Liechtenstein: Trade Profile
Due to its limited territory and resources, Liechtenstein is very open to international trade. In order to benefit from the European market, Liechtenstein joined the EEA (European Economic Area) and the Schengen Zone. The government is progressively harmonising its trade policy with the European Union and Switzerland. According to data by the Office for Statistics (AS), in 2021 the country's exports were led by precious metals, steel and jewel stones, and chemical and pharmaceutical products. Investment goods (machinery) and metals continued to be the most important group of imports.
Liechtenstein mainly trades with EU member states and is part of a customs union with Switzerland. The country also uses the Swiss franc (CHF) as its national currency. EU is by far the top destination for Liechtenstein's exports, followed by the U.S. In 2021, Germany remained the most important trading partner for Liechtenstein in both directions.
Customs duties are low and there are hardly any trade barriers. The main factors that encourage foreign trade are a very liberal economy, an attractive tax system and sophisticated infrastructure. However, the country has a limited domestic market.
Liechtenstein has a structural trade surplus due to exports of high-value items. The country exported CHF 3.5 billion in 2021, importing CHF 1.7 billion (Office for Statistics - AS). However, it has to be kept in mind that foreign trade data for Liechtenstein and Switzerland is not included in the most recent statistics, as the trade of goods with Switzerland is recorded at Swiss border posts.
To go further, check out our service Import Export Flows
Member of European Economic Area (EEA)
Any Comment About This Content? Report It to Us.
© eexpand, All Rights Reserved.
Latest Update: February 2023
