Massive gold exports from Switzerland to the United States are distorting the actual trade balance between the two countries, raising concerns over the fairness and accuracy of current trade statistics.
Switzerland is not a gold-producing country. Instead, it imports gold—primarily from London—refines it, and then re-exports it, mostly as a processing service. This practice inflates Switzerland’s export figures on paper, even though the economic value added is primarily from refinement, not production.
This statistical inflation has prompted the U.S. to impose steep tariffs—such as a 39% duty on certain Swiss products—based on the perceived imbalance in trade. In reality, however, the surplus is largely driven by the high-value transit of gold that does not reflect typical trade dynamics.
In this context, Swiss trade authorities and economic experts are considering the option of excluding gold from official trade statistics, in order to better reflect the true scale of economic exchange. According to albinfo.ch, this move could offer Switzerland a strategic lever in negotiations with the U.S.
By clarifying the role of gold in its export data, Switzerland could make the case for tariff relief and avoid future misunderstandings that result from misrepresented trade volumes. Gold, therefore, could become more than just a commodity—it might become a diplomatic tool.
