The United States overtook Germany as Switzerland’s biggest export market last year, largely thanks to strong growth in chemicals and pharmaceuticals over the past two decades, the Swiss customs office said on Tuesday.
Swiss exports to the United States hit a record 46.95 billion Swiss francs ($50.42 billion) last year, after growing an average of 6.3% a year since 2001, three times faster than the No. 2 export markets. and 3, Germany and Italy
Germany had been the Alpine country’s biggest export market since 1954.
The growth of Swiss exports to the United States was driven above all by chemicals and pharmaceuticals, whose shipments amounted to CHF30.1 billion last year, compared to CHF4.3 billion in 2001, equivalent to almost two-thirds of exports. to the US market, according to the customs office.
Machines and electronics were the second largest category, accounting for 8.3% of total exports to the United States, followed by precision instruments and watches.
($1 = 0.9312 Swiss francs)