1.2%)
- Canada: $4.3 billion (1.1%)
- South Korea: $3.8 billion (0.9%)
- Russia: $3.2 billion (0.8%)
- Poland: $3.1 billion (0.8%)
- Australia: $2.7 billion (0.7%)
- Taiwan: $2.6 billion (0.7%)
Nine-tenths (90.1%) of Swiss exports in 2023 was delivered to the above 25 trade partners.
Hong Kong increased its import purchases from Switzerland at the fastest rate, up 104% in value from 2022 to 2023. Swiss exports to the United Arab Emirates grew by 85% trailed by Slovenia’s 44.5% gain then Saudi Arabia (up 34.6%), Türkiye (up 26.9%) and Brazil (up 23.7%).
Leading the decliners for buying Swiss exports were Thailand (down -35.1% from 2022) and Spain (down -19.5%).
Countries Causing the Greatest Trade Deficits for Switzerland
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
In 2023, Switzerland incurred the highest trade deficits with the following countries.
- Germany: -US$15.1 billion (country-specific trade deficit in 2023)
- Uzbekistan: -$7.9 billion
- South Africa: -$3.61 billion
- Ireland: -$3.6 billion
- Ghana: -$3.4 billion
- Kazakhstan: -$3.3 billion
- Burkina Faso: -$3 billion
- Australia: -$2.6 billion
- Peru: -$2.3 billion
- Canada: -$2.2 billion
Among Switzerland’s trading partners that cause the greatest negative trade balances, Swiss deficits with Australia (up 759.8%), Uzbekistan (up 106.6%) and Kazakhstan (up 28%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate Switzerland’s competitive disadvantages with the above countries, but also represent key opportunities for Switzerland to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating the Largest Trade Surpluses for Switzerland
Switzerland posted an overall US$56.1 billion trade surplus for 2023. That positive balance represents a 23.6% boost from the $45.3 billion surplus one year earlier in 2022.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Switzerland incurred the highest trade surpluses with the following countries.
- United States: US$30.2 billion (country-specific trade deficit in 2023)
- mainland China: $24.6 billion
- India: $13.83 billion
- Türkiye: $13.76 billion
- Hong Kong: $10.6 billion
- United Kingdom: $7.9 billion
- Saudi Arabia: $6 billion
- Singapore: $4.7 billion
- Slovenia: $3.9 billion
- Lebanon: $1.6 billion
Among Switzerland’s trading partners that cause the greatest positive trade balances, Swiss surpluses with Hong Kong (up 199.9%), Lebanon (up 195.2%) and Saudi Arabia (up 42.2%) grew at the fastest pace from 2022 to 2023.
In addition Switzerland went from a -US$995.8 million deficit in 2022 trading with the United Kingdom to reaping the multi-billion surplus listed above.
These positive cashflow streams clearly indicate Switzerland’s competitive advantages with the above countries, but also represent key opportunities for Switzerland to develop country-specific strategies to optimize its overall position in international trade.
Main Swiss Export Companies
Forty-eight corporations based in Switzerland rank among Forbes Global 2000. Below is a sample of the major Swiss companies that Forbes included.
- ABB Group (automation technology)
- Glencore International (diversified metals)
- Holcim (construction materials)
- Nestlé (food processing)
- Novartis (pharmaceuticals)
- Roche Holding (pharmaceuticals)
- Schindler Group (escalators, elevators)
- Swatch Group (clothing, watches)
- Syngenta (pesticides, specialized chemicals)
- TE Connectivity (electronics)
- Transocean (offshore drilling equipment)
- Weatherford International (oil field equipment)
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)
See also Switzerland’s Top 10 Major Export Companies, Switzerland’s Top 10 Imports, Switzerland’s Top 10 Exports and Top EU Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on April 21, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 21, 2024
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on April 21, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 21, 2024
International Trade Centre, Trade Map. Accessed on April 21, 2024
Investopedia, Net Exports Definition. Accessed on April 21, 2024
Wikipedia, List of Companies of Switzerland. Accessed on April 21, 2024
Zepol’s company summary highlights by country. Accessed on April 21, 2024