According to the Liechtenstein Chamber of Commerce and Industry (LIHK), the foreign trade turnover of its 32 member companies grew by 2.3 per cent last year to reach CHF 6.7 billion, more than compensating for the slight decline of 1.3 per cent in 2015. The figures show that “products from Liechtenstein are appreciated and competitive on the world market,” wrote the LIHK, which brings together the country’s major industrial companies as well as SMEs from industry.
Around 43.5 per cent of the total foreign trade turnover was made in the European Economic Area (EEA). Germany took the top spot among Liechtenstein’s trading partners with a turnover of CHF 1.14 billion or 17 per cent of the total volume. The US came in a close second with a volume of CHF 1.12 billion or 16.6 per cent. Switzerland came in third place, with exported goods in the value of CHF 869 billion or CHF 12.9 per cent of the foreign trade turnover.
Strong growth in Liechtenstein’s foreign trade was achieved last year in the countries of North, Central and South America. The LIHK found that markets in Asia as well as those in South and Central America are growing in importance in addition to the traditional markets in Europe and North America.
R&D is among the key success factors for Liechtenstein’s industry, argues the LIHK. Its member companies invested a total of around CHF 485 million in this area last year.