Trading Partner Portal: Switzerland
Overview
Toward a US-Swiss Trade Agreement
Competitive Enterprise Institute, February 7, 2024
Trade Overview
Two-way trade between the United States and Switzerland was approximately $96.131 billion in 2022. The United States exported over $36.7 billion to Switzerland, making it the 14th largest export destination for the US. Exports consisted of $20.9 billion in primary metal manufacturing, $4.5 billion in miscellaneous manufactured commodities, and $4.3 billion in chemicals. Imports from Switzerland were $59.4 billion, with the top categories being chemicals, primary metals, computer/electronic products, and reimports. (US Department of Commerce)
Foreign Direct Investment
According to the Swiss Embassy in the United States, Switzerland is one of the largest investors in R&D in the US, with more than $10.2 billion invested in 2020. In 2021, the U.S. invested $216 billion into Switzerland, while Swiss investment in the U.S. reached $228.84 billion. Switzerland is the 8th largest source of FDI in the US in 2021. In 2020, Swiss FDI in the US supported 477,000 jobs and contributed $15.1 billion to expanding US exports. The top industry sectors for Swiss FDI in the US are: real estate, industrial equipment, software and IT services, food and beverages, financial services, and electronic equipment. (Select USA)
California – Switzerland Trade Relations
Swiss-owned companies create more jobs for California than any other state in the United States. Employment in California by Swiss-owned companies reached 61,000 in 2012, almost double the amount of any other state in the country. (Swiss Embassy)
In 2022, California was one of the top state exporters to Switzerland with over $1.54 billion. Switzerland is California’s 24th largest export destination. Chemicals were credited with $734 million. Miscellaneous manufactured commodities with $217 million. Computer and electronic products with $213 million. Second-hand merchandise held with $153 million. Imports into California from Sweden totaled $3.4 billion in 2022 with top imports including: computer and electronic products, primary metals, and reimports. (US Department of Commerce)
In California, Switzerland was the sixth largest source of FDI through foreign-owned enterprises (FOEs) in 2022. In 2022, Swiss FOEs in California provided over 40,507 jobs through 723 firms amounting to $5.13 billion in wages. The top jobs by sector are: manufacturing, financial activities, professional/business services, wholesale trade, and other services (World Trade Center Los Angeles FDI Report).
We Need a Free Trade Deal with Switzerland
The Heritage Foundation, August 8, 2018