Trade and economic cooperation between Ukraine and Switzerland
Switzerland is one of the leading trade partners of Ukraine. According to the results of 2022, Switzerland took 15th place in the volume of bilateral trade in goods between Ukraine and European countries with a specific weight of 2.2% of the total volume of trade.
In 2023, Russia's full-scale aggression against Ukraine remained a factor of negative impact on bilateral economic relations.
At the same time, there is a positive trend to stop the fall in bilateral trade volumes: in the first seven months of 2023, the total volume of trade in goods amounted to 720.035 million dollars. USA: export - 90.699 million US dollars, and import - 629.336 thousand US dollars.
The third quarter of 2023 confirmed the continuation of this trend. According to the results of 9 months, the turnover between Ukraine and Switzerland amounted to 912.1 million dollars. USA, which by 4.4% or 38.3 million dollars. The USA has more goods trade volumes for the corresponding period of 2022. Export volumes of Ukrainian goods to Switzerland amounted to 122.7 million dollars. USA and increased by 26.1% compared to the corresponding period of 2022, import volumes increased by 1.7% and amounted to 789.4 million dollars. USA.
The rate of growth of Ukrainian exports exceeded the rate of growth of Swiss imports by almost an order of magnitude. At the same time, the balance in trade in goods for this period is negative for Ukraine and amounts to 666.7 million dollars. USA.
According to the results of January-September 2023, the structure of exports of Ukrainian goods to Switzerland is dominated by supplies of: ferrous metals - 20.5% (volumes increased 38 times and amounted to 25.2 million US dollars); seeds and fruits of oleaginous plants - 12.4% (volumes increased 3.4 times and amounted to 15.2 million US dollars); grain crops – 8.4% (volumes decreased by 17.3% and amounted to USD 10.4 million); fats and oils of animal or vegetable origin - 5.8% (volumes decreased by 65.9% and amounted to 7.2 million US dollars); furniture - 5.7% (volumes increased by 41.9% and amounted to 7.0 million USD).
According to the results of the I-III quarters. In 2023, the structure of the import of Swiss goods was dominated by supplies of: mineral fuel, oil and products of its distillation - 57.5% (volumes decreased by 16.4% and amounted to 454.1 million US dollars); natural or cultured pearls, precious or semi-precious stones - 8.0% (volumes increased by 2.7 times and amounted to 62.9 million US dollars); pharmaceutical products – 6.6% (volumes increased by 66.8% and amounted to USD 52.3 million); plastics, polymer materials – 3.3% (volumes decreased by 18.5% and amounted to USD 26.3 million); other finished textile products – 3.0% (volumes increased by 48.7% and amounted to 23.9 million USD).
The trend of growth for the second year in a row in the volume of exports of Ukrainian furniture, as a product with a higher, compared to wood and lumber, degree of processing and level of added value, deserves attention.
During the period of introduction of the legal regime of martial law in Ukraine, the state statistics bodies do not form and do not disseminate information on the export/import of services. Statistical information on investments in the economy of Ukraine is also not made public or disclosed.
As of the end of 2021, Swiss investments in the economy of Ukraine reached 4,003.3 million dollars. USA, which is 8.7% of the total volume of direct foreign investments involved in the country's economy. In terms of investment volume, Switzerland is one of the five largest foreign investors.
Currently, the Swiss company Nestle is investing up to 50 million dollars. USA in the expansion of production capacities in Ukraine (Volyn region).
The Global Clearance Solutions company has completed the implementation of the project for the construction and commissioning of the logistics and service center (Kyiv region) for the maintenance of mechanized demining machines.
The Joint Ukrainian-Swiss Committee on Trade and Economic Cooperation remains the effective mechanism for coordinating bilateral cooperation in the field of economic cooperation. The 14th meeting of the Committee, which was supposed to take place in 2023, is planned for 2024 (the specific date is determined by the Co-Chairs of the Committee).