Trade and economic cooperation between Ukraine and Switzerland

According to Ukraine’s statistical data, the total bilateral trade in goods and services between Ukraine and Switzerland in 9 months of 2020 decreased by 23.3 percent YoY and amounted to USD 1,617 billion. Ukraine’s exports to Switzerland amounted to USD 636.3 million (- 18.9 %), imports to USD 981 million (- 25.9%). The volume of bilateral trade in goods and services turned negative for Ukraine and amounted to -344.7 million USD.

In 9 months of 2020, trade in goods between Ukraine and Switzerland decreased by 26.3 percent YoY to USD 922.9 million. Ukraine’s exports of goods to Switzerland grew by 11.9 percent to USD 81.7 million, while Ukraine’s imports   from Switzerland declined by 42 percent to USD 841 million. Therefore, Ukraine’s total balance in deficit was USD 759.3 million.

In 2020, Ukraine’s top exports to Switzerland were:

• Natural or cultured pearls, precious or semiprecious stones (gemstones) (39.5%).
• Fats and oils of animal or vegetable origin (8.5%).
• Paper and cardboard (6.5%).
• Grain crops (5.5%).
• Wood and wood products (4.2%).
• Cotton wool (2.9%).
• Furniture (2.5%).
• Rubber (2.1).
• Aluminum products (2.1%).
• Electric machines (2.0%).
• Residues and waste from the food industry (1.1%).
• Meat and meat by-product (1.2%).

Ukraine’s top imports from Switzerland were:

• Mineral fuels, oil and products of its distillation (45.5%).
• Pharmaceutical products (7.5%).
• Plastics polymeric materials (4.3%).
• Natural or cultured pearls, precious or semiprecious stones (gemstones) (8.8%).
• Electric machines (5.1%).
• Nuclear reactors, boilers or machinery (5.3%).
• Optical and photographic instruments and apparatus (3.4%).
• Land vehicles (2.8%).
• Finished textile products (2.6%).
• Tanning extracts (1.9%).

In 9 months of 2020, the volume of trade in services between Ukraine and Switzerland decreased by 18.7 percent YoY to USD 695 million. Ukraine’s exports of services  to Switzerland decreased by 23 percent to USD 555 million, while Ukraine’s imports of services from Switzerland declined by 12.3 percent to USD 140 million. Ukraine’s trade balance in services remained positive for Ukraine and amounted to USD +415 million.

The top exports of Ukraine’s services to Switzerland in 2020 were:

• Services for processing of material resources (31.5%).
• Transport services (36.2%).
• Telecommunications, computer and information services (8.6%).
• Business services (19.5%).
• Insurance services (2.1%).

Ukraine’s top import of services from Switzerland in 2020 were:

• Business services (28.8%).
•  Services in the field of telecommunications, computer (16.8%).
• Royalties and other intellectual property services (21.1%).
• State and government services (15.4%).
• Transport services (11.3%).
• Insurance services (3.9%).
•  Travel services (0.9%).

As of June 30, 2020, Switzerland has invested USD 3.082 billion in Ukraine’s economy, or 4.8% of total foreign direct investments in Ukraine. Switzerland is among the top 5 major investors into Ukraine’s economy.

As of June 30, 2020, Ukraine has invested USD 8 million in Switzerland.

The Swiss-Ukrainian Committee for trade and economic cooperation is making good progress. The latest 12th meeting was held in June 2020, in Bern. Participants of the meeting discussed the status of and prospects for the development of Swiss-Ukrainian economic relations. Effective work of the Committee and its positive impact on the development of economic relations between our countries was noted. As a result, a collective outcome has been signed. The next 13th meeting will be held in Kyiv in 2021.

Furthermore, the implementation of the new Cooperation strategy between Switzerland and Ukraine for 2020-2023 will provide funds of about 108 million Swiss Francs to support technical and humanitarian assistance projects.

Since June 1, 2012 the Free Trade Agreement between Ukraine and EFTA (Norway, Switzerland, Iceland and Liechtenstein) is in force.