According to an analysis by the Swiss broadcaster RTS, Switzerland’s reliance on EU exports has declined in recent years.
Over the first quarter of 2019, for the first time, exports to the US exceeded those to Germany by more than CHF 1 billion reaching CHF 15.7 billion. Exports to the US have risen from 8.3% to 16.3% of total Swiss exports over the last 30 years.
Another Swiss export market on the rise is China, which has increased its share of Swiss exports from 3.2% to 7.8% over the last 30 years.
In addition, the share of Switzerland’s exports to the EU has declined from 65.5% to 52.1% over the 30 years to 2018.
The EU is still Switzerland’s most significant export destination but not quite as significant as it once was.
According to Switzerland’s State Secretariat for Economic Affairs (SECO) the shift away from the EU market is partly explained by the eurozone crisis between 2010 and 2015 which reduced eurozone demand. This was coupled with a currency shift that made Swiss products more expensive, something that affected EU buyers more than other nations.
In addition, the recent boom in US pharma sales has helped boost Swiss exports to the US.