Mexico overtakes Brazil in trade with Switzerland

05 April 2024 15:06

SwissCham Mexico

Bern - Mexico has replaced Brazil as Switzerland's most important trading partner in Latin America. This is the latest result from the Latin America Report 2024 published by the State Secretariat for Economic Affairs (SECO).

In Switzerland's economic relations with Latin America and the Caribbean, Mexico has replaced Brazil as the top trading partner. The State Secretariat for Economic Affairs (SECO) published the report “Switzerland - Latin America: Economic Relations Report 2024”.  

In 2023, bilateral trade with the Latin America region reached a volume of 19.1 billion Swiss francs, which is 1.6 per cent less than in the previous year. Swiss exports rose by 6 per cent to 7.6 billion Swiss francs, while imports fell by 6 per cent to 11.5 billion Swiss francs. Precious metals dominated imports, accounting for 78 per cent, and chemical and pharmaceutical products dominated exports to Latin America with 65 per cent.  

At 64 per cent of total exports, the majority of Swiss exports went to Brazil and Mexico, which became Switzerland's main trading partners. In 2023, Mexico was Switzerland's most important trading partner in Latin America and the Caribbean in terms of total trade, according to the report. Switzerland's imports from Mexico increased by 16 per cent and are now the highest in the region, followed by Brazil. The total volume amounts to 4.8 billion Swiss francs. Switzerland exported 2 billion Swiss francs and imported 2.8 billion Swiss francs from Mexico. The main exports are chemical and pharmaceutical products, as well as machinery and precision instruments.  

According to SECO, Switzerland and Mexico have a solid legal framework for bilateral economic relations. A free trade agreement, an investment protection agreement and a double taxation agreement are all in force. ce/gba

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