U.S. surpasses Germany as top Swiss export market as pharma booms

div classBodysc17zpet90 cdBBJodivpZURICH Reuters – The United States overtook Germany as Switzerlands biggest export market last year, mainly thanks to strong growth in chemical and pharmaceutical products over the last two decades, the Swiss customs office said on Tuesday.p

pSwiss exports to the United States hit a record 46.95 billion Swiss francs 50.42 billion last year after growing by an average of 6.3 per year since 2001, three times faster than the No.2 and No.3 export markets, Germany and Italy. pdivdivdiv classBodysc17zpet90 cdBBJodiv

pGermany had been the Alpine countrys biggest export market since 1954.p

pGrowth of Swiss exports to the United States was mostly driven by chemical and pharmaceutical products whose shipments rose to 30.1 billion francs last year from 4.3 billion francs in 2001, equivalent to almost twothirds of exports to the U.S. market, the customs office said.p

pMachines and electronics were the secondbiggest category, representing 8.3 of total exports to the United States, followed by precision instruments and watches.p

p1 0.9312 Swiss francsp

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pp Reporting by Silke Koltrowitz editing by Jason Neelyp

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