Account for $299.6 billion of income
Trade partners: Germany 32%, Italy 10.2%, France 8.5%, US 5.3%, Netherlands 4.5%, Austria 4.3%
Major Exports:
Account for $308.3 billion of income
Trade partners: Germany 19.2%, US 10.2%, Italy 7.9%, France 7.7%, UK 5.9%
- machinery
- chemicals
- metals
- watches
- agricultural products
- chocolate
Overall exchange rate: Exchange rate (average 2011): $1 U.S. = 0.8861 CHF or SFr
(The exchange rate is constantly changing with the economy)
Euro Vs. Swiss Franc exchange:
| 1 EUR = 1.20147 CHF | 1 CHF = 0.832312 EUR |
Switzerland has a small domestic market, and very few natural resources to turn to which is why imports and exports are so important to the economy. The country has a system where they receive imports and then resell them to countries they have formed trade agreements with to make a profit. More than half of the corporate economy is due to exporting. Switzerland is not formally part of the European Union but they have transformed many of their regulations of trading to match the union in order to make trade easier. The negotiation of agreements took approximately 4 years to complete. Asia and America are two countries that Switzerland was trying to expand on and has been successful thus far. America is the second largest importer of Swiss goods. The imports penetrate both urban and rural areas. Much of the land that is not in the city or near the mountains is for agriculture and one of the biggest imports is machinery which will help with building farming tools. Fuel is another major import which will help people driving in an urban area and the equipment used for agricultural purposes.
Trade Agreements:
- Very close relationship with the European Union
- 1972 a free trade agreement was established to destroy quotas
- Insurance agreement of 1989 allowed insurance companies to set roots in the European Union
- They created an agreement to support agriculture and to remove technical trade barriers
- Free movement of labor
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