Swiss perspectives in 10 languages

Swiss commodities trade plummets at faster rate

Oil tanker
The Ukraine war has disrupted the trade of oil and other commodities. Keystone / Rehan Khan

The trade of raw materials, such as oil, through Switzerland fell by almost a third in May compared to the same month last year.

The latest 32% monthly fall in commodities trading followed a 27.5% decline in April, 22% in March and double-digit negative figures going back to the start of the year.

+ Swiss trader link to the murky world of Russian oil

The latest figures from the Federal Statistical Office (FSO) show the volume of Swiss commodities trading in freefall as the Ukraine war rages on, destabilising the shipment of grains around the world and redirecting the flow of Russian oil.

Switzerland has established itself a one of the most important global hubs for trading oil, metals and foodstuffs.

Swiss-based companies handle 40% of all oil trades and have taken a 60% slice of the metals trading business, 65% in cotton, 55% in coffee and 35% in cocoa, according to the industry association Suissenégoce.

The sector employs 35,000 people and contributes some 4% to the Swiss economy, Suissenégoce said in its annual report published in March.

+ How Dubai became the ‘new Geneva’ for Russian oil

Geopolitical ructions and mounting sanctions against Russia have had a dramatic effect on Swiss-based trading, FSO figures from Wednesday reveal.

Sales in the service sector as a whole fell 6.7% year-on-year in May, dragged down by a huge decline in commodities trading.

The concrete figures back up reports that commodities traders are retreating to new markets less affected by sanctions, such as the United Arab Emirates.

Companies registered in Dubai bought at least 39 million tonnes of Russian oil worth more than $17 billion (CHF14.6 billion) between January and April, according to the Financial Times.

The newspaper also reports that Swiss-based traders are steadily building up their UAE operations, which has become an increasingly important hub for Russian oil trading.

Last month, Unites States Treasury officials met with Swiss commodities traders to talk about their role in sanctions against Russia.

More


Popular Stories

Most Discussed

News

the term "dog days" derives from the constellation Canis Major, specifically its main star, Sirius. The dog days begin with the first rising of this star, visible from Earth. The ancient Greeks and Romans believed that the heat during this period was due to the combined influence of Sirius and the sun.

More

No heat records in sight (yet) despite the ‘dog days’

This content was published on The dog days—traditionally the hottest days of the year—began on Tuesday. However, the weather service Meteonews predicts that Switzerland is unlikely to see new temperature records in the near future.

Read more: No heat records in sight (yet) despite the ‘dog days’
The data also show a slight increase in the proportion of overweight conscripts, reflecting a broader societal trend, according to the army.

More

Majority of young Swiss well-trained, army fitness test reveals

This content was published on More than half of young Swiss men and women are considered well-trained, with around 80% meeting the federal government's exercise recommendations, according to the Armed Forces 2023 fitness test.

Read more: Majority of young Swiss well-trained, army fitness test reveals
Italian voters lead political discussions while playing cards, ahead of the elections for the center-left coalition primary elections in Italy, Sunday, October 16, 2005 in the Casa Italia in Zurich, Switzerland.

More

Italian consulate to relocate to ‘Casa d’Italia’ in Zurich

This content was published on The Italian state is renovating the "Casa d'Italia" in Zurich's Kreis 4 district, with plans to move the Consulate General from its current location on Tödistrasse in District 2 to this historic building.

Read more: Italian consulate to relocate to ‘Casa d’Italia’ in Zurich

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative

You can find an overview of ongoing debates with our journalists here . Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR