Switzerland is one of the world’s most renowned exporters of high-end watches and clocks, but the country is also known for its export of chocolate and agricultural products, such as cheese.
Germany is Switzerland’s most impoartant trading partner, followed by the United States and countries in the European Union, such as France, Italy and Austria. Other non-European countries which are Swiss partners are Japan, India and China.
The majority of Swiss exports include finished products such as medicinal products, watches, precious jewelry or gold.
The agricultural products that make Switzerland famous, such as chocolate, cheese and wine, represent only a small portion of the total of goods exported by Switzerland.
Switzerland’s mineral resources are limited, thus the country has to import and process them, and then resell them as finished products. Although Switzerland is a manufacturer of agricultural products, the country still relies on imported products to satisfy the commercial demand.
Key products imported by Switzerland are: machinery, chemicals, metals, agricultural products and cars. Germany is Switzerland’s largest import partner, followed by Italy, France, the United States, and China.
The country’s relatively small domestic market is another important factor that determines Switzerland to rely on foreign markets for imports and investment. Switzerland has a high rating for investment
and many entrepreneurs choose to register Swiss companies
Trading with Switzerland
Switzerland is a member of the World Trade Organisation and the European Union has close ties with Switzerland, compared to other non-European Economic Area Countries.
The economic and trade relations between Switzerland and the European Union are governed by the Free Trade Agreement and a series of bilateral agreements. The Swiss economic policy is based on free trade and generally the country has low import duties and import quotas.