Swiss Exports Record Strong Growth In February

Switzerland's exports continued to record robust growth in February, fueled by surging demand for its watches and machinery, data showed Tuesday., RTT News 3/22/2011 10:46:50 AM

Exports climbed 15.2 percent year-on-year in real terms in February based on data adjusted for working day variations, the Federal Customs Administration said. This followed a 10.5 percent increase in January, revised from 9.3 percent rise reported earlier.

Based on data adjusted for seasonal variations, exports rose 4.2 percent month-on-month after an upwardly revised 4.9 percent expansion in January. On an unadjusted basis, exports grew 16 percent year-on-year, slower than a 16.7 percent growth in the preceding month.

Machinery and electronic products and watches were the mot shipped commodities during the last month. On an unadjusted basis, overseas sales of machinery and electronic industries' climbed 14.8 percent above last year's level.

Strong recovery in Germany, China and the U.S. also supported Swiss export sector. Exports to China surged 64.9 percent annually, while there was a 12.2 percent increase exports to the U.S. Shipments to Germany climbed 10.2 percent from last year. Vibrant demand from Asia and Latin America also boosted growth.

At the same time, imports growth eased sharply to 3 percent from 10.8 percent in the previous month. After adjusting for working day variations, imports grew 2.3 percent annually, while overseas purchases were 0.3 percent higher than a months ago, according to data adjusted for seasonal variations.

The trade surplus rose to CHF 2.5 billion in February from CHF 2.04 billion in January. The amount was almost double that recorded last year.

Earnings from iron and steel exports rose 37.7 percent, while there was a 10.2 percent decline in earning from the country most profitable chemical industry.

In a statement today, Swiss watch industry federation FH said Swiss watch exports rose 17.8 percent year-on-year to CHF 1.4 billion in February. It was the best results ever recorded for the month of February. Exports to Hong Kong remained strong among the top six markets.

Swiss Exports Record Strong Growth In February