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The Swiss franc appreciated strongly against the currencies of Switzerland’s most important trading partners after the global financial crisis in 2008. This has led to renewed interest in the question of how sensitive Swiss exports are with respect to exchange rate movements. We analyze this question for exports of the Swiss Agriculture and Food Sector, using both time series and dynamic panel data models based on data from 1999 to 2012. We find that in the long-run a one percent appreciation of the Swiss franc leads on average to a decrease in exports of agricultural and food products of approximately 0.9 percent. Our results suggest that on average, producers in the Swiss Agriculture and Food Sector are able to successfully avoid price competition by differentiating their products, producing high-quality products for niche markets.


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