According to allcitypopulation, Switzerland is a small landlocked country located in the heart of Western Europe. It is bordered by France, Germany, Italy, Austria and Liechtenstein. The area of Switzerland is 41,285 square kilometers, making it one of the smallest countries in Europe. Switzerland has a varied terrain with large areas of high elevation and mountain ranges such as the Alps and Jura Mountains. The highest point in Switzerland is the Dufourspitze at 4,634 meters above sea level. This mountainous terrain has made Switzerland one of the most popular tourist destinations in Europe due to its stunning natural beauty. According to Petwithsupplies, the capital city of Switzerland is Bern with a population of 123,000 (estimate 2012). Other major cities include Zurich with a population of 381,000, Geneva with a population of 191,000, Basel with a population of 167,000, Lausanne with a population of 130,000 (estimate 2012).
The economy of Switzerland is based on a highly productive and advanced service sector which accounts for around 75 percent of GDP. The main industries are banking and finance, insurance, pharmaceuticals and chemicals as well as tourism. Manufacturing makes up about 20 percent of GDP with precision machinery being a major export product for the Swiss economy. Agriculture makes up a small percentage but still plays an important role in providing food for domestic consumption as well as some exports including cheese and chocolate. The Swiss currency is the Swiss franc (CHF) which is used throughout the country and closely linked to the euro (EUR). In terms of GDP per capita, Switzerland ranks among the highest in Europe making it one of the wealthiest countries in the world.
Foreign Trade of Switzerland
Switzerland has a strong foreign trade sector that is heavily reliant on exports. It is the 19th largest exporter in the world and the 21st largest importer. The main exports are pharmaceuticals, chemicals, precision instruments, watches and clocks, textiles and clothing as well as agricultural products such as cheese and chocolate. Switzerland’s main export partners are Germany, France, Italy, the United States and Austria. The main imports of Switzerland are crude oil and petroleum products, machinery and equipment as well as computers and electronics. The main import partners are Germany, Italy, China, France and the United States.
In terms of foreign direct investment (FDI), Switzerland is one of the most attractive locations in the world for multinational companies due to its stable political environment, highly skilled workforce and competitive tax rates. Foreign investors have invested more than $1 trillion in Swiss companies over the past decade making it one of the top recipients of FDI worldwide. This has helped to drive economic growth in Switzerland with GDP per capita among the highest in Europe.
The World Trade Organization (WTO) ranks Switzerland among its top ten members for merchandise trade with total imports and exports worth more than $150 billion a year making it an important player in global trade. As a member of both EFTA (European Free Trade Association) and WTO (World Trade Organization), Switzerland has negotiated a variety of free trade agreements with over 60 countries including Japan, Canada, India, Mexico and South Korea which help to boost its foreign trade activity even further.
Major Trading Partners of Switzerland
One of the main trading partners of Switzerland is Germany. The two countries have a long history of trade and economic ties, and Germany is currently Switzerland’s largest export market. In 2019, Swiss exports to Germany totaled around $26 billion, while imports from Germany amounted to nearly $20 billion. Switzerland’s main exports to Germany include pharmaceuticals, chemicals, precision instruments, watches and clocks as well as textiles and clothing. Imports from Germany include machinery and equipment as well as computers and electronics.
France is another major trading partner of Switzerland with total bilateral trade amounting to over $20 billion in 2019. Swiss exports to France include pharmaceuticals, chemicals, precision instruments, watches and clocks as well as agricultural products such as cheese and chocolate. Imports from France include crude oil and petroleum products, machinery and equipment as well as computers and electronics.
Italy is also a major trading partner for Switzerland with total bilateral trade reaching nearly $19 billion in 2019. Swiss exports to Italy include pharmaceuticals, chemicals, precision instruments, watches and clocks as well as textiles and clothing while imports from Italy are mainly machinery and equipment along with computers and electronics.
The United States is another key trading partner for Switzerland with total bilateral trade amounting to more than $17 billion in 2019. Swiss exports to the US include pharmaceuticals, chemicals, precision instruments, watches and clocks while imports from the US are mainly crude oil products along with machinery parts.
Finally, Austria rounds off the list of top five trading partners for Switzerland with total bilateral trade amounting to around $6 billion in 2019. Swiss exports to Austria include pharmaceuticals, chemicals precision instruments watches & clocks while imports from Austria are mainly machinery & parts along with computers & electronics.
Major Imports and Exports of Switzerland
Switzerland is known for its diverse and vibrant economy, with exports and imports playing a key role in its growth. Swiss exports are primarily composed of pharmaceuticals, chemicals, precision instruments, watches and clocks as well as textiles and clothing. Switzerland’s main export partners are Germany, France, Italy, the United States and Austria.
Germany is Switzerland’s largest export partner with total bilateral trade amounting to over $26 billion in 2019. Swiss exports to Germany include pharmaceuticals, chemicals, precision instruments, watches and clocks as well as textiles and clothing while imports from Germany include machinery and equipment along with computers and electronics.
France is another major trading partner of Switzerland with total bilateral trade amounting to over $20 billion in 2019. Swiss exports to France include pharmaceuticals, chemicals, precision instruments, watches and clocks as well as agricultural products such as cheese and chocolate while imports from France include crude oil products along with machinery parts.
Italy is also a major trading partner for Switzerland with total bilateral trade reaching nearly $19 billion in 2019. Swiss exports to Italy include pharmaceuticals, chemicals precision instruments watches & clocks while imports from Italy are mainly machinery & parts along with computers & electronics.
The United States is another key trading partner for Switzerland with total bilateral trade amounting to more than $17 billion in 2019. Swiss exports to the US include pharmaceuticals, chemicals precision instruments watches & clocks while imports from the US are mainly crude oil products along with machinery parts.
Finally, Austria rounds off the list of top five trading partners for Switzerland with total bilateral trade amounting to around $6 billion in 2019. Swiss exports to Austria include pharmaceuticals chemicals precision instruments watches & clocks while imports from Austria are mainly machinery & parts along with computers & electronics.
In addition to these countries there are several other important trading partners such as the UK, Spain, Netherlands, Belgium, China etc which contribute significantly towards the country’s overall import-export balance. In terms of import, Switzerland relies heavily on countries like Germany, France, USA, China etc. Major items imported by Switzerland includes petroleum products (crude oil), electrical equipment (computers & electronic), machinery (parts) etc.