Liechtenstein energy storage charging station foreign trade wholesale

Why is Liechtenstein open to international trade?

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 harmonizing its trade policy with the European Union and Switzerland.

What goods does Liechtenstein import?

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. Customs duties are low and there are hardly any trade barriers.

How much did Liechtenstein export in 2022?

In 2022, Liechtenstein exported goods worth CHF 3,258 million (excluding trade with Switzerland), marking a decrease of 7.3% or CHF 257 million from the preceding year. Despite this decline, exports in 2022 remained significantly higher than the low point of CHF 2,861 million recorded in 2020, albeit falling below the ten-year average.

Why is Liechtenstein a good country?

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 infrastructures. However, the country has a limited domestic market. Overall, the EU is by far the top destination for Liechtenstein's exports, followed by the U.S.