Federal Council wants to investigate international commodity trading more closely
Published: Wednesday, Nov 22nd 2023, 16:00
Updated At: Wednesday, Nov 22nd 2023, 16:03
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Switzerland is considered one of the most important international commodity trading centers. No official figures are available to date. On Wednesday, the Federal Council decided to analyze the importance of international commodity trading in more detail for a limited period of time.
According to the Federal Council, the need for better data arises from the economic importance of the sector for domestic and foreign policy. This already existed before the Russian military aggression against Ukraine, but has become more acute since the start of the conflict.
For this purpose, the annual value-added statistics of the Federal Statistical Office (FSO) are to be extended for a limited period to all commodity trading companies with at least three employees. According to the press release, around 400 companies will be affected.
Two positions required for four years
The analysis is to cover the three financial years 2024, 2025 and 2026. As soon as the analysis of the third financial year has been completed, probably at the end of 2027, the Federal Council intends to decide, based on an assessment by the interdepartmental "Commodities Platform" (EAER, FDFA and FDF), whether this statistical survey should be definitively introduced and provided with the necessary resources or whether it should be dispensed with.
The analysis work would require two posts over a period of four years, which could be compensated for within the Federal Administration.
According to the Federal Council, this should improve the basis for domestic and foreign policy decisions, as the economic weight of commodities trading can be taken into account.
Switzerland is one of the most important international trading centers for commodities. Studies attribute control over one third of global crude oil trading, around two thirds of metal trading and 35 to 60 percent of trading in agricultural commodities to the Swiss trading center, as the Federal Council states.
Despite the national and international importance of Swiss commodities trading, there is little information available on this sector. For example, there are no official figures in Switzerland on the contribution of this sector to Swiss value creation or on the goods traded by Swiss commodity trading companies.
Commodity trading criticized
The lack of transparency regarding commodities trading in Switzerland has recently been criticized at various levels in Switzerland and abroad, particularly with regard to the Russia sanctions.
Around a month ago, the National Council decided that rules for commodities trading should be laid down in a separate federal law. The large chamber thus adopted a motion from the SP parliamentary group and requested a dispatch from the Federal Council on a commodities trading law.
Following international criticism of Switzerland's implementation of the Russia sanctions, the head of the State Secretariat for Economic Affairs (Seco), Helene Budliger Artida, stated in March that Switzerland was seeking a better overview of commodities trading in this country. There was a lack of figures, for example on the number of jobs and the tax base in the commodities sector.
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