Mexico Takes Lead as Switzerland's Most Significant Trade Ally in Latin America

In a shift in trade relations between Switzerland and Latin America, Mexico has emerged as the most important new trade partner for the European country, surpassing Brazil in this category. This data comes from the Latin America Report 2024 published by the State Secretariat for Economic Affairs (SECO), which reveals significant changes in the regional economic landscape.

The bilateral trade volume between Switzerland and Latin America reached 19.1 billion Swiss francs in 2023, a slight decrease of 1.6% compared to the previous year. Despite this, Swiss exports grew by 6% to reach 7.6 billion Swiss francs, while imports decreased by 6%, totaling 11.5 billion Swiss francs. The report highlights that precious metals dominated imports at 78%, while chemicals and pharmaceuticals led exports to Latin America, accounting for 65%.

Mexico and Brazil as Main Trade Partners

Mexico and Brazil account for 64% of Switzerland’s total exports and are the key trade partners in the region. However, in 2023, Mexico became the most important partner for Switzerland in Latin America and the Caribbean in terms of total trade, according to the SECO report. Swiss imports from Mexico increased by 16% and reached their highest point in the region, surpassing Brazil. The total volume reached 4.8 billion Swiss francs, with Swiss exports amounting to 2 billion Swiss francs and imports from Mexico at 2.8 billion Swiss francs. The main exports were chemicals, pharmaceuticals, and precision instruments.

SECO emphasizes that Switzerland and Mexico enjoy a robust legal framework for bilateral economic relations, supported by a free trade agreement, an investment protection agreement, and a double taxation agreement, as stated in the report. This new commercial dynamic between Switzerland and Mexico not only reflects the evolution of the regional economic landscape but also highlights the growing importance of Mexico as a strategic partner in the international arena.