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Switzerland

Switzerland books C$44.2bn of direct investment in Canada, C$27.3bn on an ultimate-investor basis. Goods trade is small and mostly gold; the stake is capital in Canada, within reach of the US measures. Approved reading

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  • Region Europe · Western Europe
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Your exposure

Switzerland in our readings

Switzerland is in 1 of our country readings.

  • US tariffs and Canada Medium

Each band as published in its reading, against that reading’s stated lines; the readings are never combined into one band.

Country card

Energy and value chains

EXHIBIT T-1 · SWITZERLAND
Switzerland imported 51.3% of the energy it used in 2024.
Each figure in its own unit; each figure's year is shown.
Net import dependence, all energy
51.3%2024 · share of the energy it used · our calculation, EIA data
Largest energy source
Oil, 44.7%2024 · share of primary energy use · our calculation, EIA data
Electricity mix
Hydro, 52.3%2025 · share of electricity generated · EmberRenewables 67.8% The latest year is partly estimated by Ember.
Pipeline gas supplier concentration (HHI, 0–1)
0.462024 · index 0–1, EC line 0.40 · our calculation, Eurostat dataEC band: concentrated Built from partner data (mirror): suppliers that publish nothing are missing, so the index is a lower bound.

Value-chain positions: not on file.

SourceUS Energy Information Administration, EIA International Energy Data, energy balance by fuel (bulk INTL), all countries (Public domain (US federal work); credit EIA); Ember, Electricity data (yearly and monthly) (All of Ember's electricity data is fully open, CC BY 4.0.); Eurostat, Energy imports and exports by partner country (nrg_ti_* and nrg_te_*), all Eurostat energy reporters (CC BY 4.0; commercial reuse allowed with source credit.). Shares and the index: our calculation from these figures.How to read this plateEach figure carries its own year and unit; they sit side by side and are never added into one score. Supplier concentration: 0 = many small suppliers, 1 = one supplier; the European Commission draws a line at 0.40.
Exhibit T-1 · Switzerland · strature.net

The supply balance, good by good, is under Goods and chokepoints.

Outlook to October 2027

  • Geopolitics and conflict Not yet set
  • Trade, tariffs and sanctions Elevated
  • Supply chains and chokepoints Not yet set
  • Energy and resources Not yet set
  • Technology and cyber Not yet set
  • Regulation and compliance Not yet set
  • Finance and markets Not yet set
The seven outlooks in full: why, and the index

Seven categories, 12 months ahead. The outlook is our judgement, approved by the Principal. The index measures open data on 0–10; higher means more risk. How they are set

Compare Switzerland on the outlook map

Dates for Switzerland on the risk calendar

Key questions (2)
The other side: 3 lines from our readings and register

General information, not advice.

Risks that reach Switzerland

  • US tariffs and Canada Medium

    • F-0173 · A lasting break: the old lockstep does not return - US tariffs on Canadian goods above their 2024 level on 30 Sep 2027, re-scored after 20 Jan 2029 · 92%, our estimate, scored when it resolves · resolves by 30 Sep 2027 · Open · brief C-006

    US tariffs and Canada

Each forecast is our estimate, scored when it resolves, in the register’s own words.

Who runs short first is not shown for Switzerland: no Hormuz shipping volume (tonnes or barrels) for it is on file, and the scenario cases need one.

Goods and chokepoints

Exhibit S-1 · Supply balance

How much Switzerland makes, buys and sells, good by good

Consumption = production + imports − exports (± stock change).
Reading the supply balance

Supply balance first, suppliers second.

One card per good, each in its own unit. Goods are never added together.

Each card shows the latest complete period: the newest with consumption and at least one of production, imports and exports on file.

Figures of 1,000 kb/d or more show in million barrels a day (mb/d).

Periods are marketing years, as published.

What to watch

  • Apr 2027 Statistics Canada's next annual direct investment release, by immediate and ultimate investor. US tariffs and Canada
  • 30 Sep 2027 F-0173 resolves: US tariffs still above their 2024 level. US tariffs and Canada
  • Monthly Canada's trade data by country; gold drives most of the flow to Switzerland. US tariffs and Canada

Questions firms in this position often review

  • Which of the risks above reach our own suppliers, customers or assets in Switzerland?
  • Which of the forecasts above bear on our plans in Switzerland, and which outcome would change them?
  • Which dated items under What to watch fall inside our next planning cycle?

General research, not advice. Request a free pilot

Full analyst view

Open Switzerland on the map of brief questions

Dependency profile

Country card · Switzerland

Chokepoints. The Energy and Value-chain strips appear here as each is approved for Switzerland.

Chokepoints

Not enough open data
Modelled shares by strait (Strature route model)
  • Crude oil, 2025: Turkish Straits 5% · Panama 0.1% (the route model covers 96% of its named imports) modelled

Not on file

  • A cited share of imports through Hormuz
  • Import dependence
  • Oil stocks in days
  • A headline line
  • Supply routes into it

Dashed underline = low confidence.

Flows as of 2025, measured moves 2Q 2026; each figure shows its own period.

Sources in this profile

Tap any number for its source, period, licence and confidence. Modelled shares come from Strature’s route model, not from a cited figure.

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    Map: Natural Earth, with Crimea drawn as part of Ukraine. Boundaries as drawn by the source; no position on any dispute is implied. Country and territory names follow common usage and imply no position on sovereignty. We say “the Gulf” for the sea also called the Persian Gulf or the Arabian Gulf. Routes are modelled, not ship tracks; not for navigation.

    No data provider endorses Strature or this page, and none is affiliated with us. Company shares, where shown, are as published by the named source; naming a company is not a view on it or its securities. Research, not advice.

    Country analysis

    Questions our briefs address

    The questions our published briefs address that touch Switzerland.

    US tariffs and Canada · Strature analysis, not from the brief

    US tariffs and Canada: what is at stake for Switzerland

    Switzerland books C$44.2bn of direct investment in Canada, C$27.3bn on an ultimate-investor basis. Goods trade is small and mostly gold; the stake is capital in Canada, within reach of the US measures.

    Theme band Medium

    C$44.2bn

    Direct investment in Canada booked to Switzerland (2025)

    C$27.3bn

    Controlled from Switzerland, ultimate-investor basis (2025)

    2.8%

    Share of all foreign direct investment in Canada (2025)

    74.3%

    Gold share of Canada's goods exports to Switzerland (2025)

    Read the full panel

    Risks

    • Swiss-owned plants in Canada that ship south face the US duties on Canadian goods. Since Jul 2026 Swiss goods face a US duty of the higher of the MFN rate or 12.5%, so a Swiss group can serve the US from home or from US plants instead.
    • On an ultimate-investor basis Switzerland's position is C$27.3bn, 61.8% of the C$44.2bn booked to it: part of what is booked to Switzerland is controlled from elsewhere.
    • A Canadian recession (F-0174) would weigh on returns from C$44.2bn of holdings.
    • Trade ties are thin: Canada's exports to Switzerland excluding gold fell 35.4% in 2025, to C$0.66bn.

    Opportunities

    • On an ultimate-investor basis, Switzerland's position in Canada rose from C$25.3bn to C$27.3bn in 2025.
    • Canadian direct investment in Switzerland stood at C$20.3bn in 2025, a two-way link.
    • Pharmaceuticals made 20.0% of Canada's imports from Switzerland in 2025. If Canada turns away from US suppliers, Swiss producers are among those placed to gain.

    Uncertainties

    • Which Swiss-owned plants in Canada export to the US, and how much, is not published by country of owner.
    • The 12.5% rate rests on a US Section 301 investigation, not a treaty, and can change.

    What to watch

    • Apr 2027Statistics Canada's next annual direct investment release, by immediate and ultimate investor.
    • 30 Sep 2027F-0173 resolves: US tariffs still above their 2024 level.
    • MonthlyCanada's trade data by country; gold drives most of the flow to Switzerland.

    Exposure by channel

    Exposure band per channel, with the figure and the published line
    ChannelFigureBandPublished line
    Capital in CanadaCapital and financeC$44.2bn 2025Direct investment position in Canada (book value, immediate investor country)MediumHigh ≥C$100bn · Medium ≥C$25bn and <C$100bn · Low ≥C$10bn and <C$25bn, or a pledge with nothing found placed

    Bands follow the published materiality lines for this theme. A low-confidence figure alone caps a band at Medium.

    Direct investment in Canada: booked to Switzerland vs controlled from it, and Canada's in Switzerland, 2025 (C$bn)
    Direct investment position in Canada (book value, immediate investor country): C$44.2bn (2025)Inward, immediate44.2Direct investment position in Canada, ultimate investor basis (book value): C$27.3bn (2025)Inward, ultimate27.3Canadian direct investment position in the country (book value): C$20.3bn (2025)Outward (Canada's)20.3

    Immediate investor: the country where the investment is booked. Ultimate investor: the country of the company that controls it.

    Drawn to scale from zero. Source: Statistics Canada, Table 36-10-0008-01, International investment position, Canadian direct investment abroad and foreign direct investment in Canada, by country, annual (book value); Statistics Canada, Table 36-10-0433-01, International investment position, Canadian direct investment abroad and foreign direct investment in Canada by ultimate investor country, annual (book value).

    Briefs and questions

    • C-006 F-0173 A lasting break: US tariffs still above their 2024 level, 92%, our estimate, scored when it resolves.
    • C-006 F-0174 Canada in recession, 25%, our estimate, scored when it resolves.

    Sources cited

    Our calculations

    • Share of all foreign direct investment in Canada booked to the country (immediate basis): 2.8% of FDI in Canada (= immediate-investor position / all FDI in Canada × 100)
    • Ultimate-investor position as a share of the immediate-investor position in Canada: 61.8% (= ultimate-investor position / immediate-investor position × 100)

    Strature analysis, not from the brief: researched by Strature from public sources and kept in our country dossier, updated 23 Oct 2026. General research, not advice. Who else is exposed: US tariffs and Canada →

    ISO 3166-1 name: Switzerland (CHE). Country and territory names follow common usage and imply no position on sovereignty.

    Sources and licences

    No figure on this page yet.

    Cite this page Strature, “Switzerland”, Strature GPS, https://strature.net/gps/che/, 31 Oct 2026.

    • General research, not advice.
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