Switzerland Trade Surplus Narrows In February

Switzerland trade surplus narrowed to CHF 3.10 billion in February of 2017 from CHF 3.80 billion a year earlier and below market consensus of CHF 3.85 billion, as exports fell while imports went up.

Year-on-year, sales declined by 3.2 percent to CHF 16.99 billion, mainly due to machinery and electronics (-1.2 percent), watches (-10.0 percent), precision instruments (-3.0 percent), jewelry and bijouterie (-24.2 percent); food, beverages and tobacco (-3.4 percent), vehicles (-11.9 percent), plastic products (-7.6 percent) and paper and graphic products (-13.7 percent). In contrast, exports increased for: metals (5.0 percent) and  textiles, clothing and footwear (10.7 percent). Sales were flat for chemicals and pharmaceuticals. Among major trade partners, sales decreased to: the EU countries (-2.0 percent), Japan (-9.3 percent), Hong Kong (-3.2 percent), the US (-11.2 percent), the Middle-East countries (-28.5 percent) and South Africa (-37.8 percent). In contrast, sales went up to Russia (13.9 percent), China (19.4 percent), Singapore (7.6 percent), South Korea (31.7 percent), India (13.3 percent), Canada (13.8 percent), Brazil (41.0 percent) and Australia (2.3 percent).

Purchases rose 1.1 percent to CHF 13.88 billion, driven by  chemicals and pharmaceuticals (10.7 percent), vehicles (28.0 percent) and energy products (32.2 percent). In contrast, import fell for: machiner and electronic (-2.5 percent), metals (-2.5 percent); textiles, clothing and footwear (-2.4 percent),  food, beverages and tobacco (-5.3 percent), jewelry and bijouterie (-37.6 percent), plastic products (-8.1 percent), paper and graphic products (-9.6 percent) and watches (-22.2 percent).

In January 2017, trade surplus was upwardly revised to CHF 4.83 billion, the largest in history.

Switzerland Trade Surplus Narrows In February

Swiss Customs Administration l Rida Husna | rida@tradingeconomics.com
3/21/2017 8:25:15 AM