Oil and other commodity trading have a much larger share in the gross domestic product (GDP) of Switzerland than its tourism sector, according to data from the Swiss State Secretariat for Economic Affairs cited by Bloomberg . Some of the biggest independent commodity traders in the world, including Vitol, Glencore, Trafigura, and Gunvor, have either their headquarters or large offices in Switzerland, also because some Swiss cantons have low-tax regimes. According to the data from the State Secretariat for Economic Affairs, commodity trading accounted for 4.8 percent of the Swiss GDP in 2018, much more than the tourism sector, which represented 2.9 percent of GDP in that year. This 4.8-percent contribution of the commodity trading industry is higher than previous estimates of around 4 percent. Back in 2018, the commodity trading industry in Switzerland generated combined revenues of US$33 billion, according to the data quoted by Bloomberg. In the […]