Switzerland laments lower exports to Italy

Swiss Custom Authorities report that the trade with Italy is weaken over time. Exports decreased by one third and the export values of 2016 (CHF 12.5 billion) was falling back to the level of 2002. Imports decreased by one fifth

Trade with Italy showed a differing development phases from 2002 – 2016.  2002-2008 imports grew on average by 8.0 % to the record level of CHF 21.4 billion, thus showing more dynamic than the ones from the EU (+6.4 %). On the other hand exports increased by 6.7 % to CHF 18.2 billion. With the beginning of the worldwide financial crisis (2008-09) and the following weakness of the EUR a drastic change took place. Whilst imports and exports retracted on average around 3.0 %, respectively 4.6 % (EU -2.5 % and 1.5 %) annually.

Altogether the volume of trade of goods with neighbouring Italy decreased since 2008 for imports by 21 % and 31 % for exports. By contrast, Italy ranks still as No. 2 for imports and No. 4 for exports. Switzerland’s balance of trade is negative and reached 2016 a new record with CHF-4.3 billion.

Exports to Italy showed a solely winner: watches (+1.5%), whereas machinery, apparatus and electronics (-7.2%), as well as chemical and pharma products (-3.2 %) suffered from 2008-2016. This compares during 2002-2008 for watches + 4.1 %, for machinery, apparatus and electronics with plus 2.8 % and chemical and pharma products +8.0 %.