The latest 32% monthly fall in commodities trading followed a 27.5% decline in April, 22% in March and double-digit negative figures going back to the start of the year.
The latest figures from the Federal Statistical Office (FSO) show the volume of Swiss commodities trading in freefall as the Ukraine war rages on, destabilising the shipment of grains around the world and redirecting the flow of Russian oil.
Switzerland has established itself a one of the most important global hubs for trading oil, metals and foodstuffs.
Swiss-based companies handle 40% of all oil trades and have taken a 60% slice of the metals trading business, 65% in cotton, 55% in coffee and 35% in cocoa, according to the industry association Suissenégoce.
The sector employs 35,000 people and contributes some 4% to the Swiss economy, Suissenégoce said in its annual report published in March.
Geopolitical ructions and mounting sanctions against Russia have had a dramatic effect on Swiss-based trading, FSO figures from Wednesday reveal.
Sales in the service sector as a whole fell 6.7% year-on-year in May, dragged down by a huge decline in commodities trading.
The concrete figures back up reports that commodities traders are retreating to new markets less affected by sanctions, such as the United Arab Emirates.
Companies registered in Dubai bought at least 39 million tonnes of Russian oil worth more than $17 billion (CHF14.6 billion) between January and April, according to the Financial Times.
The newspaper also reports that Swiss-based traders are steadily building up their UAE operations, which has become an increasingly important hub for Russian oil trading.
Russia-Iran: how the wheat trade is flourishing despite sanctions
This content was published on
Much of the trade in wheat between Russia and Iran goes through Switzerland, a transaction that, though exempt from sanctions, is a sensitive issue.
Federal offices and Xplain adopt data protection recommendations
This content was published on
Swiss authorities and its private contract processors are required to review their cooperation after an investigation into leaked data.
This content was published on
Heavy rainfall has caused severe flooding in northern Armenia and cost lives. Switzerland dispatched a team of seven engineers to the region.
Swiss House of Representatives does not want to recognise Palestine as a state
This content was published on
By 131 votes to 61 with 2 abstentions, the House of Representatives said 'no' to the postulate put forth by the Social Democratic Party.
This content was published on
The peak of the snow accumulation was most likely reached on Monday, wrote glaciologist Matthias Huss on the social media platform X on Tuesday.
US Vice President Harris to attend Ukraine peace conference
This content was published on
US Vice President Kamala Harris and US President Joe Biden's security advisor, Jake Sullivan, will take part in the Ukraine peace conference.
FINMA director expects cooperation and transparency from banks
This content was published on
"I demand complete and unfiltered access to all information", said the director of the Swiss Financial Market Supervisory Authority said in an interview.
Swiss Senate wants additional billions for the army
This content was published on
The increase in the payment framework is intended to ensure that the army budget reaches the target value of 1% of gross domestic product by 2030.
Swiss Senate rejects special fund for army and Ukraine
This content was published on
There will be no CHF15 billion ($17 billion) special fund for the army and reconstruction in Ukraine. The Senate has clearly rejected a motion by its security policy committee.
Earthquake service reports 4.4 magnitude quake in central Switzerland
This content was published on
The earthquake was probably felt throughout Switzerland, according to the Swiss Seismological Service of federal technology institute ETH Zurich.
Switzerland has to ‘go above and beyond’ to implement sanctions
This content was published on
The war in Ukraine should be a turning point for Switzerland to change its mindset on transparency, says financial crime expert Tom Keatinge.
Despite criticism, the Swiss say they’re model enforcers of Russia sanctions
This content was published on
Is the criticism against Switzerland justified? Ambassador Erwin Bollinger defends Switzerland's sanctions implementation record.
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.