Why is Switzerland important in the commodity trading sector?

Tiny landlocked Switzerland is a big player in the commodity trading business. The country's involvement in this industry can be traced back to the 15th century, when its ideal central location had merchants from all over Europe meeting on its city square to exchange goods.

Today, commodities are shipped around the world in huge container ships, and the trading mostly happens in climatised offices, far away from the mines and ports. Giants such as Glencore, Vitol and Trafigura have their headquarters in Switzerland.

But what is commodity trading exactly, and who is doing what? What's the impact of this industry on Switzerland's economy? Why is commodity trading usually discussed in connection to controversial topics such as deforestation, human rights violations, and corruption?
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