2021: Swiss Exports Soar to a New High
by swisschambei in Bilateral Relations
While the COVID-19 pandemic cast a massive shadow over Swiss foreign trade in 2020, it proved to be extremely robust in 2021. Exports grew by 15.2% to a new record high, while imports climbed by 10.1%. The difference in the pace of growth between exports and imports caused the trade surplus to rise to a substantial CHF 58.7 billion. The Swiss export industry sold more goods in all three major economic areas. Double-digit growth rates were observed in deliveries to Europe (+18.1%, or +21.9 bn) and North America (+17.0%, or +7.4 bn). Shipments to Asia were also up by 9.0%, or CHF 4.4 billion. In the case of Asia, the increase in exports to Hong Kong (+23.0%), China (new record), Japan and Singapore was significant. In Europe, Spain stood out with a rise of CHF 5.1 billion. The cumulative increase in exports to Germany, France and Italy amounted to CHF 9.2 billion. Meanwhile, sales to the United States expanded by CHF 7.4 billion, or +18.8%, thereby reaching a new record level. At the same time, 2021 saw the United States replace Germany as the most important buyer of Swiss products for the first time since 1954.