Switzerland shipped US$379.9 billion worth of products around the globe in 2021. That dollar amount reflects a 26.8% increase since 2017 and a 19.1% uptick from 2020 to 2021.
That dollar figure also represents roughly 2.2% of world exports one year earlier in 2020 estimated at $17.503 trillion.
Switzerland’s biggest 5 export customers in 2021 were the United States of America, Germany, mainland China, India and China. Combined, that quintet of major purchasers of exported Swiss goods bought over half of Switzerland’s global revenue.
Applying a continental lens, 47.1% of Switzerland exports by value were delivered to fellow European countries while 31.7% were sold to importers in Asia. Switzerland shipped another 18.1% worth of goods to North America.
Smaller percentages went to Latin America (1.4%) excluding Mexico but including the Caribbean, Africa (1%) then 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 2021. 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$63.1 billion (16.6% of total Swiss exports)
- Germany: $55.2 billion (14.5%)
- China: $33 billion (8.7%)
- India: $31.3 billion (8.2%)
- Italy: $20.3 billion (5.3%)
- France: $19.1 billion (5%)
- United Kingdom: $14.1 billion (3.7%)
- Spain: $13.8 billion (3.6%)
- Austria: $10.23 billion (2.7%)
- Hong Kong: $10.18 billion (2.7%)
- Slovenia: $8.7 billion (2.3%)
- Japan: $8.5 billion (2.2%)
- Singapore: $8.1 billion (2.1%)
- Netherlands: $7.3 billion (1.9%)
- Belgium: $5.1 billion (1.3%)
- United Arab Emirates: $4.6 billion (1.2%)
- Thailand: $4.3 billion (1.1%)
- Canada: $4.2 billion (1.1%)
- Russia: $3.7 billion (1%)
- South Korea: $3.6 billion (1%)
- Poland: $3.3 billion (0.9%)
- Turkey: $2.8 billion (0.7%)
- Taiwan: $2.7 billion (0.7%)
- Saudi Arabia: $2.5 billion (0.7%)
- Australia: $2.4 billion (0.6%)
Nine-tenths (90%) of Swiss exports in 2021 were delivered to the above 25 trade partners.
India increased its imports from Switzerland at the fastest rate, up 170.9% in value from 2020 to 2021. Swiss exports to Thailand grew by 104.3% trailed by mainland China’s 89.1% gain then Spain (up 71.9%) and Slovenia (up 69.6%).
Leading the decliners for purchasing Swiss exports year over year were Turkey (down -54.9%) and the United Kingdom (down -16.3%).
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 2021, Switzerland incurred the highest trade deficits with the following countries.
- United Kingdom: US-$22.1 billion (country-specific trade deficit in 2021)
- Germany: -$7.1 billion
- United Arab Emirates: -$4.1 billion
- Italy: -$3.6 billion
- South Africa: -$3.6 billion
- Burkina Faso: -$3.4 billion
- Ireland: -$2.9 billion
- Ghana: -$2.4 billion
- Uzbekistan: -$2.3 billion
- Peru: -$2.1 billion
Among Switzerland’s 10 trading partners that cause the greatest negative trade balances, Switzerland’s deficits grew with 3 countries from 2020 to 2021. These were South Africa (up 87.6%), Peru (up 26.3%) and Burkina Faso (up 4.6%).
In addition, Swiss trade with the United Kingdom went from a $163.7 million surplus in 2020 to a -$22.1 billion trade deficit for 2021. Similarly, Switzerland reversed a $62.8 million surplus trading with Uzbekistan during 2020 to incur -$2.3 million in red ink in 2021.
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 $57.2 billion trade surplus for 2021. That positive balance represents a 104.8% increase from the $28 billion surplus one year earlier in 2020.
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$38.9 billion (country-specific trade deficit in 2021)
- India: $29 billion
- China: $13.2 billion
- Slovenia: $6.4 billion
- Hong Kong: $5.5 billion
- Spain: $4.7 billion
- Japan: $3.2 billion
- Singapore: $3 billion
- Thailand: $2.4 billion
- Russia: $2.2 billion
Among Switzerland’s trading partners that drive the greatest positive trade balances, Swiss surpluses with Spain (up 750.1%), India (up 201.2%) and Slovenia (up 61.9%) grew at the fastest pace from 2020 to 2021.
In addition, Switzerland went from enduring deficits trading with mainland China, Hong Kong and Thailand in 2020 to post multi-billion dollar trade surpluses with that trio during 2021.
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:
- 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)
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 March 20, 2022
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 20, 2022
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average)
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 20, 2022
International Trade Centre, Trade Map. Accessed on March 20, 2022
Investopedia, Net Exports Definition. Accessed on March 20, 2022
Wikipedia, List of Companies of Switzerland. Accessed on March 20, 2022
Zepol’s company summary highlights by country. Accessed on March 20, 2022