Switzerland Trade Surplus Hit Record High in February

Switzerland trade surplus increased to CHF4.07 billion in February of 2016 from CHF2.29 billion a year earlier and beating market consensus, as exports rose while imports fell. It is the highest surplus on record as exports grew 3.7 percent and imports dropped 2.6 percent.

Exports in Switzerland increased 8.8 percent year-on-year to CHF17.62 billion in February of 2016, mainly driven by chemicals and pharmaceuticals (+19.2 percent). Sales also rose for: textiles, clothing and footwear (+15 percent), precision instruments (+9.4 percent); food, beverages and tobacco (+8.8 percent), plastics (+8.5 percent) and vehicles (+6.2 percent). In contrast, exports fell for: jewelry (-5.4 percent), watchmaking (-3.3 percent) and paper & graphic products (-2.5 percent). 

Sales increased  to Europe (+1.0 percent), the EU countries (+1.7 percent), Asia (+0.2 percent), other Asian countries (+30.4 percent, including China: +35.7 percent), North America (+18.4 percent, including the US: +23.4 percent), Latin America (+7.0 percent) and Africa (+63.3 percent). In contrast, outbound shipments dropped to the Middle East (-4.7 percent) and Oceania (-1.6 percent, including Australia: -4.5 percent).

Imports in Switzerland  fell by 2.6 percent to CHF 13.55 billion in February of 2016, mainly due to chemical and pharmaceutical products (-14.3 percent). Purchases also declined for: energy products (-27.6 percent), vehicles (-7.8 percent), jewelry (-6.6 percent) and watchmaking (-2.2 percent). In contrast, purchases rose for: plastics (+14.5 percent), textiles (+11.3 percent), precision instruments (+8.6 percent), paper & graphic products (+7.9 percent), metal products (+5.5 percent), food and beverages (+5.3 percent) and machinery and electronics (4.2 percent).

In January, the country registered a marginally revised CHF3.509 billion trade surplus.

Switzerland Trade Surplus Hit Record High in February

AFD l Rida Husna | rida@tradingeconomics.com
3/22/2016 1:40:19 PM