Trump's tariffs are coming to nothing Swiss exports to the USA rise by 3.9 percent despite tariffs
Swiss foreign trade increased in 2025 despite the tariff battle unleashed by US President Donald Trump. Exports reached a record level. Exports to the USA even rose by 3.9 percent.
29.01.2026, 08:47
29.01.2026, 09:31
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- Despite Trump's tariffs, Switzerland exported more to the USA in 2025 than in 2024.
- Exports rose by 3.9 percent.
- Imports from the USA, on the other hand, fell by 5.7 percent, while total imports into Switzerland increased.
Switzerland's foreign trade is also growing in a difficult year. Specifically, exports increased by 1.4% to CHF 287.0 billion in 2025 as a whole, as reported by the Federal Office for Customs and Border Protection (FOCBS) on Thursday.
Despite Trump's tariffs, exports to the USA rose even more strongly. They were worth CHF 54.7 billion, an increase of 3.9% compared to 2024. "Bloomberg" even writes of a record value that Switzerland has achieved in trade with the USA.
Imports of US goods developed in the opposite direction. Their value fell by 5.7% to 13.3 billion Swiss francs compared to 2024.
Vehicles and jewelry
Overall, imports rose by 4.5% to CHF 232.7 billion. This means that the USA has become less important as an importer into Switzerland.
Imports thus reached the second-highest level in history. The surplus in the trade balance amounted to CHF 54.3 billion, after a record CHF 60.6 billion in the previous year.
Exports increased primarily thanks to chemical and pharmaceutical products, which rose by 3.3 billion francs to a record 152 billion francs and 53% of total exports. Exports of vehicles as well as jewelry and jewelry goods also grew.
By contrast, machinery, electronics and appliances as well as watches declined again. In regional terms, exports to North America and Europe increased significantly, particularly to Germany, Austria, Italy and Ireland. In contrast, deliveries to Asia declined, particularly to China, Japan and Hong Kong.
The higher imports were mainly attributable to chemical-pharmaceutical products. There was also a significant increase in imports of foodstuffs, animal feed and luxury foods as well as jewelry and jewelry goods.
Declining foreign trade in December
In December 2025, exports fell by 4.5% compared to the previous month to CHF 22.5 billion. The decline in exports of chemical and pharmaceutical products was the main reason for this. Imports fell by 1.0% to 19.5 billion Swiss francs. This results in a trade surplus of 3.0 billion Swiss francs.
