Liechtenstein - International trade

Due to the very small size of the country's market, Liechtenstein's industry is heavily dependent on exports. In 1996, the country exported $2.47 billion worth of goods and services, while importing $917.3 million worth. The European Economic Area (EEA) states are its most important export destinations. Liechtenstein joined the European Free Trade Association (EFTA) as an associate member in 1960 and has been a full member since 1991. In addition, it became a member of the EEA (the intermediary body between the EFTA and the EU) in 1995. Although small, the Liechtenstein economy is very open and its foreign trade balance is traditionally strikingly positive, with exports far outweighing imports, largely thanks to its high-tech manufacturing sector. Principal trade partners in 1995 were the EU and EFTA, recipients of 60.57 percent of exports, and Switzerland, recipient of 15.7 percent, and they were the origins of a comparable percentage of its imports. All trade numbers for Liechtenstein are included in the Swiss national statistics, and therefore a more clear-cut picture of its international trade is difficult to assemble.