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Coffee stocks are on a rollercoaster ride after Switzerland’s government said it would not lift its ban on selling coffee to non-EU countries.
The Swiss coffee market has been a major driver of the Swiss economy, which grew by around 2.5% in the fourth quarter of 2016, the highest growth rate in the EU.
The country’s total annual trade with non-Swiss coffee suppliers is worth around $10 billion.
Switzerland is also the country with the second largest trade surplus in the European Union, with the country’s trade deficit in the first quarter of this year topping a whopping $4.7 billion.
But the Swiss government said in a statement that it was not prepared to lift its embargo, saying the coffee market was not in a good position.
The decision comes after Switzerland was one of the biggest investors in the UK coffee industry and last year became the first country to sign an agreement with British coffee giant Starbucks.
In December, the Swiss parliament passed a law that would allow coffee companies to sell to non EU countries, which is an amendment to the countrys existing law.
Switzerland’s new law is due to take effect in January.
The country’s government has said it will work with the coffee industry to ensure it continues to export coffee, despite the uncertainty.
In January, the country imposed a temporary ban on all non-European coffee imports, a measure that has since been lifted.