ready-made watches were somewhat shrinking. See the TPR gateway for explanations and background. This page contains trade performance and investment data as well as highly innovative trade flow trends and analysis specially developed by ITC. Switzerland’s official monetary unit is the Swiss franc, which is also used in Liechtenstein. EU data is taken from Eurostat's COMEXT database. trade deficit In 2019, our country exported 134 222 tonnes, of which 25.4% went to Germany and 9.2% to the United Kingdom. It’s a diverse and mature economy with opportunities in all sectors. Switzerland’s openness to foreign trade and investment has provided real stimulus for the vibrant and robust economy. In order to simplify international trade, Switzerland has concluded free trade agreements with partner countries. was very successful in exporting mostly watch parts, while exports of factors benefiting international trade. diversify the array of goods and services available locally. one of the strongest currencies in the world and the country is known Suppliers and manufacturers need to ensure products are safe under Swiss regulations. Published on Nov 26, 2020. Among other leading imports are manufactured goods, motor vehicles, and chemical products. It is constantly at the fore front in advocating further liberalisation of trade. Study in Switzerland. The tourist industry as a whole employs more people than are engaged in farming and is heavily dependent on foreign labour. Chief Swiss exports include machinery, chemicals, metals, watches, Although not part of the EU, Switzerland is a member of the European Free Trade Association (EFTA). These include: free movement of persons, technical trade barriers, public procurement, agriculture and air and land transport. first 9 months of 2000, compared to more than a US$1 billion surplus for 2020 : U.S. trade in goods with Switzerland . Netherlands, 5 percent; Britain, 5 percent); the United States, 6 Raw materials, food, vegetable oils, and fuel account for about one-quarter of total imports and are transported by rail, truck, and barge. Well-developed and globally competitive sectors, such as banking, insurance, freight and transport, have contributed to the development of international trade across Switzerland. percent; and Japan, 3 percent. Switzerland Trade Last Previous Highest Lowest Unit; Balance of Trade 2870.66: 2425.09: 4103.94-1478.68: CHF Million: Current Account The Swiss Confederation during the Late Middle Ages. Tourism is a significant source of revenue for Switzerland, with receipts slightly outpacing expenditures by Swiss tourists abroad. Whether you're new to international trade, or expanding market reach, you can rely on our importing and exporting expertise. WTO ensures all member countries are following requirements set upon them and that the requirements are being implemented correctly. ICC International Court of Arbitration® The International Court of Arbitration® is the world’s leading arbitral institution. International Trade in Switzerland Switzerland has a highly successful market-based economy. Get by Email • RSS. The Swiss franc is to the Main International Economic Cooperation Member of World Trade Organisation Switzerland has a customs union with Liechtenstein in 1924. Traditionally Switzerland has been among the forerunners in liberalizing and facilitating international trade, upon which its economy is heavily dependent. Trade Balance (2018) $31,858,719,513. Most of Switzerland’s trade is with the EU, with about three-fourths of its imports coming from and three-fifths of its exports going to EU countries. Commonwealth of Independent States The … We're one of the world's largest customs brokerage and logistics consultants, providing customs clearance, transportation services, warehousing facilities, and international trade … surplus of more than US$500 million. Nearly two-thirds of overnight stays are in the Alps and the Alpine foothills. The Bakbasel research institute has evaluated this on behalf of the Parliamentary Administration Control. Such negative trade balance is typical, A great plus is the kind population, the great shops and economy, and the international atmosphere, where students and people from all over the world come in search of great education and living conditions. Zurich (in German, Zürich), is located at the north end of Lake Zurich, and is surrounded by … Bilateral trade between the UK and Switzerland is worth over £31.9 billion a year. watches, and metals. Search Documents Online These links open a new window: allow a moment for the results to appear. But how do these agreements benefit the Swiss economy? export sector, supply raw materials for the domestic manufacturers, and The banking system follows a two-tiered approach. that if international crude oil prices had remained unchanged over that Primary destinations for Swiss tourists include France, Spain, Italy, and Germany. U.S. exports to Switzerland include gold, pharmaceutical products, art and antiques, optic and medical instruments, and aircraft. It is almost certain itself competitive. The International Trade Administration, U.S. Department of Commerce, manages this global trade site to provide access to ITA information on promoting trade and investment, strengthening the competitiveness of U.S. industry, and ensuring fair trade and compliance with trade laws and agreements. To facilitate free trade with the EU, Swiss legislation has adapted to EU law in several areas. Since 2002, the country has signed agreements with the EU regarding seven key trade … textiles, agricultural products, and imports include raw materials, The largest banks, United Bank of Switzerland (UBS; created in 1998 from the merger of the Union Bank of Switzerland and the Swiss Bank Corporation) and the Credit Suisse Group, are among the largest financial institutions in the world and have branches in major cities throughout the world. Among its individual trading partners, Germany is its leading market, receiving about one-fifth of Switzerland’s exports and providing about one-fourth of its imports. The Swiss economy is extremely open to foreign trade, which represents 120% of the country’s GDP (World Bank - 2018). driven by the expansion of the EU and other foreign markets, and strong The business links between Switzerland and the UK are extremely strong with more than 80 flights per day linking the UK with Switzerland. Panoramic view of Furka Pass in Switzerland. percent (Germany, 33 percent; France, 12 percent; Italy, 10 percent; the ITC aims to assist Switzerland in creating sustainable trade linkages with the developing world by sourcing good quality products from these growing export markets. Among Switzerland’s trading partners that generate the greatest positive trade balances, Swiss surpluses with Slovenia (up 550.6%), Canada (up 66.1%) and United States (up 27.1%) grew at the fastest pace from 2018 to 2019. To perform the trademark prosecution in Switzerland, foreign persons should appoint an agent, a registered Swiss trademark attorney. The cornerstone of EU-Swiss relations is the Free Trade Agreement of 1972. The United States (U.S.) has an organic equivalency arrangement with Switzerland. Details may not equal totals due to rounding. Table reflects only those months for which there was trade. Traditionally Switzerland has been among the forerunners in liberalizing and facilitating international trade, upon which its economy is heavily dependent. Liberalising global trade is increasingly becoming an end in itself, when in reality it should be seen as a means to an end. Trade: The top exports of Switzerland are Gold ($63.8B), Packaged Medicaments ($44.1B), Blood, antisera, vaccines, toxins and cultures ($28B), Base Metal Watches ($13.7B), and Jewellery ($11.1B). Among the principal foreign visitors to Switzerland are Germans, who account for more than one-fourth, followed by Americans, Britons, and Japanese. with growth of more than 40 percent, although from a low base in 1999. Principal economic partners in 1998 included the EU, 80 The Bank for International Settlements was founded in Basel in 1930 to handle war reparations from Germany. Exports of goods and services (% of GDP) (2019) [2] 66.03%. Thus, during the 1990s there was a focus on increasing the efficiency of the banking sector, which underwent consolidations and restructuring. The banking sector alone represents 9.1% of the GDP and is in a moderately good shape despite considerable headwinds. Trade in agricultural goods From 1 January 2021, international systems can be used for agricultural goods when importing from, or exporting to Switzerland. Brief summary is based on the information provided by Oriti Patents on 23.01.2020 As a consequence of the rejection of the EEAmembership in 1992, Switzerland and the EU agreed on a package of seven sectoral agreements signed in 1999 (known in Switzerland as "Bilaterals I"). Export taxes becoming more prevalent globally. Note; Online Search Databases: Swiss Trademarks, International Trademarks. textiles. Along with banking and other financial services, there is a large sector that specializes in insurance and reinsurance (which provides insurance for the insurance companies). the same period of 1998. Since 2002, the country has signed agreements with the EU regarding seven key trade … exports. Traditionally, its merchandise trade deficit has been generously compensated by a surplus trade in services. incomes boost domestic consumption and imports consequently outgrow Products have to: 1. meet relevant safety standards 2. have clear instructions for proper use 3. include warnings again… export growth product categories included precision instruments, Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. The The European Union is Switzerland's largest trade partner, accounting for two-thirds of its total foreign trade. Apart from the traditionally important retail trade component of the service sector, business-related services are a fast-growing subsector, partly reflecting the outsourcing trend in the industry sector. International trade has long been the key to prosperity in Switzerland. of the troubled Swiss textile industry. This country page also makes use of ITC’s LegaCarta tool, which offers a country … With globalization, features that were once unique to Swiss banks—discretion, reliability, and a high degree of professionalism—have been emulated by the world’s major financial institutions. Switzerland had a total export of 310,524,275.09 in thousands of US$ and total imports of 278,665,555.58 in thousands of US$ leading to a positive trade balance of 31,858,719.51 in thousands of US$ The Effectively Applied Tariff Weighted Average (customs duty) for Switzerland is 1.70% and the Most Favored Nation (MFN) Weighted Average tariff is 3.42%.The trade growth is 1.21% compared to … Switzerland - International trade. A central location, political stability, and privacy laws—the Swiss Banking Law (1934) made it a criminal offense to divulge information about clients and their accounts without consent—have been key factors in making Switzerland one of the world’s most important financial centres. Alpine lake, with Matterhorn in the background, Switzerland. Switzerland went through between 1998 and 2000— when higher local Switzerland is also home to the world’s oldest international financial organization. Due to its focus on exports, Switzerland is a very active player in the field of global trade policy. Trade with the EU in 2000 fell below During the Middle Ages healing spas such as Baden, Bad Pfäfers, Leukerbad, and Rheinfelden flourished, while mountain-pass hospices such as those on the Great Saint Bernard or the Furka were the predecessors of Alpine hotels. NOW 50% OFF! Trade (expressed in billions of US$): Switzerland. CE marking is not required in Switzerland. Swiss chocolate is very popular abroad. This Traditionally, its merchandise Total Trade [1] Total Exports (2018) $310,524,275,089. Under the WTO, Switzerland is committed to lowering customs tariffs and to keep open services markets. South Africa has joined the bandwagon in imposing export taxes to either collect more revenue or alter the flow of goods across borders. The headquarters of the Bank for International Settlements is in Basel, Switzerland. View a time-lapse tour of Zürich at night. has traditionally very liberal trade and investment policies, its Since December 2000 Switzerland and Liechtenstein have held joint Trade Policy Reviews. Total Imports (2018) $278,665,555,576. The International Trade Centre supports the #OrangetheWorld campaign At a time when lockdown has triggered a rise in domestic violence, this is more important than ever ; Women have a vital role to play in post-pandemic recovery (CIS, the former USSR), South Korea, China, and Turkey, each. period, the Swiss trade balance would have accumulated probably a country is heavily dependent on export markets to maintain its large (01.12.2020) Annual report 2019 The 2019 annual report on Swiss foreign trade not only provides an overview, but also shows the development of foreign trade by goods, continent and country. Principal suppliers include France, Italy, and China. Switzerland’s major exports are machinery and equipment, chemical-pharmaceutical products, watches, and textiles and apparel. The free exchange of goods and services has come under pressure recently due to trade wars, protectionism and a trend towards de-globalisation or ‘glocalisation’ further spurred on by Covid-19. Benefits for UK businesses exporting to Switzerl… percent also largely due to increasing oil prices. Export growth was also impressive Switzerland accumulated a trade deficit of nearly US$554 million in the EU-27 - Switzerland international trade in goods statistics - graphs and tables; Data sources. Exports declined 0.4 percent from a month earlier to CHF 17.8 billion, dragged down by sales of chemical & pharmaceutical products, precision instruments, and food and beverages. In 2000, Credit Suisse and UBS agreed to pay two billion Swiss francs to international Jewish organizations to be shielded from lawsuits related to such accounts. U.S. imports from Switzerland include pharmaceutical products, organic chemicals, optic and medical instruments, machinery, and agricultural products. Switzerland International Trade Newswire. 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