US surpasses Germany as Switzerland’s biggest export partner
Exports to the United States have tripled over the past 20 years, reaching CHF47 billion ($50.4 billion) in 2021. This makes it the most important export market for Switzerland.
This content was published on
2 minutes
swissinfo.ch/jdp
Español
es
EE UU desplaza a Alemania como primer mercado de exportaciones suizas
Foreign trade between the US and Switzerland is booming. Between 2001 and 2021 exports to the US grew by an average 6.3% a year, according to a government press releaseExternal link. This is three times more activity than to Switzerland’s other main trading partners: Germany and Italy with annual growth of 2.1% and 2% respectively.
With this the US pushes Germany out of its spot as the most important Swiss export market for the first time in 70 years.
Exports to the US were driven in large part by the chemical and pharmaceutical industry, which over the past 20 years has seen exports increase from CHF4.3 billion to CHF30.1 billion. Pharmaceutical products’ share of total exports doubled to 64% of the total. On average the industry’s exports to the US grew by 10% a year – twice as much as to the rest of the world.
Shipments of machinery and electronics stayed relatively stable, but its share of total exports dropped from 28% to 8%. Exports of precision instruments and watches increased over the past two decades but also made up a smaller share of the total. Food, beverages and tobacco showed the strongest annual growth of 11.5% on average.
There is currently no formal free-trade agreement between the US and Switzerland. However, there has been talk of signing one over the past few years. Last September former US Vice President Mike Pence spoke in favour of a free-trade agreement between the countries in a speech at the Swiss Economic Forum.
Students at EPFL in Switzerland join Gaza protest wave
This content was published on
Pro-Palestinian activists occupied a building at the Federal Institute of Technology Lausanne (EPFL) on Tuesday, mirroring a peaceful demonstration at the nearby University of Lausanne (UNIL).
TradeXBank to resume full operations after Sberbank Switzerland taken off sanctions list
This content was published on
TradeXBank, the former Swiss branch of Russia’s Sberbank, will be able to resume its dollar-denominated activities from the second half of this year.
Geneva decides not to remove controversial memorials
This content was published on
The city of Geneva has presented an action plan regarding a series of controversial local statues and monuments of historical figures linked to racism, colonialism or slavery.
University of Lausanne calls for end to pro-Palestine sit-in
This content was published on
The pro-Palestinian occupation continues at the University of Lausanne (UNIL). On Monday evening, a group of students refused to agree to the deadline set by the rectorate.
Ukraine peace conference should include Russia, says Chinese ambassador
This content was published on
China supports a peace conference on the Ukraine war that would see equal participation of all parties, says Chinese Ambassador to Russia Zhang Hanhui.
This content was published on
A majority of Swiss citizens have open attitudes towards various infertility treatments, including even egg donation, which is currently prohibited.
Reports of Swiss cyber fraud almost doubled in six months
This content was published on
The head of the new Federal Office for Cybersecurity (FOC), Florian Schütz, has presented a new strategy after just over four months in office.
Biden names Scott Miller as US ambassador to Switzerland
This content was published on
US President Joe Biden has nominated LGBTQ rights activist and philanthropist Scott Miller to serve as ambassador to Switzerland and Liechtenstein.
Swiss pharma reckons with its past, present and future
This content was published on
This is the story of how making drugs helped turn a small, mountainous country into an industry titan, and what the pandemic means for its future.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.