Refined gold was a major part of the negotiations that saw United States tariffs on Switzerland lowered to 15%. Here's how the Swiss came to dominate the sector. It is difficult to fathom the enormous quantity - and value - of gold that arrives in Switzerland every year. In 2023, Switzerland imported approximately 2,372 tonnes of gold worth CHF91 billion ($114 billion), while exporting 1,564 tonnes valued at CHF88 billion, according to the Federal Customs Administration. These flows confirm Switzerland’s continuing role as the world’s largest importer and exporter of gold by value. Global mine production today stands at just over 3,300 tonnes per year (USGS). Switzerland refines roughly one-third of this newly mined gold, in addition to large volumes of recycled and investment-grade gold. When including recycled and informal-sector material, a substantial share of the world’s refined gold supply still passes through Switzerland, with estimates ranging between one-third and one-half ...
