Switzerland has an open trade economy based on low prices for manufactured goods and no limitation when it comes to quantity. This is one of the main reasons the economy is very stable and Switzerland attracts foreign investments. The Swiss goods that make the country famous all around the world for are watches, chocolate and cheese, but most of its exports are based on mechanical and electrical machinery.
Swiss exports are based on gold, watches and pharmaceuticals. The first place in Switzerland’s exports is occupied by gold with almost 20% and the second place is occupied by pharmaceuticals that represent almost 11.5% of the country’s total exports. Metal watches are the third exported goods by Switzerland with a quota of 5%. On a smaller scale Switzerland exports jewels, medical devices and machinery. The countries Switzerland exports to are Germany that imports 17% of Swiss goods, India that occupies the second place with 11% goods imported from Switzerland, The United States where Switzerland exports almost 9% of its products and services,followed by Hong Kong and France where Switzerland’s exports reach 6%. Other exports partners are Italy, The United Kingdom, Austria, Turkey, China and Japan.
Switzerland mainly imports metals, machinery and chemicals. The most imported good in Switzerland is gold that represents 21% of the country’s total imports. The second place is occupied by medicines with almost 6% and cars and car parts with almost 5%. Refined petroleum and jewels are also imported in Switzerland but in smaller quantities that reaches almost 4%. Among other goods imported by Switzerland we can find computers, chemical products, agricultural products and textiles. Swiss imports are based on German products with a 24%, Italian goods with 11% and U.S. goods that supply almost 10%. France supplies almost 7% of the country’s imports, while countries like China and Austria provide almost 4% of Swiss imports. In smaller percentages Switzerland imports from Austria, The United Kingdom, The Netherlands, Ireland, Japan and Russia.
Switzerland has a strong connection with the European Union when it comes to trading which is why trade agreements have been concluded. Among the most important of them we can find The Free Trade Agreement that regulated free trades for industrial goods, The Insurance Agreement that would allow Swiss companies to be established within the European Union with a minimum of restrictions, and a bilateral agreement that would help agriculture development and the circulation of workforce among others.
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