USA replaces Germany as Switzerland’s top export market

Bern – The USA replaced Germany as Switzerland’s most important export market in 2021 for the first time in 70 years. Exports of Swiss companies to the USA have tripled over the past 20 years. Three quarters of the growth can be traced back to pharma products.

Exports of Swiss companies to the USA reached a new record high in 2021 with goods totaling just under 47 billion Swiss francs, the Federal Office for Customs and Border Security (FOCBS) writes in a press release. At the same time, the USA has now also replaced Germany as Switzerland’s most important export market for the first time in 70 years, it explains further.

According to the data collected by the analysts at the FOCBS, Swiss exports to the USA have tripled in the last 20 years. On average, exports to the USA have grown by 6.3 percent year on year since 2001. At the same time, exports to Germany have risen by an average of 2.1 percent.

Three quarters of the growth in exports to the USA can be attributed to the pharmaceutical industry, according to the surveys carried out by the analysts. In specific terms, exports of chemical-pharmaceutical products rose from 4.3 billion Swiss francs to 30.1 billion Swiss francs between 2001 and 2021. Their share in overall exports has surged from just under 31 percent to 64 percent across the same timeframe.

The share of exports for machinery and electronics has fallen over the past two decades from 28 percent to just 8 percent. However, the actual value of these exports has remained unchanged. At 11.5 percent, the highest average annual growth was seen in the category of food, drink and tobacco, although its share was only marginal overall.

Compliments of Switzerland Trade & Investment – a member of the EACCNY.