Trading Partner Portal: Switzerland
Overview
Toward a US-Swiss Trade Agreement
Competitive Enterprise Institute, February 7, 2024
Trade Overview
Switzerland is a landlocked country in central Europe, known for its alpine lakes, tall mountains, small farms, and thriving cities. It boasts a population of around 8.9 million people and has a GDP of $942 billion. Its capital city is Bern, and judicial center is located in Lausanne, its large cities house much of its industry and commerce. It is bordered by France to the west, Germany to the north, Austria to the east, and Italy to the south. It’s well-known for its neutrality in many world affairs throughout history, with Geneva being on of their most used cities for many internal and external organizations like the UN.
U.S. – Swiss Trade
Two-way trade between the United States and Switzerland was approximately $88.37 billion in 2024. The United States exported over $25.04 billion to Switzerland, making it the 20th largest export destination for the U.S. Top exports consisted of primary metal manufactures ($10.34 billion), chemicals ($4.42 billion), miscellaneous manufactures ($3.32 billion), used or secondhand merchandise ($1.61 billion), and transportation equipment ($1.44 billion).
Imports from Switzerland were $63.33 billion, with the top categories being chemicals ($24.15 billion), primary metal manufactures ($14.18 billion), computer/electronic products ($9.15 billion), non-electrical machinery ($3.53 billion), and goods returned ($3.07 billion). (US Department of Commerce)
California – Switzerland Trade
In 2024, California was one of the top state exporters to Switzerland with over $1.74 billion. Switzerland is California’s 23rd largest export destination. The top export category was chemicals with a total of $875 million. This was followed by used or second-hand merchandise ($264 million), computer and electronic products ($201 million), miscellaneous manufactures ($143 million), and non-electrical machinery ($60 million).
Imports into California from Switzerland totaled $3.11 billion in 2024 with top imports including: computer and electronic products ($925 million), primary metal manufactures ($465 million), chemicals ($382 million), reimports ($372 million), and non-electrical machinery ($290 million). (U.S. Department of Commerce)
FDI – Switzerland
According to the Select USA, in the United States, Switzerland is one of the largest investors in R&D in the U.S., with more than $12.9 billion invested in 2022. In 2023, the U.S. direct investment position was $238.2 billion into Switzerland, while Swiss investment in the U.S. reached $351.5 billion. Switzerland is the 7th largest source of FDI in the U.S. as of 2022, with Swiss FDI in the U.S. supporting 380,300 jobs and contributing $16.8 billion to expanding U.S. exports. The top industry sectors for Swiss FDI in the U.S. are real estate, industrial equipment, software and IT services, food and beverages, financial services, and business services. (Select USA)
In California, Switzerland was the sixth largest source of FDI through foreign-owned enterprises (FOEs) in 2024. Swiss FOEs in California provided over 49,398 jobs through 695 firms amounting to $5.83 billion in wages. The top jobs by sector are manufacturing, professional/business services, wholesale trade, retail trade, and financial activities (World Trade Center Los Angeles FDI Report).
We Need a Free Trade Deal with Switzerland
The Heritage Foundation, August 8, 2018