Switzerland Trade Surplus Hits Fresh Record High


Switzerland trade surplus increased to CHF 4.73 billion in January of 2017 from CHF 3.46 billion a year earlier and beating market consensus of CHF 3.03 billion. It was a fresh-record high of trade surplus, as exports rose much more than imports.

Year-on-year, sales surged 11.4 percent to CHF 18.1 billion, driven by chemical- pharmaceutical products (23.9 percent), machinery and electronics (4.5 percent), precision instruments (1.6 percent), metals (12.2 percent); food, beverages and tobacco (2.1 percent); textiles, clothing and footwear (17.7 percent) and plastic products (0.8 percent). In contrast, outbound shipments fell for: watches (-6.2 percent), jewelry and bijouterie (-8.5 percent), vehicles (-19.3 percent)  and paper and graphic products (-0.7 percent). Among major trade partners, sales were higher to: the EU countries (9.0 percent), China (35.0 percent), Japan (12.5 percent), Singapore (6.4 percent), Russia (37.9 percent), the US (34.4 percent), India (6.4 percent), Brazil (45.4 percent), South Africa (26.7 percent) and Australia (1.2 percent). In contrast, sales fell to European countries outside the EU (-5.2 percent), Hong Kong (-8.6 percent) and Taiwan (-4.4 percent).

Purchases increased by 4.5 percent to CHF 13.38 billion, due to chemical- pharmaceutical products (4.4 percent), machinery and electronics (6.5 percent), metals (8.8 percent); textiles, clothing and footwear (12.5 percent); food, beverages and tobacco (6.3 percent), energy carriers (27.6 percent), jewelry and bijouterie (40.5 percent), precision instruments (6.2 percent), plastic products (5.5 percent) and paper and graphic products (2.2 percent). In contrast, imports declined for: vehicles (-23.7 percent) and watches (-2.5 percent).  

In December 2016, trade surplus was marginally revised to CHF 2.70 billion.

Swiss Customs Administration | Rida Husna | rida@tradingeconomics.com
2/21/2017 12:52:06 PM