Trade volume between Switzerland and Africa has reached 4.75 billion Swiss francs (€4.37 billion), a significant drop compared to 2014, according to data from Swiss customs federal management and reviewed by Agefi.

Exports from Switzerland to Africa generated 3.22 billion francs (€2.96 billion) in 2015, down 12% compared to 2014. Imports from Africa to the European country have slumped by 48.9% to 1.53 billion francs (€1.41 billion).

The fall, which was more pronounced for imports than exports, results from commodity prices crumbling and oil imports from Libya, Algeria and Egypt sliding significantly.

Moreover, trade balance, 1.69 billion francs, was favorable to Switzerland.

Switzerland imports from African countries, agricultural products, textile, oil and precious metals mainly. On the opposite, the country exports to the continent mostly pharmaceutical, machinery and watchmaking products.

Switzerland already has with Morocco, Tunisia, Egypt and the Southern African Customs Union free-trade agreements via the European Free Trade Association (EFTA). However, discussions for similar accords with other African countries are ongoing.